In this Article we are introducing you a new concept Called “Debt Doctors”. Debt Doctors are very common in foreign countries like UK & US. But it is not common in India we expect this will be a reality in India very soon. Debt Doctors help individuals to solve their debt related problems such as home loans, car loans, bankruptcy, etc. In India every year thousands of people are committing suicides because of debt related issues. Proper planning and expert advice from a qualified person or institute will help to save these lives. Here in this article we are trying to educate you about Debt Doctors.
Debt is the money borrowed from an outside source with a promise to repay the principal (borrowed amount) with an agreed rate of interest. There are times during that people will get into huge debt. In though time people can get into debt from personal or secured loans, mortgages etc. Many people are unable to repay monthly payments on credit cards and other types of loans. All these things happen because of miss management of money or lack of financial planning. A debt is created when a person agrees to lend a sum of assets to a debtor. In modern society, debt is normally granted with expected repayment along with an interest.
See Also: 6 Steps to Reduce Your Debt Quickly
Debt Doctors are those people or institutions who are committed to help you in getting out of debt. They understand the power of debt and its effects such as stress, sleepless nights, distraction, destruction of family life, etc. In simple terms we can say that Debt Doctors provide expert advice on finding real financial solutions for your money problems. Many individuals have different problems related to debt in their lives. Where ever you feel difficulty related to debt, Debt Doctors can help you. But in India Debt Doctors are not in action. If Debt Doctors start their service in India it will be a great relaxation for the people who are suffering from debt problems.
As we have mentioned earlier the major services provided by debt doctors are related to clearing of debts. There are different types of debts caused by a number of reasons. Getting into debt is very easy but getting out of it is not that easy. Debt Doctors are the experts in solving difficulties related to Debt. They will analyse your position and will drat detailed plan to get out of the debt. Below given are some of the major things a debt doctor can do for you.
Normally if you have an unpaid debt, you will get a number of harassing calls from the lender. But once you start working with a Debt Doctor you can get way from these harassing calls. Debt doctors will negotiate with your lender and find a solution for your problem.
In majority of the cases debt doctors can help from losing your house. There are many variables when dealing with a mortgage company. If you are behind your mortgage payment it is better to approach a Debt Doctor before you are in foreclosure.
In this case also Debt Doctors work in the same way how they work in case of mortgages. If you are in a position to lose your car because of non-payment of premium you can contact the debt doctors, they will negotiate with your lender and find a reliable solution to prevent losing of car.
Credit card providers will do far more for Debt Doctors than for any individuals. They will reduce interest, decrease late charges and over limit fees, etc. If you are consulting the Debt Doctors, they can make a huge difference in how fast you will get out of debt.
Credit scores have a significant importance in your life. If your credit scores are less, it will affect you in future while approaching a bank for a loan. If you do not have good credit history, Debt Doctors can help you. Within a few months with Debt Doctors most of your creditors will bring accounts up to date and that will help to improve your credit rating.
See Also: Check Your Credit Report
A debt doctor should have ollowing are the information that you have to provide to the debt Doctors
You have to provide detailed information about your financial position, liabilities, total debts, total assets, etc. Using all these information they will prepare a detailed plan for you that you wish to achieve in the near future. All the information you give is treated as private and confidential
Here is a list of some of the common mistakes people make while filing for bankruptcy. Understand all the options available for you contact a lawyer at the Debt Doctors and prepare yourself for life after debt;
See Also: What happens if you go bankrupt?
Following points will help you in understanding the points that will help you in controlling your spending.
We believe that this article has helped you in imparting knowledge about ‘Debt Doctors’. In future we will come out will more articles on the same topic so that you can understand more about the Debt doctors. For any queries related to this article please feel free to contact IndianMoney.com. You can write down your queries in the comment box so that we can provide you further information on your query.
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.