In every country government help is offered for people with debt issues, like local council personal support schemes. However, not every debtor will be qualified for such help, except the indebted subject is in an emergency debt problem situation (e.g. debt issues, derived from severe health problems, student taxes, job loss, etc.).
When a past-due default situation occurs, a debtor should think over the reasons for his inability to pay. A debt problem can be affected by different causes:
If a borrower is not into a past- due payment situation yet, he can avoid such occurrence as well, using different management techniques:
Due to every law, state or international, when a default occurs in creditor’s financial system, a monetary loss is generated and the cash flow balance is disrupted. As each loan is followed by an official and legal contract, the debtor carries the obligation to repay the sum borrowed within the deadline mentioned in the agreement. Therefore the creditor has full rights to pursue debt payment from the consumer/business debtor. If the indebted subject has a debt problem and he ignores or neglects his liability engagement as a borrower, the lender might proceed to legal actions or even file a complaint to court. If a consumer does not bring his account up to date by settling his monetary obligations towards the creditor, the following actions may occur: