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Advice on paying off debt lump sum please!
FredFace
Posts: 2 Newbie
Apologies in advance if this is in the wrong place as this is the first time I've posted here. I've been paying off debts for a number of years via arrangements with debt managment companies and by luck/judgement/whatever I've got a lump sum of about 4000 pounds which will probably pay off a couple (or three if I can negotiate) of the smaller debts.
A nice problem to have, but I'm not sure about would be best to approach this.
Negotiate with each of the companies?
Pay off the smallest debts first?
Save for one of the larger debts?
They sums I'm paying out are OK at the moment and I'm nervous about stirring up any of the other companies that I'm paying off (there are 8 in total with a total outstanding of around 50,000 pounds).
While most of the creditors have been OK, one took me straight to court with no negotiation whatsoever from the outset and I went through the glorious process of CCJ's (Jan 07) charging orders and all that stuff until a relative helped me pay. Nightmare. This has made me pretty nervous around dealing with these companies.
Would appreciate some advice. Thanks in advance.
A nice problem to have, but I'm not sure about would be best to approach this.
Negotiate with each of the companies?
Pay off the smallest debts first?
Save for one of the larger debts?
They sums I'm paying out are OK at the moment and I'm nervous about stirring up any of the other companies that I'm paying off (there are 8 in total with a total outstanding of around 50,000 pounds).
While most of the creditors have been OK, one took me straight to court with no negotiation whatsoever from the outset and I went through the glorious process of CCJ's (Jan 07) charging orders and all that stuff until a relative helped me pay. Nightmare. This has made me pretty nervous around dealing with these companies.
Would appreciate some advice. Thanks in advance.
0
Comments
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Why the sad face on your post! This is great that you have the opportunity to pay a lump off! Think positively about it!
What we did when we had £9,000 to pay off some debts was-
Ask some of the companies for, settlement figures, number of payments left if we just carried on paying monthly and the total amount payable if we just carried on paying them.
This helped us to work out which to pay off first!
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0
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