info needed on debt consolidation companies are they the best bet?

RE: info needed on debt consolidation companies are they the best bet?

oh, dear! the best advice I can say is speak to CITZENS ADVICE BUREAU, you can check online, if theres not one near you. Relating back to your last forum, this is something that is connected to your past. Please seek immediate help, from CITZENS ADVICE BUREAU, and further help outwith this issue.

We're all behind you, just go for it, it will get easier.

Good luck!!!!!!!

RE: info needed on debt consolidation companies are they the best bet?

Hi, I totally agree with Spiritual Happiness,

PLEASE do not get into further trouble by using these companies. The CAB have trained Debt Councilors who will be able to help guide you in the best direction for YOU.

Good luck,

Love and light

reikiangel

xxx

RE: info needed on debt consolidation companies are they the best bet?

yep the CAB is a good way to go...the one major problem with a lot of the debt consolidators is that it shows on your credit record that you are using one of these and this may adversly affect any credit scores.............
Hugs Tracy

RE: info needed on debt consolidation companies are they the best bet?

Hi,

I worked in Financial Services for a number of years and I agree with the previous postings. Do not do anything with Debt Consolidation companys (they charge you to make your arrangements) until you have spoken to CITIZENS ADVICE.

If you cannot see CAB quickly and you are getting hounded now, go through all of your bills and work out what is the minimum amount you can pay and which ones have to be paid first.

Finally, try and work out why this happens. Is it because you find it difficult to budget? Make a list of all the essential bills you have and make sure you cover those first before touching the things that are "nice to have - but not necessary".

Good luck

Fiona

RE: info needed on debt consolidation companies are they the best bet?

Yes, I agree with everyone else here, go and see the CAB as quickly as possible. I wouldn't touch these debt consolidator with a barge pole, it may sound very temtping, but all they are really doing is extending your loan at over inflated prices, and like Tracey said, it shows on your credit record that you are using them, so you would not necessarily be any better off anyway. I hope you get sorted out soon anyway.

June

RE: info needed on debt consolidation companies are they the best bet?

Hiya,

I only have about six pounds a week left to pay the companies I owe. I do not have a CCJ but only an admin order...

I will let you know how I get on...I might go back to the cab I was with last time.

regards

RE: info needed on debt consolidation companies are they the best bet?

Hello StartledDeer,

My, you must be going off your head with worry! I was in the same position as you about four years ago - I hadn't had a pay rise for three years previously, and had to take out loans and rebates just to eat! It was dreadful! I was left with about £15 by the end of the month, and that's if I was lucky! More often than not, I was in the 'red', and my creditors were beating a path right to my door! It was ironic, because I am a debt collector (qualified) by profession, and felt deeply hypocritical when chasing my customers for payment of accounts, knowing that I was in the same position myself.

Through my work, I knew of the Consumer Credit Counselling Service and consulted them. They are a free debt management service, run on similar lines to to the CAB. The CAB will also advise you. Arrange an appointment as soon as you can with either of these groups. Meanwhile, as FunnyBunny has said, work out your outgoings and incomings, and contact your creditors as soon as you can. Even when you have spoken to the CAB/CCCS, you will have to contact them in any case. Try not to worry, because major banks, etc. have experience of bad debts accrued through no fault of the customer's own, and as long as you can agree a reasonable level of repayment over an extended period, they are usually okay. Never be too scared to admit to your creditors that you are struggling financially - something can always be worked out. If you leave it and don't contact them, CCJ's pile up like Mount Everest. I know, because I have had to prosecute delinquent customers, and it is not a nice thing to have to do.

Whatever you do, DON'T go to any Debt Consolidation Companies. They will charge you a fee, and may even encourage you to take out yet more loans. The CAB or CCCS is your best bet, and in future my dear StarltedDeer, work out a sensible budget - that's my free professional advice to you.

Good luck and let me know how you get on.

Love, Patsy.

RE: info needed on debt consolidation companies are they the best bet?

Hello John,

I have sent you a private e-mail. but have you received the Admininstration Order as a result of being in business? Please let me know, since it offers you temporary protection against actions by creditors.

Love, Patsy.

RE: info needed on debt consolidation companies are they the best bet?

Dear Startled deer,

I would also agree with the CAB idea, I worked in a county court for 4 years and was actually going to suggest an admin order for you as they can work to your advantage, some people can even get some of the debts wiped off before having the AO made.

The CAB would be able to advise you of this.

Good luck with it, I am sure most of us at one time or another have found ourselves in a difficult financial situation. I know I have, but please dont worry to much about this, it can be sorted out!

Take care!

RE: info needed on debt consolidation companies are they the best bet?

hiya Vicki..

Perhaps you could give me an insight into this question for me as you having said that you once worked in a county court.

Ok, I already have an admin order, this is where the problem lies as I cannot put my debt onto this order. The question is if I were to pay off this admin order could I then let the new companies I owe take me to court and then proceed with another admin order?

Hoping you or others have some insight.

SD

RE: info needed on debt consolidation companies are they the best bet?

..Maybe try contacting or checking out there are some factsheets available, otherwise CAB as they usually have a solicitor in attendance at their centres one day per week and you could benefit from expert advice for free.
x
Maylily

RE: info needed on debt consolidation companies are they the best bet?

..Also, it is not a good idea to enter any further agreement with loan company to consolidate the entire debts into one lump as you can often find you are paying a huge amount for more years..
x
Maylily

RE: info needed on debt consolidation companies are they the best bet?

With working with the cab, I have been there, but not for myself, for someone, else, whoo could not get out of the spiral hole. They phone the companies that you are due, money to ask how much you can pay back, at a reasonable amount you can afford, as for the admin order, I haven't heard of this, but I suppose it would work in the same way as above.

PLEASE DON'T GO TO LOAN COMPANIES, THERE ARE JUST TROUBLE, WITH A CAPITAL T, They give you high charges, that no one, can pay back, they are quite bad at charging.