(Newswire.net — April, 20, 2013) Manchester, UK — Sam Cruickshanks, a solicitor at Manchester law firm, Clearlaw, who have a dedicated debt management team states “The trouble with these types of loans is that they are just supposed to be short term. Their (usually) high interest rates mean that if you are unable to pay these off with in the specified period then you could find yourself in a lot worse of a position than when you started”. Sam Cruickshanks, Solicitor at Clearlaw continues. “What we are finding is that it’s quite often people who are struggling with debt and unable to obtain credit that are considering this type of loan, when really they should be taking a more considered look at the situation they are in”
He then goes on to explain “What a lot of people in this situation don’t realise is that there are alternatives. Some of these alternatives can actually reduce your debt whilst allowing you to pay back what you can afford.”
So whilst no one is arguing that payday loans don’t have their place. It would seem that they are definitely not an answer to resolving a debt problem.
Sam’s advice is that anyone finding themselves with a debt problem should in the first instance seek advice from a reputable debt advice service like the one at Clearlaw. Their debt advisors do not judge but confidentially talk through the options that are available and then it is up to you to chose the right one for your situation. They will deal directly with your creditors to stop the calls and attempt to get your interest frozen.
Sam was asked if he had any examples, “Lots, I obviously can’t name names but if we just say a Mr F had debt totalling £19000 and was struggling to pay £657 a month. The Debt management team spoke to his creditors and had the interest frozen and payments reduced to £350 a month.
We advised a Mr R with £18032.46 to apply for an IVA (Individual Voluntary Arrangement) where his payments were reduced from £484 to £200 a month and were capped to 60 months the balance will be written off after that time.”
There are quite a few debt advice companies out there so when you’ve decided to seek advice, who should you go to? Well, unlike most other companies offering debt management services, Clearlaw are a reputable and long standing law firm so it’s certainly worth a call to them first. See below for their contact details.
Phone: 441618732794 URL of Map