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maryann
Stranger
Joined: 20 Sep 2004
Posts: 2
Cash Points ££ 25.00
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 Posted: Sat Jan 01, 2005 12:53 am Post subject: In debt - very worried |
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I am over £30k in debt, including 4 credit cards and several loans.
I am now having difficulty keeping in control of my debt, often missing payments or making the minimum payment on the cards a month.
Ive tried to take out a consolidation loan to get to grips with the matter but its just increased the total debt. And once I paid off the card, I just started using it again
Any advice or information would be greatly appreciated. |
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techman
Money Saver
Joined: 08 Sep 2004
Posts: 106
Cash Points ££ 328.00
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| Posted: Sat Jan 01, 2005 8:22 pm Post subject: |
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You need to contact one of the debt counselling agencies such as
The Consumer Credit Counselling Service.
They can set up a debt management plan which should help you sort yourself out. You can find them easily on the web by typing in CCCS and make an appointment to speak to a counsellor. |
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SallyRad
Stranger
Joined: 31 May 2007
Posts: 1
Cash Points ££ 54.66
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| Posted: Thu Aug 16, 2007 8:52 am Post subject: |
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At this stage I would recommend seeking professional advice. A company I can recommend is http://www.idealds.co.uk/. I found Ideal Debt Solutions to be extremely sensitive and helpful. There are several different options available for you:
Debt Management
This is an informal arrangement with creditors to pay a lower amount each month than you currently do. Debt management is informal which means that your creditors are not bound in law by the terms of your agreement. Debt management is usually more of a short-term measure, and is not a long-term fix. The advantage of tackling your debt in this way is that creditor like you to communicate with them and will often freeze interest if you talk to them about managing your debt.
Re-mortgaging
Re-mortgages can be used for various reasons, most people simply switch mortgage because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower APR, with another lender. Other individuals may use a re-mortgage to consolidate their debts, if they take out their re-mortgage for a larger amount than owed on the existing mortgage, the extra money can then be used to pay off outstanding debt that they have. So if you have enough equity in your property to re-mortgage this can be an option when arranging finance for debts.
Bankruptcy
If you have no money left over in your budget, or you have so little that it will take many years for you to re-pay your debts, you may want to look at bankruptcy as an option.
Going bankrupt can take the pressure of creditors away from you. You are allowed to keep certain things, like household goods and a reasonable amount to live on. When the bankruptcy order is over, you can make a fresh start and the money you owe is usually written off. In many cases, this can be after only one year. Also creditors have to stop most types of court action to get their money back following a bankruptcy order.
However bankruptcy is extremely complex and you should speak to an adviser to go through every step with you. |
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