Debt help on the behalf of the government is provided by the legal experts or counsels. People take loans for various reasons but over the period, they may not be able to repay them to the creditors. To get the loans or the money back, the creditors take various paths. However, not all of them may appear easy for the debtors. In this condition, the debtors can talk to the legal counsels. They can help the debtors solve the issues and save them from the grasp of the creditors.
The legal counsels certainly do not intend to solve the creditors’ problem all on themselves. They can only help the debtors solve them. There are usually four-fold ways to solve the problems. They are as follows –
- Help the debtors keep their work, money and properties but to stay debt free for four years
- The properties will not be sold or should not be sold in between the period
- The debtors will start repaying the loans as much as they can
- The rest of the loans should be written off once the maximum amount is paid
In between the period, the debtors will keep on paying the debts once at a time or according to their choice. The creditors should keep on receiving the amounts over the period before they write off the unpaid loan. It will be continued for four years under the UK government debt help program.
The complete process should be noticed by the legal counsel, because it is his or her duty to solve the problem or the burden of loan between the debtors and the creditors. The legal counsels can take steps in between the period according to the law and prevent the creditors from pressurizing the debtors or claiming and trying to selling off their (debtors’) properties to get back the money. The creditors are bound to receive as much payment as the debtors are able to repay in between four years of span and they cannot ask for more or put pressure on the debtors for more.
The question of writing off the debt under the UK government debt help program may appear somehow questionable but it is needed to be done after talking to both the parties. The debtors need to keep account of how much they have paid so far and the legal counsel will work as an arbitrator in this case, as the person will have to deal with both the parties in regard to settle the debts. The legal experts will make the creditors understand the basic factors of the programs before the creditor writes off the claims completely.
This is a matter that should be carefully considered by the experts or the legal counsels and both the parties – the creditors and the debtors. Both the parties need to understand the single point of dealing with the debt related problem dealt by the government and settle the deal between them properly. Staying in constant touch with the legal counsels in between the period (four years) will be beneficial for both the parties in this regard.