Published in on Thursday, April 30 2009 by Ideal Debt Solutions
If you’re struggling with debts, there’s a little good news from the Credit Services Association (CSA) which has come to a new agreement with the government. From the end of May, debt collectors have agreed to give 30 days’ breathing space to people trying to sort out their finances.
In practice, what this means is that you have additional time to get to grips with your debts and do something about them, without being hassled by creditors or those acting for them.
The CSA has acknowledged that the current economic environment is placing greater pressure on debtors – and that debts are being passed to agencies for collection. It says that it is doing all it can to improve the relationship between creditors and debtors, and this is the first in a series of announcements it expect to make in the coming weeks, so there’s a chance of more good news in the pipeline.
However, if your creditors are chasing payments, then it’s vital you seek help from an accredited debt advisor for the new agreement to apply.
But even more importantly, you must face up to your debt problems. There are many steps you can take to fight back against debt and undoubtedly, the most important one is to acknowledge all your debts, total them up and look at your interest payments.
Also, communicate openly and honestly with your creditors. Believe it or not, they may be able to help and – as long as they’re reputable companies – they should act in a responsible manner. They may even agree to a payment holiday or to renegotiate your repayment plan.