im really finding it hard to pay my debts i have 3 outstanding bills which all amount to over a thosand pounds,i also have rent to pay with gas and electric bills,i have tried to get a loan but to no avail,the people are constantly ringing me and sending me threatening letters,ive explained to them my situation and offered to pay them a certain amout a week or month but they wont have it and want full the amount,my parents cant afford to help me either,and i dont have anyone else,its really getting me down and i dont know what to do..any suggestions please..
2007-03-04 22:37:29 · 12 answers · asked by ViXoNvEe 2 in Business & Finance ➔ Other - Business & Finance
Go to Citizens advice they will negotiate with your creditors who have to accept an offer of an amount you can afford
2007-03-04 22:41:52 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I've heard about someone who entered an IVA for similar situation. An IVA is an agreement with your creditors to make a single reduced payment each month which lasts for a sensible period of time (normally 5 years). Once agreed, creditors are not allowed to add further interest or charges to your accounts by law. The agreement is fixed - meaning that creditors can not randomly demand changes to it. The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.
2007-03-05 06:48:57 · answer #2 · answered by Denzel 4 · 0⤊ 0⤋
Stop!
Calm down.... where are you from? if you are a UK resident then go to CAB (Citizens Advice Bureau).
They will help you through the debts as they did for my friend and they were very helpful.
Her debt has been reduced and sorted so she can pay the bills without struggling as much as she did before.
Please don't go borrowing any more loans or spending money that you don't have!
All the best of luck
2007-03-09 06:34:56 · answer #3 · answered by _ 4 · 0⤊ 0⤋
Speak to either Citizens Advice Bureau or Consumer Credit Counselling Service for free advice. www.cccs.co.uk
2007-03-06 07:55:08 · answer #4 · answered by **tracey** 2 · 1⤊ 0⤋
Debt managment is a possibility. You should talk to your local Citizens advice
DO NOT file for bankruptcy its the easy way out!! be a grown up and sort it for yourself
Good luck
2007-03-05 06:40:30 · answer #5 · answered by Anonymous · 1⤊ 0⤋
When they ring tell them you have many bills to pay. Tell them every week you put names in a hat and pay the one that comes out. Tell them if they keep calling you will not put their name in the hat.
2007-03-05 07:00:34 · answer #6 · answered by Geoff E 4 · 1⤊ 0⤋
the people that can help you are The Citizen's Advice Bureau .they are on your side and will liaise with your creditors on your behalf. dont lose any more sleep. ring them now.
2007-03-05 06:43:31 · answer #7 · answered by jannyjan 3 · 1⤊ 0⤋
Go bankrupt
Do you have any bank charges?? if so you can claim all these back which may wipe most of you debt off.
Visit www.thisismoney.com for more details.
2007-03-05 06:40:14 · answer #8 · answered by Anonymous · 0⤊ 1⤋
investigate "debt consolidation services" and maybe declare bankruptcy if it's really terrible.
try working as many hours as you can. can you move back in with your parents?
2007-03-05 06:41:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Put your plight on EBay. It's worth a shot. If you do it, please email me and I will give you a tenner via Pay Pal. Good luck.
My handle is uschool.
2007-03-05 06:43:10 · answer #10 · answered by neologycycles 3 · 0⤊ 0⤋