One Advice | Bankruptcy, IVA & Debt News

Many thanks to Nil2Million.com for publishing my guest post on ‘Debt Management – 3 Misleading Myths’. In it, I share some of the debt management myths which you may come across when seeking debt advice. It is always important that you fully understand how a debt management plan works, so please check out this post for further debt management advice.

After writing it, I thought of some more debt management myths which may need explaining, such as:

Debt Management Myths: A debt management plan will include all my debts.
This is not true; a debt management plan is only for unsecured debts, like credit cards, store cards, personal loans and overdrafts. The plan can often include all of your unsecured debts but you will still have to continue making your secured debt repayments as normal.

Debt Management Plans are tailored to suit your circumstances so you should find that any pressure you are under to afford your secured debt is reduced. Always ensure that you make these payments on time.

Debt Management Myths: I am struggling with my debt, so bankruptcy is the only solution for me.
Struggling with your debt levels does not mean than bankruptcy is the only debt solution for you. You should always ensure that you do your research and be aware of the debt solutions options which are available.

There are many long term effects of bankruptcy which need to be fully realised before you decide on the bankruptcy option. It is an extreme solution and should only be reserved for those situations where an alternative debt solution is out of the question.

Bankruptcy should only be considered after you have explored all of your other options. One Advice offers a full Bankruptcy Service which can help you with every stage of the bankruptcy process, including help in completing the court documents to opening a new bank account.

Can you think of any more debt management myths? Please feel free to comment on the debt management myths which you feel need bringing to light or if you wish for me to write a guest post for your website.