When you find yourself in financial trouble, it can be helpful to contact your creditors explaining the situation.
Many creditors have specially designed systems in place to assist clients struggling with repayments. Just ensure that you familiarise yourself with the creditor’s terms and conditions to ensure that you stay within the boundary of your commitment to the creditor and that you do not commit an act of insolvency.
In many circumstances, however, open and honest communication can lead to alternative arrangements being made to alleviate pressure. Ignoring correspondence or calls from creditors may lead to devastating consequences such credit bureau listings, default judgements and attachment of assets for sale at a sheriff’s auction.
