How much money is africa actually in debt by?

Short Answer: More than $200 billion

Long Answer: Africa's massive external debt burden is the single biggest obstacle to the continent's development and to the fight against HIV/AIDS. The over $200 billion that African countries owe to foreign creditors represents a crippling load that undermines economic and social progress. The All-Africa Conference of Churches has called this debt "a new form of slavery, as vicious as the slave trade". – Africa Action

Moist: Get a grip! I'm not sure if your rascist or just ignorant but in what planet has Gordon Brown taken cleared Africa's Debt? Debt releif to date has been little more than a sick joke.

On an unrelated note our economy is f***ed up for lots of reasons, none of which has anything to do with Africa. I would take the opportunity to educate you but i get the feeling it would be a waste of both our time.

 

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The credit crunch is getting bad isn’t it?

 

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Will i be able to get my bank to lower the repayments on my loan due to the credit crunch? (uk)?

Hey yes there are a few options available to you:

Citizens Advice Bureaux: contact local department

OR

If loan is through a bank, they will have a financial difficulties department, whom you can contact through telephone banking. they are willing to compromise with payments if you explain your situation, the best thing is to contact your local branch a.s.a.p and therefore this will not interfere with your credit score, if the loan company understand your circumstances, they will give you a bit more le-way rather than running away from your problems. Need to ask anything else, just send an email. hope that helps waps x

 

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When the government takes over a bank, does it have to repay all the creditors of the bank?

 

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How do you pay off debts on a new look store card?

It depends on how much you owe.
But, I would definitely transfer the balance to a 0% credit card ASAP.
Virgin have one out at the minute that has15 months interest free – store cards tend to have about 20% APR which means if your paying the minimum payment each month – your really only paying interest.
You can apply online for a 0% card and transfer your balance easily.
Then – make the payments!!

 

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Is my car loan an unrecoverable debt under Consumer Creidt Act?

Under "statute of limitations" a debt such as yours is recoverable for 6 years – you are therefore still liable for the debt. It is likely that your debt has been passed to any number of debt collection agencies over the last 3 years and that your outstanding debt has increased considerably due to various "charges" being levied by said agencies.

If you have paid more than 2/3 of the outstanding amount, the creditor cannot seize your car (if you still have it), however, if you have paid less than 2/3 of the outstanding amount, the creditor can, and will seize the car. You will still be liable for any shortfall once the creditor has sold the car.

Some creditors will accept a reduced payment as a full and final offer but this is not guaranteed.

Best wishes.Auto finance is what I do for a living and I agree with the first poster to a point.

The statute of limitations varies by type of debt and which State you live in.

Regardless as new as this debt is your still liable for it and yes they can repossess the vehicle and if they do they will sell it at auction for far less then it's worth and come after you for the difference plus all fees for towing, storage, reconditioning, auction fees, interest and anything else they can think of this will amount to several thousand dollars and if you don't come to some arrangement to pay them they can sue you in court get a judgment and at that point attach bank accounts, garnish wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes.

All of this will show on your credit for the next 7-years making it very hard to get approved for any other types of loans without massive down payment, paying huge fees and State maximum interest rates.

I have posted a link in the source box so you can look up your State and see what the true S.O.L. is.

And to answer your question no your car loan is not considered unrecoverable under the Consumer Credit Act.This post only covers England and Wales.

Firstly you might want to check it was a credit agreement, I am not sure all HP is enforced under CCA1974.

You had a default notice in 2008. Even if this was the last collection notice on the account the creditor would have 6 years from that date to collect on the debt or obtain judgement.

A year is a short time, it is very likely the debt will be sold on to another company within the next 12-24 months at which point you can offer a short settlement. There is plenty of advice on how to do that on here.

From 2014, if there has been no collection activity on the account I would consider the debt "statute barred" unless they can prove otherwise by getting a court judgement.

 

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How do I tell my creditors that………..?

Go to the CAB as they will help you contact your creditors. They basically do the same job as a Debt Management company but for free, and since you wont be on a DM programme it wont affect your credit score as bad, although it will be affected in some way.Depends how bad your situation is but if not too bad then have you thought of transferring debts onto an interest free card, some will give an interest free period of 12 to 15 months and all you MUST do is to make the minimum payment each month. this will give you time to sort your own finances out and hopefully make some big payments to get your debt down before the free period runs out.If you do not want to negatively effect your credit score the sad truth is, you are going to have to make the payments. Do not tell your creditors that you cannot pay your bills! Going to a debt consolidation company is a bad idea if maintaining your credit score is important. Depending on how bad your debt is, there may be a way out.

