Being in debt does not just affect yourself but can also cause emotional turmoil to the people around you. Hence, the only solution to lessen the damage and regain financial freedom is to work towards paying off your debts in the most appropriate way.

Although there are tips for repaying your debts quickly, some debts are simply too large to settle in the shortest time possible when you have other commitments like housing loans and daily necessities to spend on. Alas, delaying your repayments will only do more harm than good.

When that happens and you find yourself struggling to repay your debts, an alternative would be to get help from a debt consultant.

If you are still hesitating, these reasons why you should approach a debt consultancy service will convince you to take the first step. Read on to find out more.

What does a debt consultant do?

Before speaking with a debt consultant, it is important to understand what they do so you get a clearer idea of how they can help you.

Debt consultants are professionals who are well-versed in the nitty-gritty details of different repayment methods and specialize in providing advice on how debtors can achieve debt relief. They also help to develop viable plans by performing a complete analysis of your current financial situation so that you are able to pay off your debts as soon as possible.

Now that you understand what they do, here are three good reasons to turn to a debt consultant:

cutting a paper with a text Debt
  1. Help you to avoid being bankrupt

Although becoming bankrupt is not the end of the world as it can be considered a last resort, it also cannot be denied that there are still negative connotations associated with bankruptcy and the restrictions imposed on you can be frustrating. Therefore, getting in touch with a debt consultant to explore the different ways you can pay off your debts is one of the most helpful ways to avoid being bankrupt.

A debt consultant will advise you on the best way forward by analyzing the pros and cons of the five different debt solutions, including a debt consolidation plan and debt repayment scheme, based on your situation. Bankruptcy will typically only be considered or suggested when all other options have been exhausted.

  1. Guide you on how to deal with creditors

Debt consultants are also highly experienced professionals who have seen countless different cases and thus, will be able to suggest possible solutions to help you resolve your liabilities.

For instance, a debt settlement appeal in which you negotiate with your creditors by writing an appeal letter is one of the solutions to becoming debt-free. Your debt consultant will advise you on how you can appeal for a longer loan tenure or a smaller monthly repayment amount. A budget sheet is typically needed when you submit an appeal and this is where a debt consultant comes into play too; they can help you to come up with a convincing repayment plan to increase the chances of approval.

  1. Provide emotional support and unbiased advice

It is normal to feel embarrassed and hesitate to seek help when you are in debt but you can rest assured that a debt consultant is not here to judge you! They have seen people from all walks of life going through a hard time and nothing will faze them. Instead, their only goal is to help you achieve financial freedom so you can go back to enjoying life.

Apart from providing unbiased advice and recommending the right schemes, they also extend emotional support by being someone you can talk to about your financial woes. If you do receive letters from lawyers, debt consultants can also advise you on your rights so you know the next steps to take.

Get in touch with Debt Aid today

If you are having a hard time repaying your debts and wish to find out how you can become debt-free quicker, consider speaking to our debt consultants here at Debt Aid.

We provide debt counselling and will help you to weigh your options. Contact us today!