please please help i am in debt and cant find an answer, i am so worried.
2006-09-27 12:16:50 · 17 answers · asked by Anonymous in Health ➔ Mental Health
There are ways but it takes time and effort. Stop spending on things you can manage without for a start.
If you have more to pay out than you have coming in then you can often come to an arrangement with the companies you owe money to.
write down your in comings and out goings. write to everyone you owe and explain the situation. Offer each one a regular amount , as much as you can manage. leave yourself enough for rent, fuel, food and cloths, fares to get you to work and so on. The companies would rather have a smaller regular amount than nothing at all. Don't run up more debt trying to pay off the ones you already have.
The Citizens Advice bureaus will advise and help you. They write to people for you if you want ,go to see them, make notes of your expenses first and all the money you have coming in. I hope it works out for you. Do something about it tomorrow before it gets worse ,it is solvable, good luck !!!
2006-09-27 12:44:53 · answer #1 · answered by Dolly Blue 6 · 0⤊ 0⤋
First - Cut up all those credit cards and store cards!!!!
Next identify area's of your spending that are necessities
ie council tax, electric, gas, rent, etc. Set the money aside you need each month in a separate bank account and set up direct debits for all these items from that account. Do not get a cash card or cheque book for the account as the temptation to "dip" into it will be too great.
Next identify area's you don't need to spend money on, magazines, Sky TV, multiple telephones, going out, booze, fags etc. reduce spending on these items to a minimum or stop buying altogether.
Next priorities your debt, pay off the highest rate interest first and slowly progress through it. There are no quick answers to this and you will have to get in the mind set that it will take a few years to get debt free. Myself, I took out a consolidation loan and got a better interest rate than on my credit cards, this however doesn't work unless you get rid of those credit cards.
If you are an impulsive shopper like I was and "needed" to have a credit card for those "emergencies" try this. It sounds stupid, but, get a empty 5 litre tub of ice cream fill it with water and place the credit card in the middle (use a glass) and put it in the freezer. Believe me by the time the water has melted any compulsion to spend will have disappeared. This doesn't harm the card by the way.
Whatever you decide I wish you luck, there are no easy answers but it can be done.
2006-09-27 12:58:27 · answer #2 · answered by Anchor Cranker 4 · 0⤊ 0⤋
well if you wish to keep a credit history clean i suggest you make the first moves to sort out the problem by contacting the companies you own money to and make arrangements to pay off the debts at reduced amounts , explain the situation to each company if you cannot do this alone contact a money adviser in your local citizen advice bureau there help will be free . the only other method is personal bankruptcy in your local court but this will cost you money to have filed in the county courts . what ever you do do not consolidat loans or try getting further loans to pay them off this will only place you in debt for a far longer period and maybe even deep in to debt if you do not manage the pay back rate each month . if you own your home remortgaging is not the answer either .
2006-09-27 12:32:59 · answer #3 · answered by a1ways_de1_lorri_2004 4 · 0⤊ 0⤋
This is from experience.....first think you do is get all of your debt together........all of the companies you owe, the amounts, etc.....make a list and then also take all of the last letters you received from these companies.......contact a debt attorney....they do not charge that much really......the attorney will contact each one of the companies for you......I know that you cannot claim bankruptcy without some hitches today but look into it with the attorney..........he/she will help you out. If you go to these debt consolidation companies you will have to pay them a hefty fee........you can actually interview a few attorneys before you choose anyone.....it's your free choice and many offer free consultations. This is really your best bet.......you'll be able to sleep at nite. Try it.
2006-09-27 18:30:40 · answer #4 · answered by jazi 5 · 0⤊ 0⤋
0) Make sure that you have any necessary information ready 1) Find an adviser 2) maybe go to a Credit Union to arrange for one loan at a lowish rate to try top pay off all the debts. 3) Tear up all credit cards (or keep one if you really know what you are doing)
2006-09-28 02:09:31 · answer #5 · answered by Sciman 6 · 0⤊ 0⤋
seriusly dont try and consolidate your debts as all you are doin is getting another loan to pay off others you already have
sit down and write down what you earn and what you spend every month/week . if you find you cant meet all your payments dont just stop paying them figure out what you can afford to pay and call them up and say you can only afford to pay £X they will accept this amount rather than no amount at all. I have been in debt (quite a bit still paying it off) but i got help from citizens advice and i no longer have balliffs chasing me or hiding from landlord so i suggest you contact them
2006-09-27 12:31:41 · answer #6 · answered by John "Freddie" West 3 · 0⤊ 0⤋
Check out credit advisors.com and look in the Yellow Pages.These advisors will help you consolidate your debts, and set up a strict budget for you. You probably need to work two jobs. Use the money from the second job to pay off your debts. WORK, EARN, and SAVE
2006-09-27 12:30:52 · answer #7 · answered by ? 6 · 0⤊ 1⤋
Get in touch with Citizens Advice Bureau.
They have a Debt Counsellor who will assist you.
Good Luck
2006-09-27 12:24:27 · answer #8 · answered by lordofthetarot 3 · 0⤊ 0⤋
If your in too much debt and you can't manage speak to the credit or debt council. They r an org sent up to help people in debt and its a free service.
2006-09-27 12:28:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Well.... Have you seen a financial adviser? You could go to a citizens advice bureau. Try getting a consolidation loan, but check the rates. Cut up your credit cards as well have a look at www.moneysavingexpert.com
Good luck... Try not to get too down there are ways of making things more managable. x
2006-09-27 12:21:56 · answer #10 · answered by Charley G 3 · 0⤊ 0⤋