debt help

Debt Choices

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What options do you have to take care of your debt

This is a sponsored review for trapped.co.uk a website which allows you to compare the various debt choices available to you and decide which solution best suits your circumstances which is the best debt choice you can make.

Debt is a nasty situation to be in it spirals and the longer you take to the deal with it the more out of control it becomes, its hard to know which options are best for you bankruptcy, an IVA or payment plan.

ivas (Individual Voluntary Arrangements) are an option when struggling to cope with the monthly repayments on unsecured debt.

Whats and IVA?

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What is Debt? Is Debt bad?

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What is Debt? Is Debt bad? Does it have a negative impact on your life?

A Definition of the word Debt:

Money borrowed usually from a bank or financial institution. The borrower pays interest for the use of the money and usually has to repay it within a set period.

When Debt is not a problem you probably look at it as outstanding credit or you might not even think about it at all, you just pay it every month or week.

Wasted Money

When I think about how I used to borrow money I feel quite sick, I used to borrow and borrow some more making minimum credit card payments then every 6 Months I'd pay it back with lots of interest. I wasted lots of money in interest thousands of £££££££'s.

What happens if I don't pay my debts?

Lots of bad things happen if you don't pay your debts its a slippery slope heres how it looks:

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My Favourite charities

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The Consumer credit conselling service

This is a sponsored review kindly made possible by Tej Kohli Foundation - Five Years of Philanthropy a blog that talks about charity work, sponsoring me to tell you about my favourite charity.

I was going to tell you about Great Ormond Street Childrens Hospital or the British Heart Foundation both charities have had an impact on my life as my brother who passed away a few years ago was born with a severe heart defect and would not have lived passed his birth were it not for these two charities (feeling a bit emotional now).

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How can I get out of debt continued

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Step 3. Find ways to cut back on expenditure.

You might be surprised at what you can save.

Make a list of all of your current expenses. This includes all your shopping, hobbies, magazines, newspapers, treats and everything else.

Then take a look at the list and remove all non-essentials. Be honest with yourself! Its hard to go without little treats, but in the long run you'll be doing yourself a favour.

Step 4. Contact your creditors.

If you just can’t keep up with your payments, don’t be afraid to contact your creditors. They will try to help you. It costs them much more if you default than it does to work with you, so they have just as strong
an incentive to work something out as you do.

If you’re having trouble meeting your payments, tell them. Be realistic about what you can afford. You may be able to negotiate a new payment plan that you and

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