Managing your money the right way can save a lot of time and heartache. This article explains how managing your debt can help avoid disputes with creditors.
Where can I get help on managing my debt?
Credit counselling is offered by most debt organisations. They all will be able to advise you on an appropriate debt solution for your individual circumstances. Debt management is one of the solutions they are going to consider once they understand your finances in more detail. The most well known of them is actually called the Consumer Credit Counseling Service or CCCS. CCCS even can offer help to those who live abroad, please visit their contact page for more details.
Please note, not all debt management companies will help the unemployed, so make sure you check this with them first.
Where can I get free debt management support?
Some debt management companies do charge setup/negotiation and management fees. These fees typically form part of a manageable monthly payment. However, fees are fees and therefore are part of and adding to your debt.
The tricky part is that charities like the CCCS are funded by the same people you owe money to and as a result, it would be very rare for them to try to negotiate any settlement figure or write-off. Good companies can and will. Therefore free debt management is not always the best option. It really depends on whether the company can negotiate a good deal and reduce the total debt.