How to get out of debt

[viki]

Face your creditors

Getting into debt is always easier than getting out. Credit card companies push their products, retailers encourage shoppers to take out store cards and banks continually mailshot their customers with loan offers - all involving repayment at a healthy annual percentage rate.

People find themselves in financial difficulty for any number of reasons - unemployment, illness, marital breakdown or other unforeseen circumstances. The key to solving the financial difficulty is communication - talking to creditors is an absolute must. It is no good throwing away their letters, if you don't write back the bailiffs will eventually come knocking on the door.


Dangers of Debt

Utility companies, banks and other lenders have long-established debt recovery procedures, which can see you cut off, frozen or made homeless if you fail to make good your debts. In extreme cases, non-payment of bills such as Council Tax can result in imprisonment.

But it's not all bad news. Here's a three-pronged
strategy for getting back in control:

Negotiate. In most cases, where debtors show willing, creditors are willing to come to an accommodation. If you contact your creditors to set up a repayment plan, it shows you are serious about tackling your problems. Negotiate with your creditors - most would prefer to receive small regular payments than nothing at all. But don't make promises you can't keep.

Cut back. The next step is to cut out all unnecessary expenditure. You may think you have already done so, but high interest payments on credit cards are something you may not have tackled. Many credit card providers will offer zero interest on transferred balances for up to six months - it is a way of deferring problems and getting some breathing space. Just don't forget what happens after six months when the rate goes up - and don't be tempted to add a bit to the debt by going shopping!

Budget. The third step is to work out income and outgoings carefully. If you can make changes to your way of life and save some money, do so. Use that money to pay back debts and in the meantime you should stop adding to your borrowing by surviving only on cash or debit cards

Finally, it is inadvisable to take out new loans to pay off old ones. So-called consolidation loans are often offered at very high interest rates, quite often all they do is saddle people with new debts they can ill afford.

[mrg]

And remember, what was that instrument which financed the "debt" in the first place?

Where, precisely did the "money" you "borrowed" come from?

The Bank's "reserves?"

The accounts of other depositers?

A monetized promissory note, perhaps?

Remember also, what exactly did the lender "risk" in "lending" you "money?"

Was the precise process, (bookeeping entries) as described by several publications of the "Federal" "Reserve" by which any
negotiable instrument you signed and tendered disclosed
in your "contract" or "agreement?"

Viki, are you a advertising and/or promoting/providing a "service?"

What are those links at the bottom of your posts?

Did you know there is a forum specifically for "service providers?"

Are you a debt collector?

Was there an implied threat of imprisonment in your post?

[jcsmjd]

Has anybody considered using LLC's to interface with the world for all commerce? Or Trusts? Why would a man or woman dare to enter into commerce individually with a Corporation or Municipal Agent of the District of Columbia?

Let one legal fiction deal with another legal fiction. Therefore any freezing of any accounts could be alleviated altogether.

It is good to be a beneficiary and to enjoy imperfect or quasi usufruct.

Proverbs

22:26 Be not thou one of them that strike hands, or of them that are sureties for debts.

22:27 If thou hast nothing to pay, why should he take away thy bed from under thee?

[a.spirit]

Remover her from this list. It is very obvious she is promoting debt consolidation, debt settlement, etc...
She do not belong here, she belongs to the ignorant industry - debt consolidation and debt settlement - these firms are owned by credit card companies themselves, pretending to be non-profit, and they are funded by the credit card companies.

Viki - use your common sense. Read books that will enlighten you.

[ThomPaine]

I call her a spamming troll and i think she should join the band..

Thom

[bknyce]

Hey TP...do you have info on tendering CPN's to CC companies?...I'm still learning and would like some help if you can...thanx in advance

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