MSAD
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Being is debt does not mean that creditors will reduce the amount owed. If she did not pay the debts for a year or so - they may reduce it some.
In the mean time - she needs to get educated about money. She needs to change her relationship with money. What she's been doing - has not been working.
Dave Ramsey is a financial counselor who helps people get out of debt. His book The Total Money Makeover is a good one. So is Financial Peace. He has a radio show that comes on mon-fri. You will also see him on Fox business.
Getting out of debt is not easy.
But it can be done.
You just have to have a plan.
www.daveramsey.com |
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chas69man
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pay the bills |
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Buddha
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Go to the Citizens Advice Bureau and get them to act on her behalf. They have much more success than individuals do. I used to be a volunteer adviser there. |
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Paula O
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She will have to send them her income and expenditure form which can be downloaded from the internet, once she does that they will see that she is only able to make those payments and will have no choice but to agree with it. Income expenditure form can be downloaded at this link http://www.debt24.co.uk/income-expenditure-form-free.htm She should send a copy of each form to all her creditors preferably by registered post. She should bear in mind that she should only offer them what payment she can truly afford each month. Even £1 a month is acceptable until her circumstances change. |
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DJJD
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She must carry on paying the amount she has offered. If it goes to court, the courts look favourably on a person who has made an effort to continue paying regularly. Often debt collection companies are easier to negotiate with and are more likely to accept the lower payments. You can't get blood out of a stone. She can only pay what she has. |
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WelshLad
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I recommend she visits CAB for advice. |
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KMcG
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If her debt is credit card then she should contact the local consumer credit counseling agency. Then will put her on a payment plan and deal with the creditors. She will have to give up her credit cards until the debt is paid back. The only other choice is to file bankruptcy which will impact her credit for 7 years. |
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archolman
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go to the CAB. They can sometimes mediate an agreement, BUT, she has to keep paying. has she got a payment card?, or is it straihg tinto the bank? Whatever, pay SOMETHING all the time. This shows that she's trying. |
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stephenweinstein
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Either
a) Pay the full, non-reduced amount
or
b) Do nothing and they will first destroy her credit and then sue her. |
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Benjamin Franklin
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Try to cut down her spending to pay of debt. I myself at one point was in a similar situation. I had a friend loan me some money to pay of my debt. Then I paid my friend back overtime with little interest, but not nearly as much as the creditors were charging me. Your sister can ask a friend or perhaps a family member. If that doesn't work, she might have to get another job. Try to pay off as much at one time, by paying minimum payments, your paying A LOT more overtime and messing up your credit score even more. The last thing I would resort to would be to file for bankruptcy. |
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rennickelizabe
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tell her to either go to payplan or cccs or the cab and see if they can help if 30.00 per month is all she can afford then they should be glad of that if she goes to court and she offers that they may have to accept it |
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pete h
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If she cannot make an IVA, thro' a financial adviser then she may file for personal bankruptcy, not ideal, but it is legitimate and will reduce her repayments. |
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Eve A
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I think she should either seek for a debt consolidation loan or take some debt management plan. Debt consolidation loan will do the same thing for her that she was trying that is to make her pay her debt at a low rat of interest also over a long period of time. Except for this she would get rid of the stress to handle many lenders every month. If you want more information check here:
http://www.longdogfinance.co.uk/debt-consolidation-loans.html
In debt management plan, she can get an advice about how to manage her debts. Check here:
http://www.longdogfinance.co.uk/debt-management.html
Hope it would help you. |
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evie
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Check if any of the personal loans or credit cards were taken out before 1 April 2007. If so it is possible to get them legally cancelled. The website www.bdebtfree.info will help you with this. |
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Caroline
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There is a legal loophole whereby some or all of the debts can be wiped clean with no detriment to her credit record. The key to this is the timing of when the debt was taken out. Basically, many lenders have failed to comply with the Consumer Credit Act 1974.
It may well be possible to have them written off but more information would be needed.
http://www.financeangels.org/
If you think this is too good to be true go to the bbc website and see if you can locate the Panorama program which showed how a couple avoided £100,000 of debt this way.
This is the best solution possible. Please note this is not all her fault as lenders have become too slack over the last decade in their lending and their greed in increasing their sales of loans has caused them to fail in their duty as responsible lenders protecting the vulnerable. |
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shiprepairwoman
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Have her pay as agreed even if she starves it will teach her a lesson. Maybe you can invite her for dinner if she is starving. |
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