We are frequently hearing that if ever we get into difficulties with repayment of our debts then we should contact our creditors and discus the situation with them. It has always sounded like sensible advice since if you explain your circumstances then you can negotiate the best solution to avoiding repossesion or bankruptcy. Or so I used to think!

There has been a series of articles on the BBC website written by a young woman who became pregnant and then lost her job. She diarised her experiences with her creditors and her experiences are a warning to us all.

She approached all her creditors, explained her situation and explained that she had lost her work contract and had no income at all. She formulated a plan to repay her debts after her baby was born and she was able to return to work.

The result of her approaching her creditors was basically that they told her she should repay her debts and that they would take action against her if she wasn’t able to pay straight away. She got virtually no help or assistance at all and she was even charged to have a (required) interview with a financial assessor. The recommendations from that interview were totally disregarded by the company concerned because it advised delaying repayment.

I recommend everyone to read this whole series of articles. They are a warning to us all that creditors really don’t care about you. They are only interested in getting their money back and they would gladly destroy your life just so long as they get as much money back as possible.

Be warned and be wary of them. Reduce your debts and avoid taking on more. Borrowing money gives other people control of your life. They may not interfere with your life but only while you are able to make your repayments. If your circumstances change even though it was beyond your control, the banks will want their pound of flesh. They do not care about you and your family. THEY ONLY WANT YOUR MONEY.

Read the articles starting here and tell your friends. We all need to be warned about the way creditors can behave.Ã’ Debt Diary

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