Money and Debt
I often meet people who need more money, want less debt or wish to repair their credit status. You can solve your money problems and the circumstances that have been forced upon you.
Debt Consolidation is not the Answer! "I was in debt to the tune of nearly £50,000. I have been clear of debt now for over many years. The process was simple and mostly stress free. I DID NOT consolidate existing loans, I choose to have someone negotiate with my creditors. This enabled me to turn my life around, enjoy my children at weekends and start my own successful online CV writing business".
Before a Problem?
It is important not to panic about loans, card problems and consolidation issues, but it is also more important not to ignore them. For many credit card statements, can be heart-stoppers. To pay off the your credit more quickly and efficiently, first and foremost stop using your credit cards. You are not going to make a dent in your credit until you stop making it worse.
Once you have stopped the financial bleeding, make at least double the minimum payment each month to start pushing the balance down. If you just pay the minimum amount of money, you are not going anywhere. You will need to free up money to help pay down accrued credit, cut down on nonessential spending then apply the money you save to card bills.
If you are facing payment for more than one card, pay
the highest-rate cards first. Starting with a list of what is owed
and the interest rate on each card.
Having a Repayment Problem?
Contact each credit card company to
negotiate a lower rate. Creditors will give customers with a good
credit history a better rate to keep their business. Once you have
rates as low , target the cards with the highest rates first, then
work your way down the list. Look out for late payments. Creditors
may tag payments received even one day after the due date with late
fees as high as £20 or £40, and some companies may raise the
interest rate on a card if payments are in arrears. Fees may also be
large for accounts charged over the limit.
Whatever you do, do not ignore the situation.
You can get free help and advice from your local Citizens Advice Bureau or Trading Standards Department on credit consolidation and the alternatives. Some will have a Money Advice Centre which deal specifically with financial problems.
Another source of free advice and problem solving is the Consumer Credit Counselling Service, a charity which offers to liaise with creditors on your behalf and also provides counselling sessions to help you.
National Debtline offers a similar service, but will advise callers how to help themselves, rather than act as an intermediary.
Primary Care, etc.
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