UK Debt Buster Guide Step Five : Keep in Touch with your Creditors

This is the last step of our Debt Buster Guide. This is the difficult part. Keep in touch with your creditors.

If you have reduced borrowing costs and cut spending but are still struggling to repay your debts then talk to the lenders involved. Tell them you are having difficulty keeping up with repayments. In some cases lenders may be prepared to help, perhaps freezing interest on the debt or lowering monthly repayments. After all most banks would prefer it if they at least recoup some of their money, perhaps over a longer period of time, than have you go bankrupt which could mean the debt being written off altogether.

However, while you are talking to them don’t stop making minimum repayments. Similarly don’t avoid the issue by ignoring calls or letters from your bank or credit card company. This will set alarm bells ringing and your creditors who are likely to take drastic action – such as calling in the bailiffs.

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