The 5 Dangers of not Seeking Debt Advice
Debt problems can be difficult to face up to and many people feel too embarrassed or ashamed to talk about their finances with anyone, despite there being lots of free debt advice available.
However, sticking your head in the sand and hoping the problem will somehow go away is the worst thing you can do.
So what are the main consequences of not seeking professional debt advice?
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Your debt will get bigger – If you’re unable to make all the monthly repayments on your borrowings then they’ll continue to get bigger through gathering interest and maybe even late payment penalties and charges. If left long enough, this could make a real difference to the debt advice you receive. It’s better to act as soon as you realise there’s a problem.
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Stress – No matter how hard you try to forget about your debt problems, you won’t be able to. If you seek professional debt advice then you’ll feel a weight has been lifted off your shoulders. Carrying on and hoping it will all just go away will make any stress or anxiety you’re feeling much worse, which in turn could lead to more serious problems, such as depression.
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Unqualified advice – You may find it easier to turn to someone you know for debt advice but what worked for them, their family members or friends, may not be the right debt solution for you. There are unscrupulous debt solutions companies in the market who will gladly make money from you if you call up and insist on taking out a particular debt solution.
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Bankruptcy – Just ignoring all the phone calls and letters from your creditors could result in one or more of them petitioning for your bankruptcy. This can be done for debts of just £750 or more. Bankruptcy could result in your home being sold off and you could even lose your job. Details of your bankruptcy will also be made public.
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Your financial future – The longer it takes you to get the right debt advice, the longer you’ll have to live with the consequences of your debt. Your credit rating could suffer for up to 6 years depending on the debt solution you end up choosing.
At DebtSolver, we understand that taking that first step and speaking to someone about your financial difficulties can be incredibly hard. You can rest assured we will treat any conversation in a sympathetic and confidential manner.
If you would like more information,
ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our
debt wizard to see if you qualify
