Debts can weigh even the most financially prudent person down and create all sorts of headaches, especially when it comes to working out how to get out of debt fast. No one wishes to be in debt and it can be down to a number of reasons that someone finds themselves heavily in debt and looking for a way out and back into the black.
There are also varying scales of debt, it could be a manageable credit card debt right through to a mortgage. No matter how small the debt starts it is how it is approached that can see it sometimes spiral out of control. The amount of debt that is owed and the timescale the payment is required by will determine the approach you need to take to clear your debts.
The majority of debts can be fixed by assessing your monthly outgoings and financial commitments vs your monthly income and managing debts in order of priority. However, there are times where debts have mounted on top of each other and the payments are due imminently and there is often the need to act in a much quicker way. In these situations it may be that the lending company is pursuing other means of receiving their money – including repossession.
How Barry Home Buyers Can Help
Barry Home Buyers are specialist cash property buyers and this means that we are in a position to help ease our client’s debt worries through the cash purchase of their property. Whilst it is a big decision to sell a property and potentially move into rented accommodation, it is one way to get finances back on track and place your future financial standing into a more positive position.
We have cash funds readily available and are able to complete a cash purchase within 28 days, or quicker in some circumstances. We will arrange a survey of your property and make you a cash offer, regardless of its condition and sign a legally binding document committing us to the purchase. Once the sale is completed we will transfer the agreed amount across to you.
If you are facing repossession Barry Home Buyers will be able to provide you with the evidence that you are selling your house and deal with the bank in the process of the sale. If you are selling a property to clear other debts, the purchase money can be used to clear your mortgage and then pay off your other debts.
Getting out of debt is a major job and one that can have many ups and downs. The first part of moving into the black is accepting your situation and building a plan. There are many charities and online resources that can help you with advice and it is important that you seek assistance if you are in a critical situation. Below are some of the better known places you can receive high quality and impartial advice.
UK Government – The UK Government has a very useful portal for information regarding debt and your rights regarding debt payments and potential court cases or insolvency.
National Debtline – National Debtline is a free, independent and confidential debt advice. It is run by the Money Advice Trust, a charity that offers financial advice and assistance to the general public.
Step Change – One of the leading UK based debt charities, offering advice on effective remedies to debt problems.
Debt Advice Foundation – A specialist debt charity that offers free, impartial advice on debt to over 10,000 people per year.