Debt Problems - Debt problems!!!!?

Debt problems!!!!?

I have debt problems currently owe £9,000. I have for the last two years not been in a position to pay any of these debts but i have recently got myself a good income and i am finally able to start repaying these loans. What is the best way for me to start doing this. take out another loan with a credit agency to pay off these debts? My bank does not want to know and the debtors are asking me for too much per month there are three of them? what is my best route?

Public Comments

I helped a friend in a similar position a few years ago. It's not a good idea to raise another loan to pay off existing loans. Try to negotiate with your creditors, for a reasonable amount to be paid back every month. If you are serious in wanting to be debt free again, I think you'll find, as I did, that they'll listen to you. They'd much rather be paid small sums regularly, than have to take you to court. Good luck.
Search on the internet for a debt consolidation company - but make sure it is a reputable one. Have a search through www.fool.co.uk (the motley fool website) they have lots of hints and tips on avoiding and getting out of debt. They also do comparisons of different banks and companys. Also, you don't necessarily have to go to your own bank to get a loan - I got a much better deal using a different bank - in fact it was with cahoot which was all on-line in the end and saved me a lot in interest charges. Good luck sorting it out.
i would sat down and figure out just who i owe and how much and make out a budget listing how much i could pay them each month and call each one and say this is how it is going to be -- and if the accept great -- just be sure you keep you part of the bargain -- at the same time quit borrowing and down size you life style until you get your life back in order!!!
call them up, they are great and very professional in helping me out. good luck* 08707449970. www.debtsorters.co.uk
Ok, Im from the US so Im not sure how the creditors work where you are from. However, I know the creditors want to make you pay higher amounts than you are willing/able to pay. So, send them a check every month in the amount that you can pay so that they recieve SOMETHING. This will not stop the phone calls, however they may not be able to sue you for it as quickly. The reason they are most likely asking you for more money is because if they accept less, you are only paying interest and your loan amounts will never go down. Takeing out another loan is not going to work because with your credit history hurt as it is, you are going to pay a very high interest rate. What you can consider is debt consolidation. You can call a debt consolidation company and tell them what debt you owe. They pay the companies and you pay one bill a month to the consolidators. The payments may be lower than what the debt collectors are asking for per month combined. This is most likely your best bet... but pay more than they ask or again you are working on just interest. Good luck, I hope you can find your way out of this mess!!! :)
Well I will tell you to go throught Credit counseling service in your local area. They can set up a payment plan that cover all your bills in one lump some and you pay only one amount to CCS they pay your creditors for you. So you only deal with CCS every month. Its about 2yrs for nine thousand. Then your credit rebuilds after that. So if you could pay 300.00 amonth its beat paying 900.00 a month. Plus they show you how to manage your money better.
The natwest gave me a great booklet that helped me out. They wouldn't give me a loan or an overdraft or anything but the methods described in the book really worked. The debtors that are being unreasonable, you should send them a signed copy of your budget showing the income for your household, how many people are there, all the outgoings and what is left. If you can get a copy of the booklet I mentioned above they provide a very good template. This openness goes a long way to persuade debtors that you are genuine about wanting to pay them back.
I would advise against using these debtbusters etc. If you are in a position to pay your debt you do not need to go down this route. because you have bad credit they will charge high interest. Go to your Citezins Advice office. Take all details of your debt & contact numbers, addresses if possible. As you are willing to pay back then the CAB will negotiate with your creditors on your behalf and agree lower payments for you and sort out any red letters. Maybe you should ask about a Trust Deed, where you could be debt free in 3 years. The CAB deal with this all the time and will point you in the right direction without you having to take a high interest loan
See a trained debt councillor who can advise best, even reduce the amount you owe or find a personal loan that's not going to cost you anything. If you have bills that are debts, you can get assistance if your not too behind on them or earn too much.
go to your local citizens advice office,they will give you all the help you need.Do not take out any further loans as that will only add to your problems.Good luck.
You need to contact the C>C>C>s. (consumer credit counselling service) and they will help you manage your debts. I have done this and it works. They take your wages and do a budget and whatever is left after all your outgoings then thats what your creditors get? I work for a big high street bank and this is the best way to go about solving your debts once and for all.
Go to the Citizen's Advice Bureau because they are not in this for the money. Don't borrow off Peter to pay Paul, £9,000 isn't much but you don't want it to increase by adding yet another high interest loan to pay it off.....£9,000 could end up being £20,000 if you don't read the small print.
Hi, there is a good website called money saving expert... Do you ever see Martin with his tips on GMTV? well this is his site and it has a part in the forum dedicated to discussing debt and becoming debt free... I hope it is of help to you :)
.contact C C C S as advised by Flossie206 [they wont actually take your wages ] income and expenditure plan then surplus divided amongst your creditors C C C S will manage this plan for you . Recommended .
Listen to jet-set sound advise. Go to www.nationaldebtline.co.uk they can help you write your letters word correctly and don't take no for an answer when you offer these company's what you can afford,they your company's will want a financial statement from you as to your in comings and your out goings .good luck.Do not go to one of the company's seen on TV,they will do the same as you can do yourself for free but they will charge you
Davy, DO NOT CONSOLIDATE you will only end up in more debt and it is a steady spiral downwards. Ask yourself why are banks offering to lend you money and consolidate? One answer THEY make money from it NOT YOU! If you are in debt there are many helplines out there I was with The Financial Helpline and seriously after the first call I felt so much better. They offered me sound advice what to do, what happens, how it happens and of course the legality of it all. They will tell you that you will get the threatening letters and phone calls but simply mail all letters on to them. As for the Bailifs/Debt collectors once you have entered into or are seeking help to resolve your financail problems they cannot touch you. Call them up mate I did and now I am in the position of oweing nothing to nobody I have no debt and no loans every thing I earn is mine and there is no feeling like it I promise you. Good Luck Mate.
do not take out another loan. Go to your local CAB office and fill in an income/expenditure budget form then using your disposable income look at setting up an IVA (voluntary arrangement). Once the creditors see in black and white that you are being genuine with them they will normally agree to the IVA. But you must keep up the payments both in value and on time !!
Many companies now provide debt reduction as negotiation. These companies deal exclusively in calling up your creditors and cooperating with them to get a sensible settlement for you. Their first contact with the creditor is to inform them that you have entered the program and chalk out a plan where they make nominal payments to the creditor each month from the payments you give them. At the same time, they will be cooperating with the creditor to reach a settlement that results in a win-win situation for you as well as the creditor. Generally, the settlement amount will be lesser than the ... http://www.freewebs.com/getanswer/DebtReductionTips.html
i can help you email me at naylisstaffords@yahoo.co.uk type in the subject bar help me with my debt
as i've read, the plan is to pay the high interest loans off first, irregardless if the amount is the smallest. in the states, creditors will sometimes work with you on a payment plan, and i've heard cases where the creditor will settle the loan with you as much as 1/2 the loan amt. if they feel that can't/won't get the monies from you anyways. hang in there, good luck.