Top Myths Related to Debt Problems
Summary:
Confused over the many suggestions you get from family and friends while dealing with debt problems? Debt management solutions agencies help you get clarity about these so called myths.
Dealing with Debt Problems
Debt problems bring so much additional tension, in addition to your financial crunch situation. You keep getting suggestions from friends, colleagues and acquaintances on how to deal with debt. Often these suggestions and helpful tips are quite contradictory, which makes us wonder which ones to adopt and which ones to ignore. Debt management solutions experts can help you identify the myths related to debt suggestions.
Debt Consolidation Experts Act in Your Best Interest
Well, it’s true that professional debt handling service providers facilitate your case and help you get rid of debt. But if you would like to believe that they work in your best interest, that might be an exaggerated statement. Your best interest depends upon a balanced approach for your creditors as well as you. That’s why debt management solutions agencies recommend searching for a consolidation plan that suits both your and your creditors’ needs.
After Bankruptcy it’s Tough to Get a New Bank Account
Bankruptcy certainly affects your financial status. Though your debt problems will be over, there are fresh issues related to new loan applications, applying for certain job sectors or opening a new bank account. According to debt management solutions professionals, although it is tough it is not impossible to get a new bank account during bankruptcy proceedings. Some banks, like co-operative banks and Barclays, have a good track record of offering bank accounts to bankruptcy holders.
You Can Write-off 90% of Your Debt Through IVA
Per debt management solutions experts, an IVA plan is designed to write off a significant portion of your debt. However, it is not as high as 90%; at its maximum, the percentage can be in the range of 50% to 75%.
If You Declare Bankruptcy, You Will Lose Your Property
This question is a bit tough to answer because it’s true that once you have declared bankruptcy, all your tangible properties are sealed to be put up for sale, including your home. But debt management experts suggest certain alternatives to protect your properties. You can opt for an IVA reverse mortgage option instead of bankruptcy.
I hope the above tips will help you clarify your doubts related to handling debt problems.
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