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Business Plan Writing and Samples

Debt Counselling

Debt could be generally defined as money, assets, moral obligations, etc. owed. It comes into existence when a person offers money to another person who accepts it with a condition of repayment along with interest. Debt counselling is a terminology which is commonly used in the United Kingdom for Credit Counselling. Debt counselling is thus a method of settlement wherein there is a negotiation with the creditors or the person who lends money.  Debt counselling is a part of debt relieving. Counselling becomes essential when there is a debt crisis. Debt crisis occurs when the assets are analyzed and compared with the liabilities; the income expenditure is found to be more.

So to set right this problem counselling is the best remedy. To overcome this immediate solutions have to be found which could be done by referring the matter to an expert. Due to the present economic crash down many people are in debt, and the creditors left with no other option are agreeing for settlement. By the procedure of debt counselling one acquires the knowledge of avoiding of incurring any debts which cannot be repaid with the help of Debt Management Plan and budget. This is nothing but settlement with creditors. A repayment plan is worked out which enables the debtor to repay the debts to the creditors.

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