Adverse
Credit...What to do! - Review
UK
LOANS Central - Tell the lender
If you find
yourself hopelessly in debt without a way of paying it off the first
thing to do is contact your lender. Remember the problem won't go
away on it's own.
If you neglect
to let the lender know what's going on they will assume you are
messing them about. Lenders are very placed to deal with people
who are not upfront with them. A good lender will be sympathetic
in coming to a new arrangement with you - as long as you're straight
with them.
Make sure your
new arrangement is realistic, it does not bode well if you have
to go back to them again. However, if that's what you need to do,
then do not shy away.
UK LOANS
Central - Use the voluntary agencies
It is also advisable
to contact one of the voluntary agencies who can be an amazing source
of help such as your local Citizens
Advice Bureau.
Another place
to visit is The
National Debtline. They have lots of useful information on their
website as well as a free telephone advice and support service and
also produce a useful free self help guide. Tel: 0808 808 4000.
Be very wary
and look out for firms marketing themselves to look as if they are
a non-profit, voluntary type agency. A lot of money is to be made
from arranging "consolidation loans" i.e. borrowing again
to pay off your old debts, and some of the firms seem to be using
this approach.
UK LOANS
Central - Borrowing more to pay your
debts: Beware
Debt
Consolidation is all the rage at the moment but these loans
can end up costing you a lot more than necessary. Whilst they may
be helpful for many make sure that consolidating all your debts
into "one easy repayment" is the right choice for you,
and explore many avenues to compare your choices. Brokers can make
a substantial commission from them so be wary of getting talked
into one until you have taken truly impartial advice from one of
the voluntary agencies.
UK
LOANS Central - Student Loan debt:
Department
for Education and Skills paper 
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