Many people in Ireland today are struggling with huge debt repayments that they just cannot afford. Most debt problems arise due to a change in circumstances. You may have taken a wage cut, lost your job, suffered health problems or perhaps a relationship breakdown.
Debt can quickly creep up on you. You might have a car loan, personal loan, credit union loan, credit card and store card. All of these debts can be very manageable when you are secure in your job but if you end up on a reduced income then late payments quickly turn into arears and solicitors letters.
The sooner you face up to the problem and seek help the better. There is help available from government agencies like MABS and also from private Debt Management companies like DebtLine.
A company like DebtLine can help you with a Debt Management Plan. The first step is for your debt adviser to help you with a budget. Your own personalised budget will document all of your income and outgoings.
The next step is to prioritise your Debts. There are two types of Debts. The first type of debt is secured Debt like mortgages and car loans. Failure to make payments on secured debts will eventually result in repossession.
The second type of debt is unsecured debt like personal loans and credit cards. Failure to make payments on unsecured debts will eventually result in you being brought to court where a judgement for the debt will be registered against you and a payment order agreed upon. In a worst case scenario you could face a jail sentance.
Your Debt adviser will assess your overall financial situation and negotiate with all of your creditors to come to an affordable solution to your debt problems. A Debt Management Plan will mean that you will have one affordable monthly repayment to cover all of your unsecured creditors.
If you are struggling with debt then you should contact DebtLine today to see how a Debt Management Plan could be the solution to your debt problems.
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