tag:blogger.com,1999:blog-54473017376723463072011-11-27T17:10:58.854-08:00ewe got debt!In debt, looking for debt consolidation loans, need advice? Read my get out of debt free tips before you do anything else.Johttp://www.blogger.com/profile/10383148271284378756noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-5447301737672346307.post-47557321038591768882007-04-13T09:28:00.000-07:002008-12-12T20:33:06.629-08:00In debt? The road to freedom starts here<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_bTw__rHpLZA/RiC0icfVPuI/AAAAAAAAAAM/-9EufXRo3L0/s1600-h/stress.gif"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer;" src="http://1.bp.blogspot.com/_bTw__rHpLZA/RiC0icfVPuI/AAAAAAAAAAM/-9EufXRo3L0/s320/stress.gif" alt="" id="BLOGGER_PHOTO_ID_5053237285765856994" border="0" /></a><br /><span style="font-family:verdana;"> More and more of us face the uneasy situation of mounting debts. Whether it is trying to keep up with mortgage repayments, store cards, credit cards or car repayments we can all find ourselves in deep water. </span><br /><br /><span style="font-family:verdana;">I was struggling with an unsecured debt of around £10,000, mainly credit cards and overdrafts. See I had the foolish idea that the more credit I had, I could use it to pay off the others... well it worked for a while then I lost my job!<br /></span><br /><span style="font-family:verdana;">The red letters started piling up and my stress went through the roof. Then I decided to take action and I was so relieved when I realised that there was help available and yes it was FREE!<br /><br /></span><span style="font-family:verdana;">So now that I am debt free I would like to share the benefit of my knowledge with anyone else in a similar situation who is, like I was, worried sick.</span><br /><br /><span style="font-family:verdana;">The good news is that there is no need to panic! The bad news is that you </span><span style="font-style: italic; font-weight: bold;font-family:verdana;" >will </span><span style="font-family:verdana;">need to start making some changes. This can be as easy or as hard as you want to make it.</span><br /><br /><span style="font-family:verdana;"><span style="color: rgb(153, 255, 153); font-weight: bold;"><span style="color: rgb(0, 51, 51);">First things first.</span></span></span><br /><ul><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(153, 255, 153);"><span style="color: rgb(0, 51, 51);">You do</span></span><span style="color: rgb(0, 51, 51);"> </span>need to make some changes to your spending</span></li><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(153, 255, 153);"><span style="color: rgb(0, 51, 51);">You do</span></span><span style="color: rgb(0, 51, 51);"> </span>need to contact your creditors (by writing fine)</span></li><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(153, 0, 0);">You do not</span> need to feel threatened</span></li><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(153, 0, 0);">You do not</span> need to answer telephone calls from creditors</span></li><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(102, 51, 102);"><span style="color: rgb(153, 255, 153);"><span style="color: rgb(0, 51, 51);">You can</span></span><span style="color: rgb(0, 51, 51);"> </span></span>sort this out on your own with the right advice</span></li><li><span style="font-weight: bold;font-family:verdana;" ><span style="color: rgb(153, 0, 0);">You do not </span>need to get yourself into long term debt by taking out consolidation loans</span></li></ul><span style="color: rgb(153, 255, 153); font-weight: bold;font-family:verdana;" ><span style="color: rgb(0, 51, 51);">What you should do</span><br /></span><span style="color: rgb(51, 51, 51);font-family:verdana;" ><span style="color: rgb(0, 0, 0);"></span></span><span style="color: rgb(0, 0, 0);font-family:verdana;" ></span><span style="color: rgb(153, 255, 153); font-weight: bold;font-family:verdana;" ><br /></span><span style="font-family:verdana;">Draw up a budget of income and essential expenditure (bills etc) download example <a style="font-weight: bold; color: rgb(0, 51, 51);" href="http://www.ewegotit.com/debt/income-exp-budget.xls">here</a></span><br /><br /><span style="font-weight: bold; color: rgb(153, 0, 0);font-family:verdana;" >Stop spending on unnecessary items!!</span><br /><span style="font-family:verdana;">Yes those lunch time trips to the shops have to stop or at least be limited to once or twice per month.</span><br /><br /><span style="font-family:verdana;">Draft a letter explaining briefly your circumstances to your creditors and offer a reasonable amount to pay back per month based on your income & expenditure breakdown.<br /><br /></span><span style="font-family:verdana;">Send a copy of your income & expenditure breakdown along with your letter and list of creditors and make a realistic monthly offer of payment.</span><br /><br /><span style="font-family:verdana;"><span style="font-weight: bold; color: rgb(0, 51, 51);">Once you have an agreement in place, take a breath and then...</span><br />Open a high interest savings account and put in as much as you can afford each month. As soon as you have lump sum you can begin negotiating with your creditors to clear the debt.<br />Trust me, creditors will often accept as little as 30% of the original debt to get you off their hands. More often they will begin by offering a settlement of 50-75%.<br /><br />Download a fact sheet with examples of what to do <a style="font-weight: bold; color: rgb(0, 51, 51);" href="http://www.ewegotit.com/debt/offersinfull-final.doc">here</a><br /><br /></span><span style="color: rgb(255, 102, 102);font-family:verdana;" ><span style="color: rgb(0, 0, 0);"><span style="color: rgb(204, 204, 204);"><span style="color: rgb(51, 51, 51);">The information I've made available here is what I used to get out of debt</span>.</span> </span><br /><span style="color: rgb(51, 51, 51);">I contacted two UK organisations - the Consumer Credit Counselling Service</span> <span style="color: rgb(51, 51, 51);">(</span></span><span style="color: rgb(0, 51, 51); font-weight: bold;font-family:verdana;" ><a href="http://www.cccs.co.uk/"><span style="color: rgb(0, 51, 51);">CCCS</span></a></span><span style="color: rgb(204, 204, 204);font-family:verdana;" ><span style="color: rgb(51, 51, 51);"><span style="color: rgb(51, 51, 51);">)</span> <span style="color: rgb(51, 51, 51);"><span style="color: rgb(204, 204, 204);"><span style="color: rgb(51, 51, 51);">and the</span></span></span></span></span><span style="color: rgb(153, 255, 153); font-weight: bold;font-family:verdana;" ><span style="color: rgb(51, 51, 51);"> </span><a style="color: rgb(0, 51, 51);" href="http://www.nationaldebtline.co.uk/"><span style="color: rgb(0, 51, 51);">N</span><span style="color: rgb(0, 51, 51);">ational Debtline</span></a><span style="color: rgb(204, 204, 204);">. </span></span><span style="color: rgb(51, 51, 51);font-family:verdana;" >Neither of which will ask you for a penny and they will speak to you honestly and sympathetically.<br /><br />For more information and resources on all things financial visit our mother sheep <a style="color: rgb(204, 51, 204);" href="http://www.ewegotit.com/finance.htm">ewegotit.com</a><br /></span><br /><span style="font-family:verdana;"><span style="color: rgb(0, 51, 51);">Good luck!</span><br /></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/5447301737672346307-4755732103859176888?l=eweneedhelp.blogspot.com' alt='' /></div>Johttp://www.blogger.com/profile/10383148271284378756noreply@blogger.com