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The Facts About Government Debt Settlement Orders
When you are looking for any product or service, the good news is that you can easily find a number of options online. If you would like to hire a financial expert, for example, simply browse through the different sites which offer such services and you can already go comparison-shopping. By doing so, you can make an informed decision as to which one has the best experience while also giving you the best value for your money.
The downside, however, is that online offers also have the tendency to become fodder for unscrupulous individuals who are out to introduce scams. Here, we will take a look at how the legitimate sounding government debt settlement order has become a scam of an online offer.
There Is No Such Thing As A Government Debt Settlement Order
To start right off, there is no such thing as a government debt settlement order. The only similar and legitimate terms are debt settlement (mainly US) and debt relief order (UK only), but government debt settlement order is a bit off kilter. We will learn more about debt settlement and debt relief orders in the next section.
Meanwhile, if there is no such thing as a government debt settlement order, why does the term even exist? When you go online, there are offers for this which on the surface look legal, but the truth is that they are merely online scams. They also take the form of spam e-mail messages or scam text messages. Here is a list of the variations of text messages or e-mail message portions which you should watch out for:
- News Alert: A debt settlement order has been introduced, this means that people struggling with debt can apply to have it wiped off. To apply, text OK to stop text STOP
- The government has introduced a Debt Relief Order. People struggling to pay bills can have debt wiped off forever. For more info txt INFO. To stop text STOP
- Due to a new legislation, those struggling with debt can now apply to have it written off. For more information text the word INFO or to opt-out, text STOP
These exact messages and their variations are unsolicited text messages. But what if it happens that you are really in debt, and receiving this message got you interested in applying for a debt settlement order? Remember that it is not advisable to reply to them. Even texting STOP to the number which sent you a message might cost you money. Remember, no such debt solution exists, so read on to find out what the real alternatives are.
What Are The Legitimate Options For Dealing With Debt?
Instead of risking your mobile number privacy and even the stability of your finances by replying to messages about government debt settlement order, it is better to go out of your way to research what the legitimate solutions are if you are in a financial rut.
There is such a thing as Debt Settlement wherein the debtor and creditor agree on a reduced balance which is regarded as payment in full. But this is a financial service which is only widely available for those who reside in the United States.
In the United Kingdom, there is the Individual Voluntary Agreement, the Debt Relief Order and of course debt management plans. The latter are also available in the US. For IVAs, there are certain conditions that need to be met, but in the right circumstances some people are able to write off up to 75% of their debts.
Meanwhile, the debt relief order is suitable for those who owe very little money, cannot afford to file for bankruptcy, and have a very low disposable income.
Finally, the most popular and common option is to go for a debt management plan, wherein you will use the services of a financial expert who will take a look at your overall finances. Once your situation is assessed, the debt advisor will negotiate with your creditors so that a lower monthly fee and possibly lower interest rates can be applied to your credit card dues.
Rather than being scammed out of your money or having your personal information stolen, it is better not to believe in any unsolicited text messages or spam e-mail messages. If you are in a financial crunch, study what your legitimate options are so that you can lower your monthly credit card bill dues while you are getting back on your feet financially.
UK residents can apply for debt help now using the online form at the bottom of this page. Alternatively, view the list of recommended UK debt management companies.
Apply For UK Debt Help Now By Completing This Online Form
You can apply for a debt management plan, IVA, Trust Deed or consolidation loan through our approved debt advisor, 123 Debt Solutions. You will be contacted by An advisor to go through your situation.
Only Submit This Form If You Are A UK Resident
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