You will need to carry out some important tasks to help you to start your debt recovery plan.
This is one of the most important documents you will ever write in your quest to become debt free.
Your creditors will need to see this whenever we negotiate with them. This must be a true account of your current financial position. It will also assist YOU in seeing where your money is being spent. Once you have completed it, chances are that you have more going out than you have coming in. Do NOT worry we can show you how to rearrange your finances so that you can afford to live.
Be honest, you need to list everything you owe money for. Make a list of all your credit card debts, loans, overdrafts, mortgages, catalogues, debts to relations, council tax, any debt no matter how small needs to be included.
Make note of all your income, don't forget to include benefits, pensions, maintenance or insurances, everything, our plan is to get you out of debt as quickly and affordably as possible.
What are my priority debts?
Basically these are debts that failing to maintain repayments could cause you to
- Lose your home
- Disconnection of your utilities (gas or electric)
- Bailiff visits to take possessions from your home or office.
- Be sent to prison.
These debts include
TV Licence, Rent or mortgage arrears, council tax, utility bills, magistrates court fines, maintenance payments, Income tax, National insurance, and V.A.T. payments and hire purchase debts.
Of course if you need assistance in working out what to pay you can call us for advice on Freephone 0800 0273325 we will be glad to help you.
Once you have your budget worked out you will see how much you can afford to pay your creditors. If you cannot afford to pay anything then please telephone us for advice on 0800 0273325 you still have options open to you.
Make the payments fair and tell your creditors about how you have worked them out.
Use the followig formula to work out pro-rata payments:
Total Money for Credit Debts x Individual balance ÷ total amount owed.
Don't worry if you have difficulty working it out just telephone us on
0800 0273325 we will help you with the calculations.
If you just make the minimum payment to you credit cards then all you are doing is prolonging the repayment term.
You will probably be shocked to know that a credit card with a balance of £2000 repaid at the minimum of 2%, taking a payment holiday, as the credit companies seem to offer us (kind aren't they) every 6 months will take a staggering 92 YEARS AND 11 MONTHS to repay. OUCH. But you will have repaid a massive £12,211 in interest charges. So if you are 18 and have a credit card balance of £2000 you will be 111 by the time it is paid off!
Telephone us now for free advice 0800 0273325
This is obviously a logical step to take. If you are in a position to switch your credit supplier to a lower rate then do it NOW.
Not an easy task and you will probably require some professional help here. Most companies will not stop interest, so balances actually increase because of interest charges and various other late payment charges.
We have negotiated with finance providers of all kinds to help our customers repay their debts as quickly and affordably as possible. This requires negotiations with them to suspend ALL charges so long as some sort of payment is being made based on the initial budget sheet.
All of this is quite daunting when you are unsure of your rights and not know which way to turn but help is only a phone call away.
Call 0800 0273325 Today and start your way to a brighter future.
| 
