Welcome to the new Debt Questions forum. Feel free to say Hi and tell us a little about yourself.

Moderators: TalbotWoods, JaneClack

By gilly
#2949 Hi I have a large debt which I have had for over five years now and no one has tried to collect from me until Wed of last week when I got a letter saying that do you know you have this large debt! I have just got my other debts sorted out also and worrying now about this one as I still live at home
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By JaneClack
#2950 Welcome to the forum, Gilly. This is the introductory bit where people introduce themselves so if you post this question onto the debt forum itself you will get more responses!

All you have to do is work out what you can afford to pay this creditor - it may not be as much as they would like but if you work out a budget sheet it will show what you can afford. All creditors should be treated fairly so they should be paid on a pro-rata basis i.e. in proportion to what they are owed. Put simply if you owe £10,000 to three creditors - £5,000 to one; £3,000 to another and £2,000 to the third and you have £100 left after paying all your prioirity bills like rent, housekeeping, travel, clothes etc, then you would pay them £50, £30 and £20.

Contact one of the free debt advice agencies like NDL or , CCCS or FCL/Payplan and let one of their advisers go through a financial statement with you. Their advice is free, totally confidential and implies no obligation to take the advice. Give them a ring - I am sure you will see there is some light at the end of the tunnel.