Don’t Let Debt Harm Your Family
May 23rd, 2009 | 
Author: Personal debt (of which a substantial amount is credit card and unsecured loans) in the UK stood at a staggering £1,457 billion at the end of January 2009 and someone, somewhere, is declared bankrupt or insolvent every five minutes. These cold statistics don’t come close to telling the full story or identifying the real casualties of debt.
All the latest studies show that being in debt dramatically affects family life. On average, 78% of people surveyed about debt worries say that being in debt has affected relationships within their family and 75% say that being in debt has had a serious effect on their health. As many as 88% say that they are kept awake at night by debt worries. That situation is aggravated as the same surveys find that serious debt issues are often ignored for as much as nine months before something happens which finally triggers action. The cause of these epiphanies can include divorce, the real threat of repossession or a visit from a bailiff, job loss or being made redundant, or a serious health problem.
Because most people’s experience of dealing with a serious debt problem is virtually non-existent, when they do decide to go for help, most simply don’t know where to turn. Many turn to the Citizen’s Advice Bureau, but this government funded, volunteer-staffed, organisation is overloaded with work given the depth of the current credit crisis. Its advisers are faced with over 7,000 new debt problems every day. So, who can you turn to?
Families in debt desperately need timely, honest, straightforward advice. There are some less than reputable companies in market offering questionable advice with their own commercial gain uppermost in their minds. Guardian Financial Group and it’s sister company Credit issues have been in the vanguard of preaching and practicing the very highest professional standards, regulated as they are by the Ministry of Justice and using their own, highly qualified, in-house legal team to ensure success.
In a lot of cases there are usually straightforward solutions to serious debt problems. If the debt is on credit cards or unsecured loans dating from before 6th April 2007, it may even be possible to have the whole amount totally written off! Credit Issues recently challenged a client’s credit card debt of over £16,000 due to some inaccuracies in the lending institution’s administration procedure. The debt had been sold off to a debt recovery agency when the client fell behind with his credit card payments. After examining the agreement Credit Issues was successful in removing the debt and was able to clear the entire balance.50. In the first three months of 2009, Credit Issues has challenged well over a £1 million of consumer debt and is experiencing unparalleled demand for its full on-site specialist legal team.
Other possible solutions can be as simple as writing to your creditors, using debt management or IVAs, debt consolidation or even bankruptcy. There will always be an answer that can get your family life back to the way it should be. Putting unsecured debts into a debt management programme can free up more income and allow you start regaining control of your debts. The increasingly popular IVA route will leave you ‘debt free’ at the end of 60 months and a similar solution, called a Protected Trust Deed, is available in Scotland.
You just need to work out which is the best solution for you and be confident that the advice you are getting is correct, professional and effective. So don’t “ostrich” yourself and choose to confront your debt worries sooner rather than later. With a plan in place and light at the end of the tunnel you’ll be able to get back to normal family life, free from worry and stress.
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A debt management plan is one option for breaking free of unsecured debts. You would work with a third party who would get in touch with your creditors and work out a plan for you to pay back the money you owed over a period of time, usually with reduced payments. Once you have gone into the deal creditors will not be on your back for payments and if you stick with the plan you will have become debt free once the term of the plan has been reached.