Friday, 25 May 2012

Debt management – handling the paperwork

Are debt collection letters getting too much for you to handle? Get some debt management help from Freedom Property.

Once you have missed several payments on your loan, mortgage, credit card or store card, you will begin to receive letters from these lenders chasing your payments. The same is true of utility bills such as gas, electricity and water. You may first get a reminder letter, stating how much you owe and how soon the money needs to be paid. In many cases, the lender may offer debt management help, if you feel you need it. Paperwork is always important – just as important as Paper hand towels or printing paper.

Ignoring debt management help

If, like many people in debt, you ignore those letters; don’t open them, or open them and hide them away, you are only likely to make the problem worse. Having not heard from you at all, either with payment or with a request for help, the lenders will start to send final demands or more threatening correspondence. Once they are sure that you don’t intend to pay, they are likely to take the matter to court and look for other ways of getting the payments they need. If you are in this position now, here are some of the things you can do with the paperwork to make a start on recovering your position with your lenders:

  • Open, read and file – open and read all the letters that you have been sent. Put all the letters from each lender into a separate pile and make a note of the latest request they have made so that you know where you stand with each debt.
  • Call or write – it’s important that you either speak to or write to each of your lenders. This lets them know that you are taking the matter seriously and that you are making plans for sorting out your payments.
  • Keep copies – if you write to your lender, keep a copy of everything you send. If your debt problems end up in court, you can produce these letters to show that you were in contact with lenders and trying to sort out your problems.

If you have decided to sell your home in order to raise the cash you need to pay off your debts, you should talk to Freedom Property. Not only can we give you the quick sale you need – and a fair cash price – we can help you contact your lenders, send letters to them and show that you are making arrangements to clear the money you owe. Whatever debt management help you need at this stage of your financial problem, we can help.

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