Page 1 of 2 12 LastLast
Results 1 to 10 of 13

Thread: Debt worries

  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)

  3. #2
    PF as someone who is currently going through debt issues I am under a debt management plan with Stepchange who are fantastic. The CAB on this occasion isn't able to liase with debtors to arrange the plan in the same way as Stepchange. Stepchange are specifically able to support people with the best option on how to manage any debt concerns and help with any plans arrangements etc that you need to set off running. They have a long standing history (used to be CCCS I think) with the financial institutions and being a charity there are no fees for the management of the DMP unlike some other companies. I have been working with them for a year and I pay a regular monthly amount to them and they distribute it fairly amongst the people that I owe. They help with budgets and due to their reputation the financial institutions seem to be happier that you are working with them. I only experienced the calls/letters right at the beginning where Stepchange ask you to advise them of the situation and that you are taking advice and will offer a token amount and would come back to them in a month. Once they received the budget and the payment offer it has gone quiet and it means I am back in control. They offer such advice as getting a bank account separate from any of the people that you owe money to and a basic one that has no overdraft facilities etc. They are definitely worth talking to for this issue

    The Money Advice Service and also www.moneysavingexpert.com are great places for ideas and help. The forum isn't quite as friendly as this one, but they are experienced in ideas and suggestions and one I'd recommend people have a nosey around to help with money.

  4. The Following 3 Users Say Thank You to Nita For This Useful Post:

    Angie (16-09-15),purplefan (16-09-15),Suzi (16-09-15)

  5. #3
    Guardian of the North and kipper holder Angie's Avatar
    Join Date
    Feb 2012
    Location
    South Yorkshire
    Posts
    28,376
    Please remember we are not trained here in how to manage Debt, so if that is a worry then speaking to CAB or people like Stepchange is what I would suggest people do.
    If you can’t fly, then run, if you can’t run, then walk, if you can’t walk, then crawl, but by all means keep moving.
    Quote by Martin Luther King JR

  6. The Following User Says Thank You to Angie For This Useful Post:

    purplefan (16-09-15)

  7. #4
    Boss Lady ;) Suzi's Avatar
    Join Date
    Feb 2012
    Location
    Surrey. UK
    Posts
    95,317
    What a brilliant thread. I'm going to make it a "sticky thread" so it stays at the top. Thank you PF and Nita for being open and honest about this.
    Do a little of something that makes you happy every day!


  8. The Following User Says Thank You to Suzi For This Useful Post:

    Angie (16-09-15)

  9. #5
    I was helping a friend with his energy bills and debt problems and speaking to eon they gave me these numbers that i thought i would put up fpr anyone else in the same situation.

    Turn 2us is a charity that helps people in finantial hardship with advice about Benefit, charitable grants and support services
    https://www.turn2us.org.uk/ number is 08088022000

    Christians agains debt can help you with advice and even in some extreme cases go as a leasson for you to the people you owe money to.
    you dont have to be a christian for them to help. They are very quick off the mark. Got a call back within 15 minutes of actually talking.
    https://capuk.org/ number 01274760720

    And Eon debt services can help by putting your electricity account on hold for a couple of months till you get back on your feet
    They dont have a website but their contaact number is 03332024461.

    If you are anxious about debt please talk to someone as ignoring it wont make it go away, it will make it worse and there are plenty of charities who can help you so please dont stay silent about debt.
    They look at me and think I'm cool, I'm purplefan at night I rule.

  10. #6
    Tia
    Guest
    I never had debt until I got married. My now ex husband brought a lot of stress and debt in to my life. I dealt with it all he walked away. He lost our business, nearly my home (twice), our cars and pets it went on and on. It is important to talk to all your creditors. I found in the early days there are a lot of debt companies who charge for using their services. I phoned all the creditors including the ex's and arranged payment plans. Instead of being hit will big bills I pay all my utilities every week at the local shop. I had debt with all of them, now my accounts are in credit. If you have mortgage debt it takes a while to get to court before you can be repossessed, even then its at the judges discretion. This happened to a friend of mine who told the mortgage company they would have to wait for the arrears as she was making partial payments.If you have credit card debt the companies are there to set up repayment plans with you. It all can be managed. My ex left me with thousands of pounds worth of debt and I mean thousands. I have spent years paying it back and now only owe a couple of thousand. Not bad from a single mum of two.I also had all the legal aid bills to pay from my divorce. It can be done with the right support.

  11. #7
    A Crab
    Guest
    Good thread. Owing a fair bit of rent to my landlord thanks to a god awful year on the crab boat. Realistically, lucky in the sense that it's not a debt with an agency/bank, but the worst part is that all too familiar feeling of burden letting someone down, especially with how understanding they've been, and the other things going on. Just keep my head down and keep working hoping it'll get better. Just about all I can think of doing now

  12. #8
    Boss Lady ;) Suzi's Avatar
    Join Date
    Feb 2012
    Location
    Surrey. UK
    Posts
    95,317
    Hi and welcome! Have you tried things like getting help through organisations such as the CAB?
    Do a little of something that makes you happy every day!


  13. #9
    Princess Sparkles Paula's Avatar
    Join Date
    Sep 2012
    Location
    Hampshire
    Posts
    52,877
    Hi and welcome to DWD.
    The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.

  14. #10
    A Crab
    Guest
    Thanks for the comments folks , haven't been down CAB as of yet but it's definitely the next step if things get worse further down the line for sure. Fishings still been unpredictable recently with the weather and whatnot but at its current state it's just about enough to pay a week off every week.

    The thing that's looming is when the water starts cooling down later in the year, the fishing slows right down, balancing bad catch with being unable to get out because of the weather, plan at the moment is tanking on through the summer, then come the colder months, hop on a different vessel that works different areas

    It'll be an interesting one for sure but I'll keep you posted on how it goes

Posting Permissions

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