I have created lots of debts to the bank and credit cards how to solve them without going bankcrupt?

A debt management plan with a company called Payplan is a good idea, I've been with them for a year now and it's been such a great help and relief.

They write to all your creditors for you and their services are free!

An IVA is also an option to you, but a debt management plan is better as an IVA will affect your credit rating in the future. Avoid bankcruptcy unless it's your only option.

visit http://www.payplan.co.uk

Saying you lost someone just to get money is sick.
Read his other quesions.

Hi.
This site is well recommended for debt consolidation :
http://bestukloans.co.nr

Call the American Consumer Counseling Center - unlike a lot of those "debt solution" places, this is a non-profit and won't take your money. They can give you some great counseling and advise you on the best options for your particular situation.
American Consumer Counseling Center
http://www.consumercredit.com/ or 1-800-769-3571

A lot depends on the amount of debt that you have if a fairly low amount then a debt management plan may work if they are higher then an iva may be a possibility.
The fact is that either will damage your credit and may take some years to repair, but the answer to that is no more credit.
A dmp a company like payplan as suggested will negotiate lower payments for you. You do pay them for this. The downside is that interest may not be stopped and is still added so in effect you can be paying less but the debt may not reduce and can take many years to pay off. You are not protected from creditor action and they do not have to agree. An iva is more formal, you could say a step down from bankrupcy, no name in the paper, an insolvency practioner puts forward a proposal to your creditors to pay back a certain amount over usually five years. They vote at a meeting (you dont attend, usually done by fax or post) and you need 75% acceptance. If you get it you are protected from creditors they cannot contact you and at the end of 5 years the rest of the debt is paid off. An iva is paid via the proposal your creditors to a degree pay for it by taking reduced amount back.
Downsides are that you have to live to a budget and disposable income goes to the iva, overtime etc is usually taken at 50% but you at least get to keep half for you rather than bills. You cannot have credit during the iva unless agreed by the IP, but who wants it.
For an iva I would say you need to have at least 15000 or more debt, and more than four creditors .Will have to release equity if you own property, The aim of an iva is to pay as much as poss back.
Bankrupcy not so bad as used to be, you can be discharged in less than 12 months , may have to make payments for up to three years but usually less than an iva, depends on your job also, some jobs dont allow it, check your contract, more than likely will lose property if you own it.,and only allowed a car if needed and only up to a valaue of about 3000.
One more option may be to directly negotiate with your creditors ok if only a few but not easy if you have a lot.

The best thing to do is talk to a few companies and see what they say. Iva .com gives reviews of companies in your area. Dont go to the ones on the telly, you will get better service from a smaller more personal service.

Hope that helps look it up and understand what to do.

All the best

Go into your bank & speak to your banking consultant. They will complete a budget with you & give you a few options about how to fix it. They dont charge for this. They could look at consolidating your debt on one low interest rate which will save you heaps of money to start with. If they think you could bebfit from further financial advice they will point you in the right direction. Best of luck!

Hello golak :
Pay a visit to your bank. Ask to talk with the branch manager.
Tell him that you have debt woes. Tell him you need help and guidance. He should direct you to a banking counsellor right there at your bank.
Bring all the forms with you that correspond to your debts. Show these to your counsellor. The counsellor will provide you with guidelines.
I'm sure you'll be told to destroy your credit cards. But, you'll get professional advice on how to get out of debt.

Have you tried CCCS> They are charity based which means they dont charge you for using them,they are brilliant.
http://www.cccs.co.uk/

It's good that you're being responsible and want to start clearing what you owe - that is a far better option that delaring yourself bankrupt, which would leave you with repercussions for years afterwards.

Make an appointment with your local Citizens Advice Bureau who will be able to help you a great deal. Don't be fooled into going to a debt consolidation company for help, as they are, at the end of the day, there to make money from you, rather than get you out of trouble.

Draw up a list of your current outgoings and ingoings, including loan repayments and bank debts, as well as rent/mortgage, money for food, travel, etc... Make sure you are realistic, and try to work out how much you can sensibly pay off each month.

Good luck!

It is difficult to answer this question without any facts to go with the problem. Such as:
1) Income
2) Assests (Cash, savings, net value of car, etc.)
3) Amount and type of debt. (Terms of loans, interest rates, etc.)

If your situation is really desperate, I wouldn't eliminate bankruptcy from consideration. You just might need to get a fresh start and learn from past mistakes. You can have a free consultation with a bankruptcy attorney and then make a decision. Bankruptcy is not necessarily the worst alternative.

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