|
|
Personal Debt
Do's and Don'ts Guide
This is not a complete guide to the actions you should
take, but the rules here will hopefully guide you through the difficulties
you are facing. There is one golden rule to remember
If an action or step seems wrong or "smells" wrong - it generally
is!
Before acting in haste, always think hard what your creditors might think,
those extenuating circumstances may have seemed reasonable at the time,
but if things go wrong and you have no clear record as to why that decision
was made, it may seem less appropriate in future.
Do's
- Follow our guides and read the website thoroughly.
- Talk to us if you have worries or concerns - we
don't bite!
- Build a detailed picture of your financial position;
add up all of your debts.
- • Build a detailed picture of your income
and payments (see here for a guide- Financial
Position)
- Note down all decisions or assumptions you made
when reviewing the position.
- Be honest with yourself and those at home.
- Take advice from Debtless or other debt/insolvency
advisors.
- Look at all options before making a decision to
ACT.
- Consider all objectives - yours and those people
around you.
- Formulate an action plan and then ACT.
- Talk to your creditors, do not just ignore them.
- Write to creditors as well as phoning, that confirms
your intent
- Get the names of people you talk to for your records
- Build a list of all your objectives and options.
Dont's
- Bury your head in the sand, problems will not go
away, reading this website is a good way to start.
- Guess about financial details - build a proper detailed
picture of your debts and assets.
- Blame everyone else.
- Ignore legal paperwork and creditors' letters -
answer it, fill it in take copies and act responsibly.
- Prioritise creditors incorrectly - call us for details.
- Hide the issues from your family or your employees
and the people around you.
- Ignore professional advice - they can sometimes
"see the wood for the trees" when you cannot.
- Ignore bankruptcy as a serious option - it is much
better to consider ALL options.
- Keep changing plans
- Lie to the bank, credit card companies or anyone
else - they have a habit of coming back to haunt you
- Be unrealistic.
So common sense applies, make sure that you carefully
write down everything, it's amazing what we all forget in time. When talking
to a creditor and if you reach agreement - get their name and then write
to them confirming the agreement. That way it goes on their file and it
shows you are trying to act properly.
Above all take quality advice.
Finally, don’t listen to the man in the pub who knows everything!
They usually don’t and can give wrong and dangerous advice!
Back to top
|
