Financial mess

[dssssgo]

Hi all

I am 20 years old and have managed to get myself into a right mes. I owe out about �10,000 to several different lenders.

I tried to get a reconsolidation loan but failed and after trying every company in the phone book I can't get one.

Anyone any suggestions??

[lilyfrog]

I oresume you are having problems making your repayments?

Best thing would be to write tou each one of your debtors and negotiate a lower payment plan. Explain you situation and they may reduce payments if you looklike you are desling with things sensibly as opposed to missing a payment.

If you are really stuck there is a company called Byrom and Keeley that I know that will negotiate lower repayments on your behalf and can even get the interets on repayments frrozen for you and sometimes get the debt lowered or paid off at a smaller amount.

They do charge a monthly rate for this service that they takeout of your payment and it does nothing for your credot rating, but if you are really stuck then they can reduce your payments to an affordable amount and take all the worry away as they deal with your creditors direct for you.

If however you can afford to pay your repayments or have the ability to negotiate your self then I would.

Byrom and Keeley - 0800 031 9170

And no, I dont work for them, they have just sorted me out in the past.

Please do remember that there is no quick fix for this ans the only thing you can do is get your head down and pay it back, but dont worry too much as most people spend most of their lives in debt of one sort of another

[Gef]

For free advice and help contact your nearest Citizens Advice Bureau.

[Killerschick]

I wouldn't recommend using a fee paying debt management service. The Consumer Credit Counselling Service (www.cccs.co.uk) will do the same thing for free (they are funded by the credit industry). They are convenient if you can't get to a CAB (the ones I know open at 10am and have a queue from 8am) and good if you have sufficient disposable income to make offers to your creditors.

It's not normally recommended to borrow more to sort out debt problems but I went through something similar, managed to run up �5000 on credit cards and got a loan to pay it off. The only thing with that route is that you have to REALLY determined not to run up more debt. You tend to have been spending more than you earn for a while so as well as cutting back you've got the payments on the loan.

[James10001]

Hi

I used a company called Fresh Finance. They managed to sort my debts out. I would recommend them.