Payday Loan Fairy

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?

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.

2007-08-21 08:49:00 by Davy Jones Barmy Army

Credit Card Debt Problems. We Can Help. avoidpersonalbankruptcy.org

I currently live in council accomodation with my husband and 3 children. We both work but cannot get a mortgage as we both have debt problems.

I desperately want to change our situation and get on the housing ladder but I need to solve my debt problems.

Any tips would be great.

I currently have a repayment plan but it is going so slowly at this rate I'll be paying it off in 15 years time!

HEre are the steps you need to take:

1) Start keeping track of where your money goes. Yes, this means starting a budget.

2) When you realize where your money is going, find ways to shave costs. Look for way sof consolidating costs if you can, like instead of having insurance on each individual debt, have one individual term policy. Or instead of dealing with seperate people for cable, internet and phone, see if you can switch somewhere and get some bundle discounts. Also, assess your spending into things that are manditory and things that are not manditory. Manditory things are the basics for living. Power, water, shelter, food (not steak and lobster every night either), clothing (within moderation). Stuff like entertainment, cable TV, internet are all things that are not manditory. All non manditory things get split into 2 catagories "life enhancing" and " non-life enhancing" Life enhancing things would be things like internet...makes things more convenient. Life enhancing things might be going out for A beer and wings with your buddies once a month. Non-life enhancing things would be things like Sataleite TV with 600 channels...even anything more than basic cable isn't nessasary, there are better uses of your time. The goal is to eliminate ALL non-life enhancing expenses.

3) once you've freed up some cashflow we get cracking on the debts. Let's say you were able to get rid of $200 of expenses that you didn't need. Take that $200 and apply it to the payment amount for your smallest debt amount (these are ussually the credit cards or things with the highest interest rate as well). for example, if your smallest debt was a $2000 credit card with monthly payments of $50. Now you will be paying $250 a month to pay it off.

Once that first debt is paid off, take the entire amount you were paying (in the example, the $250) and apply it to the paymnets you are currently making on the next smallest debt. Let's say that's a loan for $5000 and the payments are $300/month. Now you are paying $550/month on that one. As you can guess by making almost double the payments, you will get this paid off far sooner.

When that one is paid off, take the entire amount and apply it to the nest debt. Let's say it's another loan for $8000 with payments of $400. Now your payments will be $950 (the previous $550, plus the $400), so this will get cleared up in less than a year, rather than the 5 or 6.

Continue doing this until you've cleared up ALL your debts. When they are all cleared up, you will be used to making those regular payments so you might as well put the money into a savings account, or put it towards a mortgage payment.

This snowball repayment plan will rapidly increase the amount of time it takes to pay down your debts and it will also give you a sense of accomplishment becuase you are picking off debts along the way, rather than scattering payments and not seeing debts going away. This strategy is promoted my most financial professsionals like Richard Kiyosaki (author of Rich Dad, Poor Dad series), Dave Ramsey (don't waste you money on the book, you just got the jist of it), and credit consultation companies all over the world.

2008-11-05 03:04:47 by Missy C

My friend lives in the UK.
He is recieving SSP and has over 30,000 of debt.
He gets letter calls etc about paying it off, but he can't because he only gets 70 pounds per week to live on.
What is the best way to stop this hassle and get a solution that the creditors will accept?
Would making reduced payments or getting a IVA cause credit problemS?
Whats the best way to fix this, I want to help him, but don't know what to do.

credit problems is the least of his worries -- i would suggest he go the iva route and let the chips fall where they fall!!!

2007-12-06 10:33:32 by kollydogg

How do you think developing countries, logically, solve their debt problems?

1st, and foremost. how can we help other countries solve their debts until we are able to solve our own..........answer that and i'll be back

2007-10-23 23:40:32 by Me :-)

I'm having some serious debt problems, as many of us Americans are. I'm truly considering using a consolidating debt company to assist me with my debt. Have any of you used this process? Is it really helpful?

Or, should I work out all of my debt on my own? I want to get rid of this once and for all!

Try using: http://DebtAnswersNow.com

I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.

2008-06-24 15:45:25 by sivatmin

I only have a small debt problem that can easily be fixed but I can't get the help I need

whats ironic is that people with bad credit have bad credit because they think getting into more debt fixes their debt problems when in reality, absolutely nothing has change. They still owe the exact same amount of money, they just owe it to a different person.

2008-01-02 19:01:25 by chartaz3