adam d®
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What is your debts made up of? If they're credit cards then you could transfer the balances to the card with the lowest interest rate, thats the only way without taking a consolidation loan.
You will get out of debt faster by increasing your income. Have you thought about getting a better job, asking for a promotion or pay rise, or getting a second job? |
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Rafaman
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It is worthwhile consolidating your debts as it will significantly lower your interest payments, particularly if you're transferring debt from a credit card to a loan. However I would advise staying away from the companies advertising consolidation on TV as they'll take more of your money and provide a service you could do yourself.
I read recently about a man with a number of debts who wrote to all his creditors offering to pay back 50% of his debt immediately if the creditor wrote off the other 50%. All of them agreed, the man took out a loan and paid them off, thus consolidating his debt and halving it at once. I dont know whether this is a true story or not, but it's certainly conceivable. |
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greybeard
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Debt is an awful thing, I can't see any way round it for you, but why do you want to make "just one payment a month" I think you have been brainwashed by the TV advertisers who offer you the earth, but it costs you much more than you owe now!,
My advice is to economise and pay back your debts, they won't go away by themselves, then NEVER get into debt again, it's so easy to get into debt, not so easy to get out, you must try hard! |
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Tamborine
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I got into trouble several years ago and sought help through a credit counseling agency.
The service I used was Lighthouse, found here:
http://www.lighthousecredit.org/
Another service can be found here:
www.clearpointcreditcounselingsolution... |
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jduck1979
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The first step you should take is pay a visit to the UK version of financial website THE MOTLEY FOOL, which has a "Get out of Debt" section which is regarded as one of the best places in the world to seek advice on getting out of debt, and created by people who actually know what they are talking about:
http://www.fool.co.uk/get-out-of-debt/get-out-of-debt.aspx
This being the main article to get you started:
http://www.fool.co.uk/school/2006/sch060104.htm
If do eventually decide to take out a loan to chunk all your debts into one big one, you may want to give this website a try: http://www.zopa.com/ZopaWeb/affiliate/?referral=duck1979
which I first learn't about from a recommendation from The Motley Fool (again):
http://www.fool.co.uk/news/comment/2006/c060406d.htm |
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moonpig
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Come to an arrangement with your debtors to pay a reduced rate and get them to take it out of your bank on the same day of the month every month. that way you'll be paying less but in 1 payment per month. |
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SOJLO
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it sounds as if consolidation would be your best bet or a bank loan to pay the debts off you owe and just have the bank to pay back. |
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My name's MUD
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Hi, it depends on the types of debt you have. There are 101 ways to save money, every penny counts when you are in debt. you should consolidate if you have a crap product and could get better.
Try selling of some old stuff on Ebay old CD's and things like that. Do a car boot sale. pay a chunk off.
Dont buy things in the first place unless they are half price, two for one or reduced! Save energy and reduce your bills. get energy efficient bulbs from ikea.
Make sure you are claiming the benefits you are entitled to.
get tax relief from childcare costs if possible through employee schemes.
change your bank and get a £100 cash back and a better interest rate.
pay the debt off quicker by getting a saturday job.
train for a better job by taking up an adult course with learn direct.
Re-claim over-excessive bank charges, which are most likely illegal anyway.
check you are not being over taxed by visiting your local tax office.
try to pay for things like car insurance in one, to avoid interest payments.
shop around for a better mortgage deal if you have one.
get a water meter fitted if there is less than 3 in your household.
reduce daily costs by not buying magazines, fizzy drinks and newspapers.
stop smoking.
ask yourself if you can do without certain luxuries.
get the best deals from, http://flightchecker.moneysavingexpert.com/index.php
good luck |
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bargoed2004
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take a good look at your payments, try to pay off the highest interest rate first, consider taking out interest free options.
try looking at msn money for help, compare loans e.t.c.
p.s. also try to budegt your spending, easier said than done but worth a go |
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Gin Sling
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1. Cut up you credit cards - you don't need em and they're not doing you any favours so far.
2. Sell everything you don't need - that's EVERYTHING you don't NEED. (ie if there's more than 2 changes of clothes and a matress on the floor in your place I would be really p*ssed if I came round).
3.Get some part time evening work - cos you won't be staying in watching tellly anymore!
4. Speak and write to the loan co's and keep contacting them (preferably in writing - for evidence if things go downhill) and keep offering them some money even if you can't pay whole amounts - paying something shows willing if things go to court.
5. Be very carefull about consolodating your loans - most of these are secured on your or your parent's house. You can just get all the payments made automatically via your bank a/c Direct debit - but look at staggering the payments through the month rather than all in one hit at the start of the month. Your part time job will start to kick in to help on this after a few weeks and the inital sale of any excess gear now will see you through till this happens.
6. Write the dates that money goes out of your account and the amounts and stick it on your fridge - then you may not be tempted to splurge your pennnies thinking there's cash to cover it.....
7. Try to walk past a cash point on the way home each day and get into the habit of checking your balance. Even better - just walk past the cash point - it takes will power!
8. start walking more - get up earlier and walk (without an ipod in your ears) walking is great for figuring things out - but you can only think if you are not rushing anywhere......
9. Find your nearest farmer's market - fruit and veg can be 50 % cheaper than the supermarkets - and it's good to haggle get into the habit of negociating prices and asking for discounts - you never know!
If you carry this out you may be able to keep on top of things and keep a credit scoring and not get black listed and loose your credit rating when you really need it for a mortgage in the future.....
