If you fins yourself in a position where you get in to some form of insolvency, it’s always best to looking for advice to try and steer clear of any problems. Here we have listed a few options you may consider as interim ideas.
1.Make it Informal
If you owe money to a creditor, simply try and make an informal agreement on what could be arranged in order to stop your relationship from turning south. It’s not a case of collateral being put on the table, but you clearly laying out your problems and coming to a long term solution beneficial to both parties.
You’d be surprised just how helpful your local Citizen’s Advice Bureau can be. You’ll not be the first person through their doors with financial problems that are a balancing act.
3.Debt Relief Orders
See if you’re eligible for a debt relief order.They’re a better alternative to having to declare bankruptcy if you’re unable to pay off your debts. You’ll most likely get one when your debts are over £15000 and you have a low income.
Don’t panic about finding a consolidation company as soon as possible when you know you’re going to have problems. Different companies approach your debt in a variety of ways, so see which suits you best.
If all your essential debts can be paid off with ease, you want to consider putting a debt management plan in order. These allow for you to make one payment to a Debt Management Company who will then divide it out amongst your creditors.
Just remember that now matter what your problems are trying to become, they can be controlled in more than one way.