 Re: debt advice
On Tue, 19 Aug 2008 22:48:37 +0100, Colin Wilson
<REMOVEEVERYTHINGBUTnewsgroup@phoenixbbsZEROSPAM.c o.uk> wrote:
>Avoid this site, go for a reputable site like the Citizens Advice,
>fool.co.uk or moneysavingexpert.com
>
>Never, ever pay a company for "handling" or otherwise rearranging your
>debt, and *never* swap unsecured debt for secured debt.
The problem with Citizens' Advice and such like is that they expect
you to actually pay the debts although, perhaps, over a longer period.
I take the view that if you tell the creditors that you have no assets
and to do their worst and get lost, they have to make a commercial
decision whether or not to sue. Sueing costs money and if the debtor
has none, it is money down the drain. That's why creditors use scare
tactics like sending debt collectors in, make phone calls etc but when
push comes to shove, they will not actually sue. Debt collectors cost
the creditor nothing as they work on a no-win, no-fee basis.
I fully and entirely endorse the second piece of advice. Never, ever
ever ever sign a security, charge or mortgage for an unsecured debt no
matter what tempting offers are on the table. You could end up
peniless and homeless if you do.
--
Alasdair.
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