From time to time we all slip up with our debt advice. Many people have very hectic lives, jobs that demand all our concentration, girlfriends and families, friends that call up for a quick jolly down to the local bars and cafes and so on. Very little time is there for looking over monthly outgoings and your bank balance. The amazing thing is that if you make the effort to get organized, checking your current financial state can be done within minutes every day or so.
However, in some cases even the most diligent person falls foul of a bill or two, perhaps taking out a loan due to high spending earlier in the month. When you default on payments you literally have to make sure every bill that comes through the door is promptly paid. Miss one and there are likely to be severe penalties such as big interest hikes. Reading the small print is definitely worth your consideration.
When money you owe creditors reaches a level that is not sustainable with your current salary it is then worth getting some debt advice from seasoned professionals. When scouting around for decent, legitimate professional businesses with which to explain your monetary circumstances and options you should choose them very wisely.
Whether you find a debt advice company through word of mouth, by walking down your local high street or from surfing the internet it is vitally important that they are experienced and have your best interests at heart. Many companies exist purely to lure you further into debt so that you end up paying them huge fees on top of your already huge debts.
Does the company you are interested in have a Consumer Credit License – a legal requirement when trading as an advisor in the debt field. If you were to deal with a company that has not been seen worthy of this license anything could happen regards compensation when things go wrong, with what is in effect an unregulated business. An easy way to check if consumers have a Consumer Credit License is by visiting the Office of Fair Trading’s website, taking a look at their Consumer credit register. The company should be listed there.
Websites that claim to have a Consumer Credit License should display their Consumer Credit License number on their website. Also, sites that are not-for-profit never ask you to complete online forms stating the quantities of money you owe and specific creditors involved. Many unscrupulous websites want these details simply so they can sell on the information to commercial IVA organizations.
Company websites should display their real world office location and postal address. In addition, try to go for companies that have been in operation for over 5 years, are well talked about on the web or by word of mouth. If these companies have been advertising on the television, they are likely to be more trustworthy than those seen on the back of cheap magazines or down the sidebar of dodgy looking websites.
Research review sites online to see what people say about companies. You’d be amazed at what already exists. Do also be aware that small review sites can themselves be scams, with dozens of fake positive reviews. A safe way to go about locating good review sites is to only approach very large and established sites, preferably endorsed by big well know companies, taking reviews numbering into the 100’s more seriously.