My Life As A Debt Management Counselor

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I am a professional credit counselor and my job makes me meet so many people everyday who are burdened with heavy debts and need help in coming out of that. With my counseling skills, which is formally known as credit counseling or debt management counseling I try to help people with various debt management plans which helps them take care of their debt in a more comfortable way.

Primary things that I have to do

As a part of the debt management counseling I have to look at the income structure of the clients and also evaluate their cost of living. At the same time I get the list of all the creditors who owe money from my client. The purpose of getting all these details is to calculate an amount that the client would be able to pay every month. Once this amount is deduced, I ask my clients to pay that to my agency and then we take the responsibility to divide and disburse that money to the different creditors.

An important aspect of debt management counseling is the evaluation of the cost of living of the individual. I have to check all financial transactions, which includes credit card activities as well. As a counselor, the expectation from me is to provide the best possible solution to the clients hence I have to understand how much money would the client be able to pay out every month.

Helping the clients who are in deep trouble

At times we get clients who are sunk in debts and to worsen their situation, they are not in a financial condition to pay off their debts. As a result, the creditors take a toll on their happiness and that is when they come to us to get some help in the form of debt management counseling. For these types of customers, we try to arrange for payday loans or bad debt loans so that they get some funding to get out of the high interest credits first. Debt consolidation is also something that we have to offer the clients so that they consolidate all their debts under one banner and then pay off the debts.

There are customers who are almost on the verge of bankruptcy because their business has not worked the way they had planned and they have huge debts on their head to be cleared off. Under such situations, my responsibility as a debt counselor is to analyze the client’s financial condition very minutely to determine if bankruptcy or liquidation is the only way out. We try to avoid bankruptcy as much as possible as that impacts the credit score of the individual. However, if there is no way out, we help the client in declaring bankruptcy and do away with the necessary legal formalities that need to be done.

In my long career of debt management counseling I have seen so many people struggling just because they could not manage their debts properly that I really feel that one should take calculated steps when it comes to borrowing money or spending money. It is always better to be happy without any burdens than being sad and worried with hordes of worries and tension about the debts.


An Angel With Excellent Debt Management Counseling

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It was a phase that I would never forget in my life. The production in my factory was stopped due to legal issues for a long time and my workers resigned in mass as I was not able to pay their salaries for some time. The huge investments that I had made while setting up the factory had got converted into a huge debt and I had no option how to pay that off. With no production in the factory, I had virtually no income and had decided that I would liquidate all my assets and declare bankruptcy so that my creditors can be paid off.

An angel came to help me

Chow, one my neighbor was a professional who used to do debt management counseling and while discussing general things with him in the club I sought his help on my situation. He advised me not to go for bankruptcy like that. He explained that bankruptcy would tarnish my credit scores for next ten years and I would not be getting any loans during that tenure.

No bankruptcy, only debt management is what he did for me

The friend of my trouble times, Chow used his debt management counseling skills and identified areas of opportunities for me. He made a list of all the creditors who owed money from me. He explained me the features of a debt management program and also told that in my situation I should be going for that. I was not very sure whether I should actually go for it as even in a DMP I would be required to pay a regular monthly installment and with the current condition I would not be able to afford that.

Thanks to the debt management counseling skills of Chow that he convinced me not to go for bankruptcy but to go for a debt management loan which he arranged for me with his contacts. Also, Chow only arranged for a good attorney who helped me with the legal matters of my factory and got it reopened. With the good amount of money that I received I reopened my factory and hired new workers who were dedicated and hard working.

New beginning, new hopes

It was a new beginning for me with new hopes and new horizons to touch. I just had to worry about the solitary loan amount and Chow had actually helped me with a pretty affordable monthly payment amount which I could easily afford. Chow was an angel in my life as without him and his debt management counseling I would have been living the rest of my life with the tag of being bankrupt.


The requirement for good debt management counseling

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A debt management counseling is required when you are too scared to manage all your debts yourself, or when things are just too scattered to manage by a single person who has other important works to do. Normally we all are busy people, some busy with jobs, some with business, and some with studies or home management. To top all that, there are other tensions like relational problems, career problems, financial problems, property related problems and health problems. Naturally life is loaded with responsibilities and problems for any average man, and you are no exception.

For these reasons only you should be taking measures to streamline all your expenses, and the debts and their repayments also falls under the same roof. Hence a smart way is to take help of professionals who knows this job well, and can manage debts for you. Well then you must be wondering what the actual concept is, and who will be these people to manage debts for you.

How a debt management group helps

Often it happens that you get entangled on quite a lot of debts taken from various organizations, and the following situations may arise:

• You can’t manage taking care of all the payments every month as you stay busy in other engagements, and yet need to pay them on time too.
• You become a defaulter to one or more organizations by skipping or missing or deliberately not giving the EMIs.
• You meet some crises, which makes you delay payments too much to invite in unnecessary complications regarding your debts.
• You meet other problems which make you totally bankrupt, and you just can’t pay back the loans.

In all these cases, you will need the services of professionals who knows this field, and know the ways supported by law to fight for you with the creditors; persuade the creditors to give you a another chance without legal complications, and talk to creditors to bring down the rate of interest of the loans. These are all the steps that you alone can’t take, and you will need professional help from people, who knows the law, and knows how you can get help and how you can get affected by law. They can use the right terms on law to bring things on your favor by talking to your creditors.

On getting debt help from these companies, you can get a direction to the solution of the problem, and know how to fight a situation. You get the necessary support to fight your creditors, and can once again get back on your feet after the necessary struggle.

What happens in a debt management counseling?

Before you hand over your case to a finance management company, you will have to go through a debt management counseling, and will have to see that you fit in for a debt management program or not. If you really need help, then you will be presented with acceptable, logical and proven effective ideas to fight a current problem or tackle a current situation, and you can then try that and see if your case is solved or you still need the help.

After this initial debt management counseling is over, they will undertake your case, and will give you all aids to fight and win the problem in your pathway to get to a debt free future.

While they take your case, and arrange for you to stay relaxed, they would also give you great valuable money saving tips to secure your future, and you can always make the most out of those tips and plans they chalk out for you.