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Consult Debt Solutions Companies

People having a tendency of taking loans over and over again in order to pay off past debts can be confronted with a serious financial crisis in the long run. Again, most people use their credit cards without thinking about the future consequences. Such careless use of credit cards can lead to heavy debt burdens and in many cases the cause of bankruptcy. No matter what the reason of your financial problem is, you can get immense help from reputed debt solution companies.

Most debt solution companies provide sound debt advice free of charges. They get an insight into your problems through a thorough discussion, on the basis of which they provide detailed information on the various options available for you to overcome your debt problems. Fees will be charged only if you ask for debt solution services from them. The amount of the fees depends largely on your individual circumstances and requirements, and of course the kind of service they are providing for you. Some of the significant debt solutions provided by these companies include:

Individual Voluntary Arrangement (IVA): IVA came into existence in 1986, when it was commenced by the government as a substitute for bankruptcy. It is basically a legal bond between you and your creditors that is signed for a period of five years. There are several rules and regulations included in the IVA, which prevents it from being suitable for everyone. Reliable debt solution companies provide you adequate information on the pros and cons of an IVA, and help you decide if it is ideally in your situation.

Debt Management Plan (DMP): Unlike IVAs and bankruptcy, a debt management plan is an unofficial contract between you and your lenders, which is not legally implemented. It is important to know that a DMP cannot legally bind your creditors for accepting your proposal on payment plans, pursing interests and stop any legal proceedings against you. Hence, there is a possibility that you eventually pay a larger amount than you are actually supposed to. It is important to seek professional advice before making a decision.

Debt Consolidation: Debt consolidation is a suitable process for people who have multiple loans to pay off. This process enables an individual to take one large amount of loan in order to pay back several small loans. You can either take this loan through secured borrowing against any of your valuable assets, or through more unsecured borrowing. The positive part of debt consolidation is that the debtor has only one loan amount to pay, instead of several ones, which results in a reduced interest rate and consequently a lesser monthly payment.