Get Debt Free | Bankruptcy | Debt Consolidation | Specialist

It is important to keep good personal records.

Remember the following tips:

• Keep all your receipts or other records of payment and copies of any letters you send to any debt collector or creditor.
• Keep all your records together to avoid losing anything.
• A debt collector should not visit you at your workplace unless you request them too.

A creditor or debt collector can only make 3 phone calls or letters per week.

Phone or personal contact can only be between the hours of 7:30 am 9:00 pm on weekdays.

No contact allowed on national public holidays.

A debt collector is a person who collects debts.

A debt collector must be co-operative and is obliged to treat you in a professional manner.

If you can reach an affordable arrangement with a debt collector:

• Ask for it to be confirmed in writing.
• Make an effort to sustain the repayment.

A debt collection agency may only contact you when they have a good reason to call.

A good reason could be:

• Wanting you to make a payment that is due;
• Making arrangements for payment;
• Enquiring as to why a payment has not been made;
• Reviewing an existing payment plan; or
• Recovering secured goods.

If you have borrowed money, you have a legal responsibility to repay the money you owe.

Don’t avoid your responsibility to repay your debts. Are you responsible for someone else debt? You are not legally responsible for paying another persons debt.

You may be legally responsible for other peoples debts by agreeing to be guarantor for a loan.

It is very important to understand the consequences of entering into a loan agreement as a co-borrower as both parties are responsible for repayments.

There are so many reasons why people get into debt. They include unemployment, relationship breakdown, illness or excessive use of credit.

If you are struggling to keep up with your debt repayments, don’t ignore the problem, as it will only get worse! Take control of the situation and act quickly.

Analyse your current financial position and set a budget to see if you can repay your debts without formal assistance.

• Make sure it’s your debt. If you are unsure, ask for proof of the debt – for example ask for a copy of the loan contract or credit application. If you believe that the debt is not yours or you disagree with the total amount, get some independent advice from a solicitor or accountant.
• If threatened with legal action, get advice from a soloictor so you know your options.
• If contacted by a creditor, be co-operative and polite.  If you are not treated fairly, make a formal complaint in writing to the organisation that contacted you. You should not be threatened or harassed.
• Manage your finances carefully and set a budget that is realistic.
• There are many free financial counselling services who can help you with managing your budget.
• If you are struggling with your repayments please contact the company you owe the money too without delay to discuss a repayment plan.
• When you are trying to setup a payment plan make sure the repayment is affordable and sustainable. Make sure you include all your expenses in your budget.
• Make sure you keep copies of all letters you send to your creditors.