How Does A Debt Settlement Law Firm Work?
Many people have been hit and hit hard by the recession. Redundancies went through the roof, as did the number of people who became unemployed. With little to no help from the government, many people started to struggle to pay off their debts and were stuck in some real dire straits. However, there are options available other than bankruptcy to help people just like this regain control of their finances.
The Role of Debt Settlement Law Firms
Debt settlement law firms specialise in helping people come to concrete arrangements to pay back their unsecured debts. They specialise in reducing and negotiating debt, instead of having it discharged through bankruptcy.
Debt Settlement Law Firms in the UK
There are many debt settlement law firms in the UK. They are often referred to as settlement organisations or debt reduction services. You will probably have seen advertisements on television, in newspapers and in magazines.
How Do I Choose The Right Firm?
There are plenty of companies to choose from, as demonstrated above you will come across them very regularly in varying media advertisements. A tip that has been given to many in the past is to look at the level of service you receive. Do you have to wait on the phone long before you are spoken to? Do you have to wait long for an appointment? If they are dedicated and quick service, they will more than likely also be dedicated to working for you.
So What Will The Debt Settlement Law Firm Do For Me?
You will have an initial consultation to look at your incomings and outgoings and your level of unsecured debt. They will then advise you on which plan is best suited to your circumstances. You will then be asked to provide documentation relating to all your debts. Once you have provided the debt settlement law firm with all this information, they will start contacting your creditors and offer them a repayment based on what you are able to repay. You will then pay the debt settlement law firm a set amount every month, that is based on what you can afford, who will distribute that money to your different creditors. Your case will be reviewed regularly, in case your personal situation changes, for example employment or income details.
Incidentally you should always be sure to find an appropriate solicitor for your specific needs, as a no win no fee lawyer is something somewhat different to this by it’s nature and will probably specialise in cases where people are injured or in many cases there are some who’s particular speciality is to make a claim against a hospital, so therefore not attempt to handle this type of case.
So, if you find yourself in a situation where you are unable to pay your bills, regardless of the reasons for this – unemployment, redundancy, a change in personal circumstances – think hard before you go for bankruptcy. There are other options available to you that will enable you to once again get to grips with your finances, giving you a fresh start. Why not contact a debt settlement law firm to see what options are available to you? Their staff are usually friendly and professional and are often people that have been in the same situation in the past. They won’t judge, just offer you impartial advice to try and resolve your financial difficulties.