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Being proactive in tackling debts 

On Behalf of | Sep 25, 2022 | Bankruptcy

Being in debt can feel very overwhelming. It is not uncommon for individuals in this situation to bury their heads in the sand and hope it all goes away. Unfortunately, debts generally don’t just disappear. In fact, the longer they remain unaddressed, the worse they usually become. 

By taking a proactive approach, you can get a handle on the situation and you might even start to feel a lot better. Outlined below are a few tips on how to proactively tackle your debts

Be honest with the creditor 

Initially, the company that you owe money to will contact you first to seek payment. Generally, this is the best time to try and put some sort of payment plan into action. Most creditors will give you a bit of leeway if you are open and honest with them from the start.

Rather than adding on extra charges for missed payments, they may be willing to extend the due dates on your bills or accept a lesser amount each month until you get back on your feet. Debt collectors who take on the debt further down the line may not be so sympathetic. 

Make sure of the debt’s accuracy 

It’s important to establish whether or not you actually owe the amount that is being pursued. Have you been overcharged? Are creditors pursuing you for a debt that someone else is legally responsible for? Creditors can and do make mistakes from time to time. 

Take written notes 

With any financial dispute or legal action, it’s best for you to communicate in writing, which includes email conversations. This way, you have time-stamped records of the behavior of creditors as well as the steps you have taken to resolve the situation. 

You don’t have to tackle debt on your own. If you’re feeling overwhelmed, seeking legal guidance on the matter can help you feel much better about the scenario you find yourself in.   


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