help with debt : Don't Panic

2008-04-07 12:46:42

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Are you looking for a cheap internet service that will give you loan help – or maybe help with debt?

Go online to get all the advice you need to get help with debt.

Get some basic advice about getting help with debt and how to deal with money problems.

Are you in debt? The two most important things to remember:
- don’t panic
- don’t ignore the problem (it won’t simply go away).

Here are a few things you can do to get help with debt:
- list all your debts
- work out a budget
- sort out which debts are priorities
- sort out which debts are non-priority.

Before dealing with a debt problem collect all the information to do with money affairs.

Make a list of your creditors (companies and people you owe money to). What do you need to know about each debt?
- creditor’s name and address
- reference number or account
- amount owing.

Keep each latest debt statement together where they can be easily found if they are needed.

Have you received urgent court papers or letters – it’s important to act quickly. Not sure what you should do with them? – get some professional advice.

Have you made a list of your creditors? Now decide which you should take care of first. Certain debts need to be dealt with before others because if you don’t pay them the consequences could be serious. These are called priority debts. Less important debts are “non-priority” debts.

Priority debts

These include
- Mortgage or rent arrears. Not paying these means losing the roof above your head
- Fuel arrears. You don’t want your fuel supply disconnected.
- Council tax arrears. If these aren’t paid your goods can be taken or you could even end up in prison.
- Maintenance (to children or ex-partners) arrears. If these aren’t paid your goods can be taken. Alternatively you could go to prison.
- VAT / income tax arrears – not paying these is a prisonable offence.

Non-priority debts

These include
- benefits overpayments
- student loans
- credit debts (loans, overdrafts, catalogues, credit card accounts, hire purchase)
- loans made from family or friends.

These are not prisonable offences if they aren’t paid. However if you don’t offer to pay or explain why you can’t, you might be taken to court by your creditors – which might eventually lead to your property being taken away from you to pay for your debts


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