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You Can Do It YourselfDec 22 '02 Write an essay on this topic.The Bottom Line Only use these guys if you are really stuck and if you've tried some of my suggestions. guys, pay them all these fees, and they'll help you out. Or. You can take a few steps to bring your finances under control. Start by looking at your whole budget, ignore your credit card/loan payments etc, and just focus on what you spend on a day to day basis. Because you're already in debt trouble you're going to have to be pretty ruthless at cutting out anything you spend which isn't essential. You can probably see everything you spend as you're probably running everything up on credit as you've got no cash. If not take a notepad out and jot down what you're spending money on for a few weeks. Don't stop cutting things out your budget until there is a big surplus - try and keep all your monthly expenses down to about 35-45% of your monthly net income. Yes, that's tough, but with no debt (except a mortgage) you'd not want to go above 55% for non property related costs so you need to make sure you are going to be able to pay the debt off! Try and talk to your partner as you do this; money problems are a big cause of financial break ups. Since it's your monthly budget that is the problem, brining rates down is not your main priority. Phone around your credit card companies (mbna or whomever else) and see if they will offer you a loan to cover the amount of your card, and others. Approach your bank, they may give you a loan. Approach the ones you conduct your account well with first as if you are in credit card arrears it will cause you enough problems when they credit check you, let alone if they are the victims of your non-payment. Anything you can't transfer onto a longer term loan (left on your cards) you should make sure you hit hard with your spare money first to bring the balances down. Make sure you leave balances on cards with the best interest rates when you are deciding which ones to consolidate. For those of you with bad credit, it may be worthwhile approaching mortgage brokers who may be able to secure a long term second charge loan on your property with a specialist lender. Sure the rate won't be great, but it will be much lower than a short term loan, and the low payments will give you more free income to get those cards cleared off. CUT THE CARDS UP! If you leave them around you'll just spend on them again - remember how you got into trouble in the first place. I really hope this helps, you can sort your problems out yourselves. You just need to work at it.  |
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