2006-11-27 04:03:30 · 16 answers · asked by Anonymous in Business & Finance ➔ Credit
Don't borrow what you can't afford to pay back ................... Been there, seen it, got the t-shirt, never going there again
2006-11-27 04:05:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Remember there are no bad debt and there are no good debts only DEBTS. Are you concerned with what you owe or what is owed to you. If the former contact the person/organisation to whom you owe money. Explain your situation and offer them a payment scheme for you to pay off the debt. Though you must make a realistic offer. Under no circumstances borrow more money to pay of existing debts. Cut up credit cards etc and inform your bank as they might be able to help. Go to the Citizens Advice Bureau as they have specialist that can help you and the advice is free.
Best of luck and just hang in there and learn from the experience.
2006-11-27 04:13:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It all depends on how bad the debt is that you're in. If you're not that far in debt you can consolidating all of it to one card and pay off that card over time. Just don't use anymore cards until it is paid off. If things are really bad, ask your bank for a signature loan or student loan to pay off the debt. Good luck!
2006-12-01 01:38:45 · answer #3 · answered by Renee W 2 · 0⤊ 0⤋
If the debt is old (over 4 years) it may be possible to negotiate a lower payoff.
Here is some additional info. Hope this helps.
2006-11-27 04:08:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to your bank and see if they can either consolidate anything else you owe in order that you can pay more money off your debt or jiggle your money around and work out a better payment for yourself to pay it off - worth a visit.
2006-11-27 04:10:28 · answer #5 · answered by dadn33 4 · 0⤊ 0⤋
Ask Mandelson , he seems to have put is income up by a vast amunt, Me if I had no chance of paying it , I would go to whom ever I owed the money to , explain the situation ask for different terms to pay back that you can manage or offer them the alteritve od declaring yourself bankrupt, if they agree to trems they will getsomething back
2006-11-27 04:13:14 · answer #6 · answered by john r 4 · 0⤊ 0⤋
Over £5000 - GO BANCKRUPT - Best thing i ever did
Under this - Go for an IVA - Google debt help for companies
2006-11-27 04:10:09 · answer #7 · answered by AJ's 2 · 0⤊ 0⤋
Avoid only paying the minimum about due. Do your best to try and double up on your payments, and try to control your spending by taking your credit cards out of your wallet.
2006-11-27 04:14:07 · answer #8 · answered by tranquil1 2 · 0⤊ 0⤋
If you've lost control completely. Maybe you could declare yourself bankrupt. It's a very common solution at the moment.
2006-11-27 04:05:23 · answer #9 · answered by Barbara Doll to you 7 · 0⤊ 0⤋
if you are the debtor, approach all your lenders, explain where you are at and negotiate a deal with each that you can afford, if you are owed the money,you should look to make contact and be reasonable with a repayment schedule.
2006-11-27 04:12:54 · answer #10 · answered by duncanjfield 2 · 0⤊ 0⤋
move house, use a differnt surname for bills, leave your debt behind and start anew. worked for me
2006-11-27 04:08:45 · answer #11 · answered by Anonymous · 0⤊ 0⤋