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If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that

Being in debt can cause a huge amount of pressure for all involved.  In addition to this, it leaves people vulnerable as they are so desperate to resolve their problem they will accept any route out of debt.  This can make the situation worse.  It is a sad fact that there are hundreds of unethical debt advisors waiting to take advantage of this desperation.   This highlights the need of finding a reputable and ethical debt management company.  Ideally it would be one that provides impartial and profession debt advice without charging extortionate fees.  The debt advice given by a debt management company would typically suggest one of a number of solutions.  Typical debt solutions involve either an IVA, debt management, loans or in severe cases, bankruptcy.      To avoid needing the services of a debt management company I have compiled the following list of debt top tips.  It is a brief ‘self’ debt management guide meant to minimise the stress of being in debt.  Those without any debt will also find the guide helpful.     - Get the Right Advice   Care must be taken when choosing an organisation that provides debt solutions.  There are a lot of companies that can make your debt problem worse.  It is a good idea to contact a number of different companies and check the consistency of the advice they offer.  This way you can be sure that you are getting the right advice.   There is also a large number of organisations that provide debt management services for free.  The advantage of these is that all of your money will go towards paying back your debts and not on management fees.  It would be a good idea to contact your local Citizens Advice Bureau for advice before entering into any debt management agreements.     - Ignoring your debts will not make them disappear   I cannot stress this enough, ignoring your debt problems will make them worse.  As soon as you get into difficulties, contact your creditors and explain the situation.  This will show that you are handling your problem responsibly.  When you make contact, it should always be done in writing so there is a physical record of all communication.  It may be useful to provide creditors with a budget showing them how much you can afford to pay every month.  This needs to be done with all of your creditors.  Remember do not ignore ANY of your debts.     - Strategy, Strategy, Strategy   The way you go about solving your debt problem can make all of the difference.  As well as following the advice so far, you need to organise your debts.  Prioritise your debts so that you are addressing the most important first.  These would include rent/mortgage, utilities and council tax.  Address these before any unsecured debts.  Failure to do this could result in loss of a utility, prosecution from the council or even loss of your home.  So, prioritise payments to these essential bills first and then address your unsecured credit debts.  The consequence of missing a credit card payment is less severe than missing a mortgage payment.     - Avoid borrowing more   Borrowing more money to pay debts is not a decision that should be made without the specific recommendation of a professional debt advisor.  This is also true for consolidation loans.  These types of loans can increase your overall debts as they are paid back over a long period of time.  This means there will be more interest to pay than on a regular loan.   In the case of secured loans, this advice cannot be more important.  Secured loans are usually taken out against a high value asset such as a car or home.  Failure to maintain repayments of these loans can result in the loss of that asset.     - Maximise Your Repayment Potential   If you can maximise your income, you will find it easier to meet the demands of your creditors.  One way to do this is to check if you are receiving all of the benefits you are eligible for.  These include:   ·         Tax credits. ·         Sickness / disability benefit. ·         Rent assistance. ·         Council tax assistance.  ·         Payment protection insurance (if you have lost your job).    The best way to know what you are eligible for is to contact your creditors as soon as your circumstances change.   Other things like double checking your tax statements to ensure you have not overpaid, switching service providers for cheaper alternatives and getting everyone in the household to contribute.   If you are unemployed consider looking for work.  If you are employed, look into finding a better paid job.     As you can see there are many things you can do and many resources available to help you.  This is a sensitive situation that can have terrible consequences for the debtor and their families.  Think carefully before accepting any debt solution and make sure the advice you seek is from a sound, trustworthy source.   These tips may seem obvious but they represent mistakes that many people make.  The intention of this guide was to reassure those in debt that there is help out there.  You just need to ask for it.  Suffering in silence will not help anyone, so take control of your debt problems today and get on track for a debt free life.