Archive for February, 2011
How To Reduce Your Debt By Contacting Creditors
Once you have taken stock of your debts, before you look for an affordable loan, the first thing you should do is contact your creditors – that is, all the organisations you owe money to (including the gas, electricity, water and telephone companies). You can do this on your own, or with the help of a debt adviser.
The earlier you write to your creditors explaining that you are in financial difficulty, the more flexible and helpful they are likely to be. If you have already started to receive reminders andor final demands, do not ignore them – get in touch with the company as soon as possible to explain your situation. Your creditors may charge you some of the costs they incur in chasing arrears, so you risk exacerbating the problem by doing nothing. You are also more likely to face court action.
Tags: arrears, creditor, creditors, financial difficulty, gas electricity, pressurised, process of negotiation, reference number, telephone companies, writing a letterRelated posts