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DebtValuable Information for those in debtWhen an individual falls into debt, it is best to stay in touch with creditors and advise them of any financial difficulties immediately. If they do not have this information they may start pressuring the individual to take action with regard to the debt. We recommend that in any debt situation, the individual contacts a specialist agency. It can be a complex issue. See links for organisations that can help. Creditors should be informed that an agency's advice is being sought, particularly if the individual has to wait for an appointment at the agency. Creditors generally welcome the involvement of a specialist agency and the individual will find it much easier to reach agreement with this advice behind them. Steps to be Taken by the Individual in Debt
You can download a budget (income and expenditure) form from National DebtLine or from Citizen's Advice Citizen's Advice - Debt and money Negotiation with CreditorsThe process of negotiation with creditors can be a lengthy and difficult one. Creditors will want to know the following:
For further advice on bankruptcy, insolvency voluntary agreements, debt relief orders see Useful Links page. |
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