What makes debt even more challenging is not the debt itself but a lot of misinformation about it. There is always some kind of misinformation attached to the popular concepts around the world, there is a number of people and with them come a number of opinions, although many of them do make sense, not all of them it is always true. It is important to do your own research and find what’s right and what’s not, what information will help you, and the trusted sources that can give you that information.
At times, debt can lead to bailiffs visiting your house and taking legal action against you. What should you do when bailiffs show up outside your door? Reach out to agencies for bailiff help who know how to tackle these situations at the time and let them handle the case.
Your journey from a myth to understanding the facts will only help you make the right decision in releasing your debt and leading a debt-free life. So here we have gathered some of the common myths surrounding the concept of debt, making debt an even more stressful event occurring in people’s lives. However, there is no problem without solutions, which applies to debt. Consuming the right information will unload you off some extra stress and help you make sound decisions on how to manage that debt and hence become stress-free.
Have a look at the rundown of us debunking some common debt myths for you:
All debt is bad
There is a stigma attached to the word “debt”, this misconception has led many people to believe all debt is bad. People often misinterpret that irresponsible borrowing is bad while a well-managed debt is actually positive; it that people often misinterpret helps you build a credit history that ultimately improves your credit score.
Overdrafts are expensive
One of the most common forms of debt in the UK is entering into a current account’s overdraft. This has led many to plunge into borrowed funds on a regular basis. However, it is worth shopping around for a current account that does not charge for using a set overdraft for the ones periodically dipping into their overdraft at a charge. That way, account holders can rest assured they are not steeped into additional debt.
Debt advice is expensive
Frequently, people avoid taking any debt advice as the misconception that revolves around it is that it is expensive. While some agencies and companies may charge for the bare minimum, some companies provide you free debt advice in the Uk. Reach out to Bailiff Help Now for free debt advice; our experts help you with your debt and arrange a manageable solution to it.
Debts efface after six years
Avoiding debts won’t clear it from your record; this misconception is usually applied to student loan debt. This leads them to believe six years of travel will wipe off their tuition fee debts, while that is never the case.
Bankruptcy lasts forever
Another myth around debt is that bankruptcy is forever, whereas it only lasts for one year and remains on your credit file for six years. However, bankruptcy should still be chosen as a last resort. Your credit score and your capability to secure credit may be affected for some time after that period even, but you will still not be technically bankrupt.
Bailiffs have the permission to enter a private residence
We are aware of how daunting bailiffs can be, but they do not have as much authority and power as it is commonly believed. Bailiffs cannot force their way into your residence physically; however, they can enter through an open door or a window without knocking.
Bailiffs can only force their entry when collecting criminal fines, Income tax or VAT and that too as a last resort. Anything apart from that is considered a crime, and if you are not aware of your rights, you must reach out to agencies for bailiff help and know more about them.
Know your rights, bailiffs are not allowed to call you late at night, and you can file a complaint if that happens. They are also not allowed to enter when only children are present in the home. Moreover, some more restrictions have been implied on the types of items they are permitted to remove from a property.
The lack of information or purveying of misinformation can lead many people to manage their debt poorly. This right piece of information will help you improve and manage your finances better.