Debt Management

It's all too easy to build up a Debt Problem.  Many offers to buy now and pay later - possibly interest free provided payment is completed within a given time period - make it possible to live beyond your mean for some time.  By the time the payments are required or interest starts being charged, you may find that the cost of servicing your debts is more than you can afford to pay.  At the same time, you may also have established spending habits, beyond your means, that can only be funded by yet more borrowing.  Even if you've kept your borrowing to sensible levels, you may still have got into difficulty due to circumstances beyond your control - losing your job, or an unexpected major expense.  Once you start borrowing more to pay off existing debts you are at the top of a very slippery slope leading to potential Bankruptcy.

Manage Your Debts Away.

Step 1 Recognise and address the problem - if your debt is regularly increasing, you probably have a problem - the earlier you address it the better.  If your cannot make your loan repayments, talk about your position to the people you owe money to (your creditors) before they contact you.

Step 2 Budget - Work out your income and expenditure - What's left to pay of your debts?  Can you reduce your expenditure?  If not, can you increase your income at all?  Your first goal should be to reduce your expenditure, excluding your debt repayments, to a level that leaves you something left for paying off debts.  This may require major lifestyle changes.

Step 3  Consolidate your debts.  Consider Credit Card Balance Transfer deals that offer an interest free period for the transferred amount - take advantage of this period to pay off your debt rather than increase it.  For larger debts you may need to look at a Debt Consolidation Loan, Pension Release or a Remortgage.  This can prove a large sum of money to pay off all your other debts.  You are left with one large loan that is paid off over many years, therefore reducing your regular repayments.

Step 4  Creditors Agreement If you are still unable to make ends meet, you may need to come to some agreement with your creditors.  A Voluntary Agreement or Creditors Agreement may provide an alternative to full Bankruptcy - you may be able to stop further interest being charged and possibly get some of your debt written off.

Step 5  Bankruptcy  If you do not make the previous steps work, and there is no miracle windfall to save you, Bankruptcy will surely follow.  You may file for Bankruptcy yourself.  If not, eventually your creditors will make the decision for you.  Seek advice before it gets this far.

Able was I ere I saw Elba

Financial Information Services; Debt Consolidation Loans; Equity Release; Remortgage; Pension Release

Consumer Proposal (Personal Proposal to Creditors)

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