Well Kapil! If you find yourself troubled with debt do not panic as there are many solutions available. Equally, do not bury your head in the sand. Your debt if it has become a problem will not go away so you must tackle the problem head on before it gets even worse.

Consider The Following As Your Battle Plan:

1. It is good to talk. It is important to speak about your debt for a number of reasons. Debt is stressful and can damage your health as well as your bank balance. If there is no one close at hand like a family member or friend there are a number of charities who offer everything from counselling to more personalised debt management advice. Contact a free service for independent advice such as National Debtline or the Citizens Advice Bureau.
2. Prioritise. Meeting repayments on essential services like mortgage and utility bills should be your number one priority. Pay off credit and store cards with the highest interest rates first. Consider your priority debts first.
3. Switch your credit card balance or mortgage. Immediate help may be possible by switching and finding a lower interest rate. There are many competitive deals available these days.
4. Talk to your lender. Many companies are sympathetic to those who cannot afford their repayments. Recovering debt can be expensive and they are often willing to work out an agreement which could immediately ease your mind and save them the trouble of taking you to court. There is no reason why you cannot do this yourself. If in doubt take some independent advice.
5. Avoid extra charges. Some companies may try and charge you for legal advice and counselling. Insolvency practitioners may charge fees and unless you are careful you could end up with further arrears and a possible court action to contend with. There are many free support networks which offer free legal advice and other forms of help so seek them out.
6. Don not panic. Never be rushed into signing anything. If necessary have contracts checked by a third party before signing. Take responsibility and seek good advice.

Answered by Hemant Kumar , an ibibo Master, at 12:17 PM on November 24, 2008

If you find yourself troubled with debt do not panic as there are many solutions available. Equally, do not bury your head in the sand. Your debt if it has become a problem will not go away so you must tackle the problem head on before it gets even worse.

Consider The Following As Your Battle Plan:

1. It is good to talk. It is important to speak about your debt for a number of reasons. Debt is stressful and can damage your health as well as your bank balance. If there is no one close at hand like a family member or friend there are a number of charities who offer everything from counselling to more personalised debt management advice. Contact a free service for independent advice such as National Debtline or the Citizens Advice Bureau.
2. Prioritise. Meeting repayments on essential services like mortgage and utility bills should be your number one priority. Pay off credit and store cards with the highest interest rates first. Consider your priority debts first.
3. Switch your credit card balance or mortgage. Immediate help may be possible by switching and finding a lower interest rate. There are many competitive deals available these days.
4. Talk to your lender. Many companies are sympathetic to those who cannot afford their repayments. Recovering debt can be expensive and they are often willing to work out an agreement which could immediately ease your mind and save them the trouble of taking you to court. There is no reason why you cannot do this yourself. If in doubt take some independent advice.
5. Avoid extra charges. Some companies may try and charge you for legal advice and counselling. Insolvency practitioners may charge fees and unless you are careful you could end up with further arrears and a possible court action to contend with. There are many free support networks which offer free legal advice and other forms of help so seek them out.
6. Don not panic. Never be rushed into signing anything. If necessary have contracts checked by a third party before signing. Take responsibility and seek good advice.

Answered by Nagendra , an ibibo Master, at 8:14 AM on November 24, 2008