What is the best way to work with creditors?
Answers:
As I see it you have many options. Firstly, you can file bankruptcy, or wage earner. You can try to work out a deal with your creditors. Lastly, you can say to hell with it. Naw, I'm just kidding. I'd just try to pay each off one at a time and try to work out a deal with them. They should. They want their money. Don't feel like the Lone Ranger though. Have you any idea how many people are in debt in this country? Don't be so hard on yourself. Just do what you can and don't sweat the small stuff. By the way I think my answer has got to be the best don't you?
You could get a consolidation loan, which would pay them all back, then you are left with one big loan which you can pay off over a longer period of time. You can also approach either the credit agencies and the people you owe money to who haven't yet set a credit agency on to you and tell them your situation and re-negotiate some sort of payment plan with them. I think they'd rather do it that way as it does cost them to send out a credit agency. Once a credit agency has you on their books, the person who was once dealing with you has kind of 'sold' you to them so you don't deal with them anymore. I had a credit card bill that was too big to pay off, so I got a personal loan with a lower interest rate than the credit card over a really long period of time (so the repayments were small, as a safety net) and payed heaps higher than the set repayments paying it off quicker and saving heaps of interest. Try to avoid bankrupcy. It sticks with you for ages. You can't leave the country etc. It really ruins you.
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