There is a (usually) unwarranted shame attached to getting into debt. A lot of people feel so embarrassed about their debt problem that they will do anything to keep it from friends, relations, and even their family. Unfortunately this is not the best idea. Firstly your family need to know about your debt situation because sooner or later it... Read more
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This is why that I think that it is essential for people in debt to find out as much information about the various solutions (Debt Management Plans, Individual Voluntary Arrangements, Bankruptcy etc.) as they can so that they can question the advice and solutions that they receive. Although I strongly recommend that they get help from a qualified adviser, they should not surrender control completely. If the debtor has read widely on debt solutions then they are more able to work towards a satisfactory debt solution with their adviser than if they simply rely on the adviser to tell them everything. It is a case of using your debt adviser as a resource to achieve the most suitable debt solution for you rather than surrendering all control over the situation. In my own personal debt crisis I had decided that a Voluntary Individual Arrangement (IVA) was the best solution for me, even though the debt advice company that I consulted initially suggested an informal arrangement. I persisted in asking for my preferred solution and in the end they agreed with me. This was actually the method I ended up using to become debt free, and was much quicker than the informal arrangement that they had originally proposed.
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