Help! I Am Being Hassled By Debt
After you have missed several payments and have defaulted on
several loans, you may find yourself hassled by debt
In the UK, there are over 20,000 debt collectors that are ready
to do whatever it takes to get the money they are owed. Some of
these debt collectors go about their business the right way,
reminding you only when necessary that your debts need to be
paid. But some debt collectors are far more aggressive, and in
order to get the debt collector to leave you alone, you must
take one of the following actions:
Contact a Debt Collections Assistance
If you are being hassled by a particularly aggressive creditor, a
debt collection's assistance line that is licensed by the office of fair
trading will be able to report any illegal behavior taken upon you by your
creditors and at the very least remove some of the aggressive behaviors that the
lending agencies are exhibiting. They will also help you learn how to get your
debt payments back on track.
File For Bankruptcy
have filed for bankruptcy, debt collectors will leave you alone. While it is
never ideal to file for bankruptcy and other options should always be
considered, it may be one of the last resorts you have and legally requires that
the debt collectors stop hassling you.
File for Insolvency
Link bankruptcy, insolvency requires that your creditors leave you alone. It
is also a far better option than bankruptcy for many people, though it requires
the loss of much one one's personal belongings which some people are
unwilling to do.
One final way to get
away from these creditors is to consolidate
your debt into a new loan. This is the most ideal option, but it is
also the hardest to pull off, because there is a high probability that your
credit is poor if you are being hassled by your creditors, and you may not
qualify for a consolidation loan. Still, if you are able to consolidate your
debt into a new loan, you will have a new creditor and the old creditors will
leave you alone, because you will no longer owe them any money.
Consolidating gets creditors away and allows you to start repaying your debt
again, but because of the difficulty you may have finding a lender to loan you
the money you need to consolidate your finances, it is not the perfect solution
Trust Deeds (Scotland)
In Scotland, you can
go to the courts and produce a "Trust Deed"
which is a legal obligation to pay back the loans that is monitored by the
courts. Trust deeds supersede creditor's rights, so lending agencies will
not hassle you provided you make your trust deed payments on time.
Finding yourself at the mercy of a creditor can be a
difficult situation, but there are options that are available for you to use
to get your creditors to leave you alone and help you start paying back your
credit agencies without harassment.
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