Debt Management

If your debts have grown faster than they can be reduced it is clear that you need advice as the problems will not go away or improve unless something is done. At The Best Mortgage Company we can talk you through all options, and if necessary bring in other professionals to arrange a path back to financial stability. The first step is to create an accurate budget to assess what disposable income is available. The answer to this compared to the amount of outstanding debt, and the prospect of any future improvements will determine the best way forward. In most cases creditors will accept an offer of a guaranteed small monthly payment, and in return may freeze the interest thus allowing the debt to gradually reduce. This is known as a debt management plan.

More serious cases may need to be guided towards an IVA (Individual Voluntary Arrangement) or in the worst situation bankruptcy. However, the prospect of being debt free within a specific period can be very attractive to people who have spent a long time struggling against a rising tide of debt.

The greatest issue with debt is the worry that takes over until a solution is found. The best advice we can give is that DOING NOTHING IS NOT AN OPTION!