Money and You

A Debt Solution If You Need Assistance As Soon As Possible

A Debt Solution is only good if it works fast for those that need financial help. Do you feel stressed out and very nervous about what your future might bring ? Are creditors calling you, or are some monthly payments for your car, house, credit cards, or loans overdue ?

Don't despair. I've been there, done that ! It's not fun, it's a nightmare ! I can understand at least some of what you are feeling. Whether your debt is your fault or not doesn't matter. What you want is a solution. So, I will give that to you right now. Your situation will fall under Debt Solution #1 or #2 below

(a) Is your total unsecured debt (credit cards, personal loans) more than your gross yearly income ? For example, if your unsecured debt is Ł50,000.00 and your yearly income is Ł40,000.00, you fall into this category.

(b) Are creditors calling you asking for payments, or are you behind in any monthly bill payments ?

If this describes your situation, you want to get the advice of a Counselor from a Credit counselling Agency right away. They can stop your creditors from calling and advise if you could qualify for a Debt Management Plan (similar to a Consumer Proposal in Canada). If they can make a deal with your creditors, your total debt can be lowered, interest payments will be reduced, or cancelled, and you will only have to make one lower monthly payment to them and they will pay your creditors

If your debt is a burden and growing, but not in an emergency situation, your best two options are likely as follows :

(a) Home Equity Loan Do you own a home ? If yes, you can get a Home Equity Loan or Home Equity Line of Credit. The interest rates are very low right now, so now is a better time than ever to do this ... You can pay off your debts and make a lower monthly payment than you are paying now. You will also protect your credit rating by paying off your creditors quickly. If this applies to you, go to your local bank and ask for more information on interest rates, terms and so on.

(b) Debt Consolidation Loan

If you don't own a home and have unsecured debts (eg. credit cards, personal loans) or some secured debts (car loan, motorcycle loan), try applying at Eloan for a debt consolidation loan or at America One for an unsecured personal loan.

One of these could be your ideal debt solution. If you have questions, it would be a good idea to see your financial advisor or accountant