Hi there,I'm facing financial problems at the moment.Got advice from my local CAB who advise me to give my creditors £1 token a month.Some of my creditors have accepted the offer but some are still harrassing me and just got a phone call from one of them where the agent told me that I have to pay my debts,to go get a loan or borrow money from relatives to settle the debts.I know that whatever I have with them aren't priority debts but still she told me that when I'm sent to court I will see that they were priority debts.I'm thinking of going bankrupt as I 've got nothing to lose. Thanking you
hi after speaking with the nationaldebtline myself over very similar situation they said, if the collectors telephone you, just say you are not speaking to them over the phone and make all contact via letter from now on. If you dont mind me asking what sort of figure are all your debts?
Do not borrow money from other companies to pay your debt and I would even say don't borrow from relatives either.
The £1 token payment is fine provided you pay/offer it to all creditors. The creditors may accept the payments to begin with however they will not stop harassing you until you make the full monthly repayment.
Do not believe anything that the creditors tell you on the phone as they will say anything to get the money from you and there is no such thing as priority debts. You have priority payments and these should be anything that keeps a roof over your head (i.e. mortgage and secured loans). Anything else is not a priority.
If you are planning to declare BR then there is no point in continuing paying creditors and you should use the money to save up for the BR fee.
Once you have decided to declare BR then there is nothing your creditors can do. If they threaten to declare you BR themselves then this will save you having to pay the BR fee. There is also no point answering their calls any more.
Did the CAB recommend you to declare BR or is an IVA or DMP a possibility?
Hi there,I'm facing financial problems
Posted - 01 February 2010 : 21:45:10
