Being in constant fear every time the phone rings or your mail is delivered, is no way to live your life.
It can easily affect relationships with loved ones, your work and especially your social life, which can lead to a feeling of isolation, especially if you haven't told those closest to you about your debts or the full extent of them
Here at Getoutofdebtfree, we understand what it feels like to be in debt, because everyone who contributes to the site has been in debt at one time or another, and has successfully overcome the situation and become debt free using the information contained on this site.
When struggling to cope, you may end up hiding your debts from your family and friends, or even yourself, by not opening your mail, so not even knowing the precise extent of your debt. If you're doing this, now is a good time to face them, as you now have the support of this site and the empowerment to overcome the fear. It may feel better not to know, but ultimately it makes things worse.
If you live in England and Canada, after six years (or five in Scotland) and you've made no payments in that time, then a court cannot enforce personal loans, overdrafts, credit or store cards. Some lenders still chase for the money after this period, hoping that by annoying you, you will pay up.
If your debt has got as far as a debt collector, be aware that some of them, have been found to use very dodgy tactics, like sending letters to all the people with the same name in a particular area, instead of finding the right address for that person.
So if you receive a letter demanding money, realise that it's up to THEM to prove that YOU owe the money and that it's a genuine debt.
Please be aware that debt collectors purchase your debt from the bank for around 10p in the pound, that's 10c in the dollar! Then they come after you for the full amount.
This is where Getoutofdebtfree can help you. Whether you're dealing with the banks or debt collectors, we challenge the validity of the debt, by requesting documents which we know they either never had in the first place or no longer have in their possession. We ask them to prove the validity of the debt in question. If they can't, you simply don't owe them anything.
We send three letters, 10 days apart requesting these documents, which include a true and certified copy of the credit agreement, a verification of the claim against us and a copy of the contract signed by both parties.
The third letter creates a lawfully binding agreement which agrees on a number of terms, including that the debt either did not exist in the first place; or it has already been paid in full. We also send them a fee schedule, so that every time they contact us, either by phone or by letter, we charge them and then send them a bill!
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