Seeking Professional Help! DIY debt solution

Summary: Seeking Professional Help! - This paper argues that even asking for help requires a diy approach as the initiative has to come from you.

Facing a financial problem

Asking for help with a financial problem is for some people the hardest step to make. We like to think that we can sort it and feel confident that it's only a matter of time before circumstances change in our favour, but things don't always work out as well as we hope and meanwhile our debt position is worsening. Occasionally we are pushed into action by a cold-caller on the phone, but most of us have to take the initiative in locating advice. You have to do it yourself!

Finding the right financial information

We may have contacts that have entered into a debt solution, and whilst their experience may be illuminating, it's important to recognise that no two cases are the same. Speaking with a professional debt advisor should enable you to understand all options open to you and the pros and cons of each. Unfortunately, some so-called advisors can be very keen to sign you up to their suggested option. It is likely to be beneficial to speak with 2 or 3 such advisors or companies before making decisions. Desperation can lead to hasty decisions which aren't always the best ones.

Acting on the advice

Again, the diy theme may be being stretched here, but armed with all the advice; it is your call as to next steps. You have to agree to proceed with a certain solution and you need to feel that whatever choice is made is the right one for you (and doing nothing is a choice). Bankruptcy will involve you meeting the Official Receiver in the County Court. An IVA will involve an Insolvency Practitioner proposing the plan for you. And a Debt Management Plan will usually involve someone acting on your behalf. But whichever direction you take it's important that you are kept informed that you can raise issues or concerns and make decisions yourself.

Monitoring progress

Although others may be acting on your behalf, you need to be able to see how things are going. Some DMP companies have log in accounts for clients so all payments, transactions etc can be monitored. There may be times we need to make changes, ask questions or even change plans. In short, as far as is possible, we need to be involved in the process and feel in control of our financial situation.