Many companies have emerged to harness the explosion of consumer debt and the inevitable problems that follow. Many of these companies are reputable organizations that genuinely trying to help, but unfortunately, some are just scams that will cost money and sometimes worsen the situation. A simple rule is to refuse to work with any company that tries to charge upfront fees.
What is a debt problem?
One problem with unsecured debt can be identified by the fact that you have difficulty making your monthly payments or it is taking too large a proportion of their income. Note that you may have a debt problem, even if you make your payments regularly. A classic sign of over-indebtedness is using credit from a source to make payments on other debts. This is called “debt spiral” that will soon be out of control.
What solutions are there?
The following solutions refer to Spain.
Going it alone – You can write to the creditors and explain the difficulties he has to negotiate reduced payments for a period of time and basically deal with everything yourself. This would be convenient if you have a very small debt problem, or anticipate it very quickly. Not recommended for large long-term debt as mortgage debt.
Debt Management Plans – This solution involves using the services of a debt management company to negotiate with your creditors on your behalf. They will ask about your finances and determine how much you have to pay after expenses. These are the best for people with debt problems of medium size, but have the disadvantage that they may end up paying your debts over a long period of time. Nor are legally binding on your creditors and debt management company will have to get it put all its creditors in accordance with that plan.
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