SORT OUT YOUR FINANCES ( 3 )

Depending on the size of your debts and creditors involved , you need to know the options open to you . One of the first things you should do is to seek advice .This will give a realistic and independent  perception to your problems . Human nature is such that we donot tend to seek outside advice and worry ourselves into a frenzy where the mind starts to imagine the worst ; thus increasing our anxiety . THERE IS NO PROBLEM THAT CANNOT BE SOLVED . I would advice that your first port of call should be one of the Govenment sponsored debt management organisations .There are quite a few government sponsored debt management offices which will advice you free of charge – it is a good idea to talk to them before you take any action as most of them will give you good advice by telephone which will seem more personal  and they can talk you through a lot of actions – you can call them as many times as you want.

Some of them are :

NATIONAL DEBTLINE  ( 0808 808 4000 )

CITIZENS ADVICE BUREAU  ( local council will direct you to them )

UK INSOLVENCY HELPLINE  ( 0800 074 6918 )

These organisation have highly trained and understanding personnel and you can talk to them freely about your situation and they will be able to guide you as to what action is suitable for you ; they can only guide you , the ultimate decision has to be yours .The services are FREE  and you can rest  assured that your discussion with them will remain confidential . Once you talk to them , you will begin to see your situation and your options more objectively . PLEASE BE ABSOLUTELY TRUTHFUL AND DONOT  HIDE ANYTHING , if you want to get the right advice .

I will talk about the options and its implications  in the next chapter , but one option that you should consider straight away is :

( 1 )  Are you in a position to borrow from family and friends , interest free ,  enough to clear ALL your debts ? If so , try this option as this will save your credit rating and save you interest as well and you can arrange an instalment plan to clear the debt .

BUT YOU MUST PAY BACK MONTHLY , REGULARLY . You must be in a postion to show them how you are going to repay them .

Don’t get offended if some of them refuse .

If you do manage to get this loan , BE VERY CAREFUL how you live and spend money until the loan is repaid – do not do anything to make them feel that they have loaned money to an irresponsible person .

 If you have chosen this option , you are a lucky one and remember this for the rest of your life so that when and if  the time comes , you MUST help someone else who may approach you .