GETTING into debt is very easy but getting out of it is not an easy task. If you are the one suffering from debt burden and looking to steer clear of debts, you can seek help from debt doctors, which is an emerging concept in India.
Debt doctors are those people or institutions who help you get out of debt. They understand the power of debt and its effects such as stress, sleepless nights, distraction and, sometimes, even destruction of family life, among others. They provide expert advice on finding real financial solutions for your money problems.
They will analyse your financial position and will draft detailed plan to get out of the debt.
At present, Disha Foundation by ICICI Bank, Abhay by Bank of India and Bangalore-based Debt Doctor Management Service, are a few firms offering credit counselling services in India. The following are some major things a debt doctor can do for you, depending on the circumstances of each case. When you are stuck it is always better to take professional help. These firms provide help in cutting down expenditure and restructuring your debts
Help to increase your credit score: 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 make the account up to date and that will help to improve your credit rating.
Help to stop harassing phone calls: Normally, if you have an unpaid debt, you will get a number of harassing calls from the lender.
Debt doctors negotiates with your lender and finds a solution for your problem.
Help to save your house even if it is in foreclosure: In majority of the cases debt doctors can help from you from losing your home.
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.
Help you in clearing credit card debts: Debt doctors can also help in clearing off credit card debts and help negotiate better settlement terms with credit card providers. Though the concept of debt doctors is an emerging concept in India, their service would be good as they give professional advice on how to manage debt and cut down expenditure.
