As Forrest Gump once famously said: “Life is like a box of chocolates. You never know what you’re going to get!” and that has never been truer than since COVID-19 hit. A lot of people tend to struggle with debt for longer than they need to, either because they’re afraid to seek help or because they just don’t know where to find the right help. There are hundreds of debt service providers out there, offering a myriad of possible debt solutions ranging from “credit fix” services through to formal legal Personal Insolvency options such as Bankruptcy. In order to make the right, it’s important to do your research and find a reputable debt service provider whose ethos is to act in your best interest – not theirs! Here’s when you should consider seeking professional debt assistance:
- You have a significant amount of unsecured debt - Unlike debts which are secured to an asset that can be repossessed if you default (such as a mortgage or a car loan), unsecured debts like credit card and personal loans don’t have that security. Unsecured debt is therefore considered riskier for lenders and tends to have a higher interest rate. If your debt repayments start to become unmanageable, it can help to seek the assistance of a professional debt advisor, who can look at your budget and income to devise a personalized plan to help manage your debt situation.
- You are behind or struggling to make your minimum payments - If either one of these situations applies to you, your debt may be spiralling out of control. If that’s the case, you are likely to benefit from having a debt professional create a tailored debt solution to help you overcome the debt before it overcomes you.
- Debt collectors are calling you, or worse, knocking on your door – Some debt solutions can stop debt collection action (provided you adhere to the terms of the agreement). If debt collection action is stressing you out – and if comes to the point of door-knocking – you need to address the issue.
o Get the right support when it really counts. Get in touch with us on 1300 781 850.