By falling into the loop of obligations, you can come to a point where it is difficult to get out of a difficult situation alone. The basic mistake is to refrain from monthly repayments and avoid contact with the creditor.
If you do not want to pay your liabilities voluntarily
It will not save you from having to pay back. Such action triggers a court avalanche, issuing an order for payment, and in the event of further evasion, a bailiff comes into action. Can anything else be done at this stage? This is the right time to seek help from professional debt relief companies.
Fast and professional help is key. Debt relief companies have legal and financial knowledge and have extensive experience in restoring financial liquidity and debt collection activities. Therefore, they have more opportunities to negotiate terms with banks or loan companies and to set favorable repayment terms.
Are you behind with installments?
The debt relief company begins its work by thoroughly analyzing the history of debt, as well as recognizing the family, professional and material situation of the debtor, in order to examine in detail its possibilities. Based on this knowledge, a debt restructuring plan is created that sets out the detailed steps you need to take to get out of your debt.
Then the plan is implemented and it must be taken into account that its implementation may take several months. From now on, it is the lawyer who represents the debtor in matters related to the payment of obligations, and therefore takes over all calls or correspondence with creditors.
The first action taken is to stop the execution of bailiffs. To this end, an analysis of the enforcement proceedings is carried out to protect against dishonest bailiffs. It is a series of activities that verify that bailiff proceedings are going properly, whether there are grounds to appeal against a judgment or any bailiff’s actions, and whether the bank / debt collection company has not exceeded its powers.
Specialists will analyze all the proceedings
In terms of applicable law to protect the interests of the debtor. You can read more about anti-collection in the article “What is anti-collection”. The next step is debt relief, i.e. legal and negotiation actions to restore debtors’ ability to pay their debts.
At this stage, the company proposes effective solutions aimed at debt restructuring. Since the debt relief company acts on behalf of the debtor, it assumes the obligation to contact the creditor and it negotiates with the institution that granted the loan or credit to reach a settlement.
So he plays the role of a mediator who wants to agree on both sides. In principle, however, it is necessary to cooperate with the indebted person, who often has to contact the bailiff himself.
The effect of the actions taken may be, among others cancellation of interest or accrued penalties, suspension of bailiff proceedings, withdrawal of enforcement of real estate, reduction of receivables, distribution of liabilities into more convenient installments, and even avoidance of repayment, in particular when a professional company catches bailiff’s or court’s errors.