Results 1 to 10 of 13

Thread: Debt worries

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #1

    Debt worries

    I have been through this myself and had wanted to write a self help guide so that people don't fall into a trap of getting out of hand.
    One of the first thing about debt is the feeling that there is no way out. That is not the case. You have to be honest in your debt. That means talking to the people that you owe the money to. Try and set up a payment plan that is easy for you to manage.
    Try not to borrow from pay day loans. (this will make things worse) Talk to a debt adviser at the local citizens advice bureau and one thing i did in my early days was to open up a savings account at my local saving society. Check with your local library. it might be under a different name. But you can put as much or as little in as you like and you can apply for a low interest loan after saving so many weeks. If you have say £200 in your account you can borrow £200 and pay it back at so much.
    it is important to always talk to your debtor. Ignoring it, wont make it go away. it is never to late to talk. At the end of the day the debtor just wants h/her money and some companies can set up a plan for a little a £1.00 a week. Try not to panic and think this cant get better, it will and sometimes asking family and friends for help is a good thing. I don't mean asking for a loan but sitting down and chatting about the situation can give you a different perspective on things. Do not go to Loan sharks or door step loan companies as they charge HUGE amounts of interest. If you have a provident door step loan of £200 over 32 weeks at £10.00 a week you have to pay back £320.00.
    If you need to take a loan out. THINK.
    Do you really need that 52" flat screen TV or can you do without it till you save up? Always plan if you need to take out a loan and if you do fall behind let the company know. Debt is one of the major problems of depression in the country and it is an easy trap to fall into. But the reason for this post is to assure you that there is always a way out.
    Talk to your local C.A.B and get help. Dont ignore it.

    If you have any other ideas on avoiding or helping with debt management please post your ideas below.
    They look at me and think I'm cool, I'm purplefan at night I rule.

  2. The Following User Says Thank You to purplefan For This Useful Post:

    Suzi (16-09-15)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •