Debt issues: More than 3m households in financial difficulty Beat My Debt
More than 3 million households are in financial difficulty and a further 3 million are financially vulnerable, according to research for debt charity the Consumer Credit Counselling Service.Its report, Debt and household incomes, paints a grim picture of the financial difficulties faced by about one tenth of the UK population, including more than 1 million people struggling to pay their mortgage.
It found that 3.2 million households are either three months behind with a debt repayment or are subject to some form of debt action such as insolvency. Another 3 million are finding it hard to make ends meet and are vulnerable to increases in household bills.
James Falla, personal debt expert at beatmydebt.com is unsurprised by the findings.
"With the recent increases in the cost of living and static or reducing family incomes it is not surprising that more and more people are suffering with financial difficulties. I expect this figure to continue to rise asmore and more government cuts start to kick in and the unemployment rate starts to rise" he said.
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Advice About Bad Debt
Advice about bad debt is critical for anyone who has failed one or more of his credit agreements. Medical bills, the outstanding debt of credit cards, unsecured loans and recovery failures are increasingly common and will result in complications with creditors and collection agencies. However, developing a plan for being debt-free and adequate understanding of the law can help alleviate a lot of financial pressure.
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It is important to get help from consumer debt counseling service non profit. Not only they are helping you to produce an adequate budget for their client, they will also provide guidance on the available programs for debt relief. The purpose of a management plan or debt settlement program is to correct the imbalance between revenues and expenses.
Debt Free Plans
• Debt Management Plan. Although there is no reduction to the principal (amount owed), a payment schedule is produced based on affordable payments. Repayments will continue until the balance has completely disappeared. Most creditors are willing to freeze further interest and charges. This source of consumer debt help is best suited for those with more modest personal debts.
• Debt Settlement Program. Following the advice from the bad debt of a professional negotiator, you may cancel up to 50% of the debt. The remaining debt will be paid over a period of 12 to 36 months. The management fee is about 15% of each monthly payment. Beware of providers that front-load their payments as this can cause problems later on.
• Filing bankruptcy. Removes all unsecured debts and the right to be debt free in just 4 to 6 months. The filing under Chapter 7 will not have to make monthly contributions to creditors. However, in order to comply with the new law, the debtor’s income must be below the state average.
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