loving father
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Get control of your finances as soon as possible! If you don't have cash - don't buy it. Close any revolving credit accounts that have a zero balance. Work with the lender to determine reasonable payments. It may be a struggle making ends meet for a while, but know that if this can be fixed, it's a temporary situation, and not permanent. Always keep a positive balance in your checking account, and Maintain a close watch on your fund activity. Good luck! You can successfully recover, and not all is lost yet! |
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Stefbear
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1. Get a job.
2. Quit spending money you don't have. |
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weeze
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Get in touch with Citizens Advice Bureau, they have a department specifically for debts. They help you come to a settlement agreement with the company you owe.......
Good Luck!!!! |
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Googlypants
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Sorry to say - You got yourself into it, you're gonna have to get yourself out of it.
The National debtline can give you advice.
http://www.nationaldebtline.co.uk/ |
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alatoruk
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go and see citizens advice. your creditors are not going to do anything if you ask them, they want to see that you are trying to deal with the problem, and talking to CAB is the best way to demonstrate this. |
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Smudgeward
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Friend of mine moved to Siberia for 7 years, when he came back the slate was wiped clean. Contrary to popular belief it's quite nice there this time of year and Big Brother isn't always checking up on your immigration status and visas cause they don't have a big immigrant problem. |
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kathyw
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Downsize. Move into a smaller apartment if you are a single person and you can do that. Start saving on your utility bills. Get a part-time job and deposit the paycheck directly in the bank and make a payment on your debt immediately. Write everything down on paper so that you can see in black and white how much money you spend. Brainstorm ways to save on each item. Look at what you spend on entertainment. Start saving by watching TV or DVDs instead of going to the movies. Invite a date to do that with you if you are single. Look at how much you spend eating in restaurants. Pass a week without restaurant or takeout food and see how much you have saved - put that money towards the debt immediately. Budget!
Good luck! There are thousands of hints on the Internet for saving money. There is no trick to getting out of debt - no hidden door. You have to pay what you owe and the longer it takes, the more interest you have to pay. |
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iceman
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First of all.. .even with 12k normally the min payments should not be more them about 200-400 a month.
You cant get a job to make those kind of payments? You could work 2 hours and day and pay that off over a month. |
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CLIVE H
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Find out about insolvency - this may be the best course of action for you. Should be a few websites private and governmental who can help. Also check your local version of Thompson's telephone directory -first few pages have lots of help numbers.
Do not worry, insolvency is not 'bankrupt' but may put some restrictions on you.
Edit: Kathyw above is right. If you've got a street market near you, buy all your fresh fruit and veg there.
I got out of £5K debt in one year by the save and scrimp method. You'll get help but only if you are willing to do something positive to pay off your debts.
In other words, help is available for those who are willing to help themselves. |
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Ellie
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Cut up the credit cards now and don't take on anymore debt. Get some debt counselling- there are lots of brilliant ways nowadays to get you out of this scrape- but you need to take control of it now before it takes control of you!
Libs |
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charterman
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For this amount of debt you are looking at bankruptcy. This will stay on your credit report for a minimum of 6 years. If the bankruptcy hearing decides that you have been profligate in spending money you didn't have, and knew you didn't have, you could be looking at fraud charges.
I would contact the National Debt Helpline and get their advice. Try and start paying this money back, even if it is only a tenner a week. It will help your credit record. |
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Steven
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Talk to your crditors. This is very important. You may be able to arrange lower payments for a while. Talk to Citizens Advice Beureau, they can help with the same.
If it gets too desperate look up Voluntary Agreement. Your debts are too small to worry about bankruptcy unless you cannot pay anything. Do not ignore yout financial problem. |
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Maddy
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the bank will probably repossess your goods or make the person you signed as warranty pay for you, either way is bad. |
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Jamie .
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You basically have 4 options
Secured Loan
A secured loan is exactly how it sounds and may be an excellent option for home owners. Any loan taken out is secured on your home. However, if you are a homeowner and owe a larger amount of money, this could be a realistic option for you and is well worth considering.
An IVA (Individual Voluntary Arrangement)
There is a lot to learn about an IVA, and we will explain everything in detail further in, however here are the basics. An IVA may be an excellent choice if you have a lot of unsecured debts (loans, credit cards, overdrafts store cards etc.) Many people mistake an IVA with bankruptcy, it is not. It is a legally binding agreement between yourself and your creditors which has to be set up by a licensed third party.
Once an IVA has been set up and agreed. It will last for 5 years and you will pay your Insolvency Practitioner a set amount every month which will be distributed amongst your creditors. You will not be asked to pay more than you can afford and when the term of the IVA is completed, any remaining debt will be written off and you will be considered debt free and are free to begin rebuilding your credit record.
Debt Management Plan
If you have under £10,000 of debt and are not a home owner. A good option could be a Debt Management Plan. The idea behind a Debt Management Plan is that a third party deals with your creditors on your behalf. You do not have to worry about it and any threatening action should stop.
Your Debt Management Advisor will negotiate with your creditors to try and get any additional interest and charges stopped and organise a repayment plan that you can afford and because you may not have to deal with additional charges, you have a realistic chance of paying off your debts.
Unsecured Loan
An unsecured loan is given out based upon your credit history; it is usually for a small amount. If you have under £3000 of debt, your bank or building society may offer you an unsecured loan based upon your circumstances.
If your bank or building society have already turned you down and you wish to pursue getting an unsecured loan, consider carefully if you have a poor credit history as you are likely to find that any unsecured loan you are offered will be low in amount and subject to fairly steep APRs.
I'd be very wary of anyone asking for financial details to be sent to a yahoo email address if I were you. Try the place I got that info from or contact the citizen's advice beaurau, they'll be able to help |
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june e
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan. |
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