Cheap finance, debt consolidation, stop repossession, fast remortgage

Cheap finance * debt consolidation * stop repossession * fast remortgage * unsecured loans * income earning opportunity * individual voluntary arrangement * debt management company

Start of article about debt problems.

Previous page about debt advice.

Tony Palmer is more forthright about DMCs than Keen. So what, then, does he advise when you finally acknowledge that you have a debt problem? Apart from the advice previously noted - don't panic - he says there are two things you mustn't do:

don't ignore the debt problem
don't go to a debt management company (DMC).

The problem with Debt Management Companies is, for Palmer, very simple: they charge for services which the National Debtline (for example) provides free of charge as long as (according to the 2005 edition of his book) a debtor owes more than £5,000 to more than 3 creditors and has a minimum income of £100 per month.

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Palmer outlines reservations too on the matter of debt consolidation. In the case of debt consolidation companies (who essentially offer you the chance of rolling all your debts into one bigger but more manageable debt) he says Be very careful - and gives four sets of reasons why. He suggests, for example, that you might find yourself exchanging a series of unsecured debts for one secured debt - secured, of course, against your home, which would therefore be at risk.

He has a section later in the book telling you where exactly you can go for advice that is free of charge, insisting once again that (i) you shouldn't panic and (ii) you should get your advice as soon as possible.

Lorraine Turner's Chapter 2 Getting help together with the Useful addresses section points you towards the proper professional assistance that is available and makes it clear that, in her opinion also, you should be getting your advice free of charge.

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