How to Control Debts When Unemployed - Read Ahead For Some Debt Relief Tips
Losing your job can be the most harrowing experience of your life. It can be particularly painful if it is the first time you have been fired. The wor...
Losing your job can be the most harrowing experience of your life. It can be particularly painful if it is the first time you have been fired. The worst part is that you have seen this happening to all others but you never expected that the same could happen to you as well.
That is the reason why most of us are completely unprepared to handle the consequences of unemployment. They either try to pretend that nothing is wrong and that they will get back on track very quickly. Or will become depressed and end up behaving as if it is the end of the world. In both cases,
the actions cause more harm than good.
People presume that debt settlement is the best option for those who have lost their jobs. Settlement of debt is based on your capacity to make regular repayments. A 50% discount is available only if the lender is satisfied that expecting anything more from the borrower is useless.
When you have lost your job yesterday, you certainly will not qualify for this debt relief on the very next day itself. Even if you have not saved any money, you certainly will have some investments that can be liquidated and utilized to manage your expenses.
Rather than jumping to conclusions and moving to decision making mode, you should first focus on accumulating data and information that will help you make an informed decision.
The first step is to prepare a list of all expenses. Most of us do have a rough or vague idea of our monthly expenses involved. It is time to crystallize this and convert it into writing. All these notes will be very useful if you have to opt for debt settlement. You can forward the notes to your lender to prove that you did your best to make ends meet and make the repayment on time. A small thing but this will have a significant impact on the attitude of lenders.
Once you have the information in your hand, it is time to get an opinion of the expert. This may cost you money and you should be prepared to spend it. You should adopt this approach because you have lost your job and you're not in the right mindset to decide your financial matters on your own. There's no point in choosing settlement and hoping that it is the right decision. You should opt for settlement only if you are certain that it is the right decision.
If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called "Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below:
Free Debt Advice
