Specifically with the Bank of Scotland
2006-08-29 04:09:06 · 13 answers · asked by gray_spring2000 1 in Business & Finance ➔ Personal Finance
Hi there,
Have a look at wwwmoneysavingexpert.com it's a free to use, nonprofit site that has loads of great info on debt and where to start with it.
Good Luck x
2006-08-29 20:50:27 · answer #1 · answered by Bailey P 2 · 1⤊ 0⤋
Speak to an accountant, you may be able to arrange what is called a IVA, or Individual Voluntary Arrangement, which is basically getting your creditors together, telling them that you are more or less insolvent, and will go bankrupt if necessary (which puts the willies up your creditors) but if they are willing to write off some of your debt and accept a monthly repayment scheme you can enter into an IVA, this way you reduce the debt without actually going bankrupt. Although bankruptcy may also be a viable option.
2006-08-29 11:40:07 · answer #2 · answered by V 3 · 0⤊ 0⤋
I dont know about that bank personally, but I think you will need to show them a financial statement detailing all you incomings and outgoings and this will affect your credit rating as the bank will make it as a default because you are not keeping to the agreement of paying £200.00 per month for example when you took out the financial agreement.
2006-08-29 17:40:09 · answer #3 · answered by Rebz 5 · 0⤊ 0⤋
Ask to make an appointment with the person who deals with your account. Be punctual, dress smartly and cleanly; no dirty jeans and smelly trainers- it does the opposite of impress. Take all your paperwork, cheque book, bills and details with you, plus bank statements from when your problem started, and pat slips for the last 3 months. And ask for help sorting it out. It is in their interest to help you, and most are very helpfull indeed. Good luck.
2006-08-29 11:17:45 · answer #4 · answered by k0005kat@btinternet.com 4 · 0⤊ 0⤋
If you contact the bank and explain your situation they may consider writing off a proportion of it or at least freezing payments whilst you are unable to meet the full amounts.
The Consumer Credit Counselling Service, a registered charity, are excellent and can help with all your questions
http://www.cccs.co.uk/
2006-08-29 11:17:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
go to your bank and talk to them. They will be able to help you. The banking code which most of the banks including RBS adhere to, encourages banks to look at debts sympathetically and you will not be penalised for talking about your debt.
2006-08-29 18:25:47 · answer #6 · answered by Olderwiser 4 · 0⤊ 0⤋
From what I've heard, usually that happens with those debt consolidation companies, however, I do believe that you can talk to them and explain your circumstance and let them know that you DO want to pay them back and remove your debt.
A lot of times they are very understanding...however, other times they are not...Give it a try, the worst that could happen is they say no.
2006-08-29 11:13:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Write to them detailing your personal situation. It must be such that they can see no way of getting their money back. Ask them to accept what you can afford to clear the amount. They may accept or refuse. If they do refuse, you need to persist. Check the nationaldebtline's website - they also have sample letters you may find useful.
2006-08-30 08:29:33 · answer #8 · answered by scallywag 4 · 0⤊ 0⤋
yes you need to go in and speak to one of the banks financial advisors, if that fails contact kensington financial advisors on 08007835650 or fill in application at www.kensingtonfinance.com i have just had my debts sorted and reduced by them and they dont charge you anything, hope this helps
2006-08-29 11:13:34 · answer #9 · answered by emmamac14 6 · 0⤊ 0⤋
You can get a higher interest debt management loan
2006-08-29 22:51:20 · answer #10 · answered by gabby 2 · 0⤊ 0⤋