Do you need to arrange an interview with a debt advisor?
By Mr Bankruptcy
1st November 2024
It’s good to talk and share your problems, but it’s a big step to take when your problem is an unmanageable debt.
As a debt advisor, I’ve talked with many clients about debt. Some are delighted to have a professional they can share their burden with. However, others I’ve seen are more reticent, embarrassed to find themselves in the situation and reluctant to come forward.
However, it’s important to take that first step, firstly as a sign that you have agency to deal with your problem. Secondly, I need to talk at length with my clients before I can help them in a meaningful way.
Exploring a road map out of serious debt
Debt advice is very much a bespoke service because no two situations are ever the same – I need to find out all about their personal circumstance and the nature and scale of their debt problems in order to start helping them find their own way out of their problem.
An effective debt adviser will be able to analyse your current circumstances to establish the best options available to help you manage your debts, so it’s critical that you are totally honest and upfront with the information you give them.
Initial steps towards easing your situation
Every debt advisor has a slightly different approach, but usually they will want to explore initial courses of action during your interview:
- Improving your current financial situation by exploring ways to increase your income (which may include referring you to a benefits adviser) and calculating your total expenditure in order to identify areas in which you can make savings.
- Spotting the ‘closest crocodiles to your canoe’ – i.e. identifying any pending financial commitments, priority debts or potential emergencies that need dealing with urgently.
It may then be possible to look at consolidating some debts or switching them to a lower interest rate. With your approval, a debt advisor can also approach creditors and try to negotiate a solution with them.
They may be willing to give you some breathing space in which to get onto a better financial footing so that you can start making repayments again (or a debt advisor can organise that for you). They may be persuaded to reduce or stop charging interest, give you a time extension or even write off some of the debt.
It may seem unrealistic to even ask right now, but I find that many creditors are willing to be flexible if it means getting back some of their money rather than none at all. However, they will want to see a realistic repayment plan, which requires you to give your debt advisor a complete and accurate picture of your situation.
Specialist and legal support
A debt advisor can point you towards specialist advice on legal issues, such as dealing with legal action or complaints against you or filing for bankruptcy.
Neither do we forget the personal toll this can take on an individual and their families. We are also there to offer some moral support in a difficult time, and recommend services or charities that can offer you and your family advice, counselling or assistance.
Preparing for your interview
As I wrote in a recent blog post, it’s important for the client to be prepared and have all the information that a debt advisor needs to help you move forward.
You may not have been able to see a way forward before you decide to see a debt advisor, but if you are willing to take that first step and be open and honest with your chosen debt advisor, then you will benefit immensely, emotionally and materially.
A good debt advice interview will help you understand that there are options available to you and to your business, so that you can be more confident about moving forward and navigating yourself out of your debt problem.
James Rosa Associates
James Rosa Associates is an established company of debt advisors and debt adjustors which, over the years, has built up a reputation as a supportive, non-judgemental firm which understand our clients.
If you are looking for solutions and are prepared to take the first steps, then we provide a full range of advice and professional services, to both individuals and business owners/directors with unmanageable debt. We also help people or companies involved in a civil or commercial dispute. Our range of services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
You may qualify for one of our free consultations
If you want to deal with an unmanageable debt or bring a dispute to a swift and cost-effective resolution, you may qualify for one of our free consultations.
Take the first step by contacting James Rosa Associates, ringing 0845 6807217 or emailing enquiries@jamesrosa.co.uk and asking about our services.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.