Hope this helps |
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countrygirl
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Depending on how much debt you owe, you can either get a loan and consolidate all your bills and then you would have one payment. Or you can transfer your credit card balances to a 0% credit card. If you do have credit card debt, you can try to pay off the highest interest rate card first, then once that is paid for, use that monthly payment towards the next card and continue to do so until all your credit cards are paid in full. This will take time depending on how much you owe. Getting another job, selling things on Ebay are some ways of making extra money to put towards your debt balance. I am presently doing the above things mentioned. Good Luck. |
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Ian G
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Firstly, DO NOT consolidate your debts with another loan, that is no way forward for you at all. You will just put yourself under more strain and continue to pay another company large amounts of interest that you do not need to do.
I suggest you contact a company called PayPlan. They are a totally free company that is piad for by the banks and financial instutions to help people with their personal debts.
What they will do is look at all of your debts and you need to be honest with yourself and them, they will then look at your income and expenditure that is a needed to live and then you will have a certain amount of cash left to help clear your debts.
They will contact all of your creditors for you and offer them a equal share depending on how much you each creditor to clear your debts. They will also get the creditors to freeze all interest, so every penny you pay in comes straight off your debt. When this has been agreed you pay PayPlan a fixed amount every month, the same amount every month and then they distribute it to all of your creditors. Your creditors will all agree to this as they have a better chance of you paying off your debt if PayPlan are paying them on your behalf.
You must always pay PayPlan on time if you set this agreement up because they cannot help you if you do not help yourself.
Also once you have set this up ( it is called a debt management program DMP ) you cannot under any circumstances apply for any more credit at all while on the repayment schedule ( not that I think you would want to )
Debt is very scary and cause you lots of sleepless nights but with a little help from PayPlan ( there are other free companies out there too ) and the banks are very understanding you can sort it.
There is also no need under any circumstances to go to a company that charges for this service when there are free companies out there to help you. I really hope you sort this out and I am sure in a couple of months you will be more happy and contented that you are sorting your debts out.
I really hope this helps you
The following links are both free charity companies that will charge you nothing to help you. |
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purplemoon0101
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If you are really in a lot of debt, and you work or your partner does you can ring the CCCS which is the Consumer credit counselling service. They are a charity who are recognised by all the UK credit card companies, utility companies, catalogues, etc. They are very pleasant and will not embarass you. And they will sort your finances out with you and your creditors. You pay them an affordable amount, leaving you enough to live on, ( not exist on). They then pay all your debts for you over a longer period at a considerably lesser amount than you are paying now.
It is all very confidential.
0800 138 1111 or http://www.cccs.co.uk/contact/contact.aspx
Been there, seen it, done it, got the T-Shirt---- Now sorted Happy!!!!!! |
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lily_evie
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Ok here goes.......there are a number of different ways that you can get out of debt but not sure of your situation.
Are you a homeowner? If you are i would say that the best way would be to switch your mortgage and raise the extra finance that way. if you think about it logically you are in effect borrowing the money from your mortgage (at the same low intrest rate) and paying it over a longer term. My only advice would be to contact an independant mortgage broker as they can search the whole market.
If you are not a homeowner then i would say that if you don't want to take another loan to clear them that you contact The National Debtline, if you debts are over a certain amount they have a company that can make arrangements with the companies you owe to and divide the amount you cna afford out for you. The National Debtline are a non-profit making organisation which is the best way to go. if you ring any of these off the TV they all charge you a huge fee!
Hope this helps x |
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cd
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A lot depends how much debt you have , if is less than 10k speak to all your creditors and ask for some payment holiday and some terms with no interest , they will agree to this.
if you have more than 10k you could make a finnacial plan to repay all the debts , but be brave and tlk to the creditors, they , want you to keep in touch, do not ignore the letters etc,
take your time and don't worry.
pay you rent/mortgage as priority then food then utilities , then if you have some cash left work out how much you can repay , do not offer more than you can afford
I hope this helps
regards
cd |
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untanuta
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Ummmm
Depending on what you live in perhaps a lodger
Like me, i work fulltime and i do other part time jobs to eleviate the financial burden, one is working at a pub at weekends and you also get tips, anything thats cash in hand
Cut back on only necessities when shopping
Ebay - sell stuff you really have no use for. Music cd's dvds old mobile etc
Cut up those credit cards
car boot - another mans rubbish is another mans treasure
'My Name...' says it all really |
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sun s
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You should opt for debt consolidation. When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress. |
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Princess
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Instead of taking out a consolidation loan, you should set up a new bank account and have all your payments come out of there by direct debit. Then you can just set up a standing order to transfer a fixed amount every month when you get paid which will cover all the payments for the month ahead- so you're making one payment but all your debts are covered in that. |
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Paul O
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I would not advise another loan, if you are in debt already it will only get worse. contact a debt specialist. they will be able to help you better. if its really bad contact the citizens advice bereau and get some advicee from them.
an IVA maybe the best way forward for you. it doesnt involve loaning any more money and you could have a large portion of your debts written off.
try googling IVA and take it from there. |
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CHELSEA R
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Try going to citizens advise (if inUK).
They helped me finding the right people, & at no cost. |
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John S
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Citizens advice bureau as soon as possible! |
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beauty s
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The advice I got was pay in cash and don't get anything if u can't pay for it.. and only have one credit card and make monthly payments on it. |
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daewoo racer
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rob a bank. you got nothing to loose. you already broke right? |
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private dick
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find yourself a loose woman and put her on the game |
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Paul M
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dont get in2 it in the first place |
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deekster
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Hi,
Sorry to hear you are in this dreadful situation, I have been there myself. I could help you raise money with a business opportunity.If you would like to find out more, please email me on flp4life@yahoo.co.uk
I look forward to hearing from you and best of luck. |
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Ally S
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yes dodt loan in the first place |
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martinsmithdunbar
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sell body parts. worked for me.
all the best,
your one armed, one legged, half hearted buddy martin |
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