Here are some ideas of how you can manage the interest rate problem:

1. Never be late with a minimum payment on any of your bills. Most card companies have what is called a "Universal Default" clause in your card agreement. This says that if you are late making a payment with them or even other bills like your phone bill, your rate can go to what's called the "Default Rate" which is typically 30% or more! Even if you can only make the minimum payment be on time with it. If you are late, call them and apologize with a reason why. Tell them you were on vacation or something and could they please forgive your late payment just this once.

2. Call your card company and ask for a lower rate. This might sound crazy but if you have a good history with them many creditors will happily offer you a lower rate either permanently or on a promotional basis for a certain number of months.

3. Find a 0% introductory rate card and transfer your higher rate balance there. It's pretty easy to find one of these and then the payments you make will be from the principle balance and you will not be charged any interest for the set amount of time. Watch out however, because any new charges you make on this 0% transfer card will be charged at the normal rate. You can get into real trouble with this because most card companies deduct payments from lower rate balances first. This means that any payments you send get applied to the 0% rate balance and the new charges you made sit there accruing interest charges, until you pay off the amount you transferred in the first place. If you do this balance transfer approach do not use the new card until you pay off the balance you transferred!

4. Make your minimum monthly payment this month and then divide that number by two and make bi-monthly payments every fourteen days after that. This will dramatically reduce the interest you pay over time!

Good luck!Financial advisors will tell you that, AS SOON AS you being having problems, to let your creditors know.

As them about any options or programs they may have for people in your situation, and whether you can work something out.

A friend of mine, who began having problems about a year ago, tried following that advice. His mortgage company said that they have programs if you're SIX MONTHS BEHIND, but this was BEFORE he ran into problems!

Long story short, he and his wife filed for bankruptcy protection, and only NOW does his mortgagor want to work with him, after filing to have the house excluded from the proceedings (they were also facing foreclosure). His response to their request: "Stick it where the sun doesn't shine!"A debt management plan would help you budget (dont pay fees, get a free one) but you still have the debt. Why not see if you could get them legally cancelled? The website www.bdebtfree.info can deal with it all for you. Once cancelled your credit rating is not affected.I'm afraid to say you credit score will be affected the minute you don't pay your bills or reduce the amount regardless of whether you let them know or not. All you need to do is write to your creditors and tell them about your situation and make an offer of payment and request they freeze interest. Make sure you enclose an income & expenditure statement.

You don't need to pay anyone for advice. You can contact the CAB or alternatively contact a non-profit making organisation such as national Debtline.

 

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Debt management. Is it allowed……….?

Keep in mind that a debt managent reduces your credit score drastically.
Some of these companies charge huge fees upfront, tell you to stop paying your bills.
They are trying to make the creditors scared into settling.
But in the meantime, your accounts are accumulating late fees, and interest penalties.
Some creditors do get scared, but some others dont.
Please do some research on these companies and what it does to your credit scores.
You might be better off doing this yourself.
There is nothing they do, that you can not do yourself.
Try getting a good book on debt repair from your bookstore – it tells you how to do all this yourself.
Without paying another company thousands of dollars in fees that they pocket.
Remember – no one works for free – they are making a fortune.
/Debt management can mean several different things:

STAY AWAY from any "debt management " program that involves debt settlement. Debt settlement is a risky tactic where you pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

Another option: entering a Debt Management Plan (DMP) with a non-profit credit counselor like CCCS (Consumer Credit Counseling Services). They can negotiate lower payments and interest rates. They do not negotiate settlements.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.

Please note that CCCS cannot perform miracles in situations where there is an overwhelming level of debt relative to your income/assets.

 

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What do you do if you have been made redundant and can't pay you credit debts?

Please, please, please, contact the CCCS – they are a charity who give completely free expert credit advice. They do much the same job as those debt agencies you see advertised, except they WON'T charge you a penny, at any time. They're really very very good and very well trained.

http://www.cccs.co.uk/

Good luck! HXCreditors can be so nasty sometimes! One thing you can do right now is not answer your phone or if you do talk to them tell them that you are experiencing financial hardship and that you do not wish to be contacting on the phone – only in writing. That's it and just end the call. You can call a debt settlement company if you want and they will try to settle that debt for about 40-50% of what you owe – but that would hurt your credit rating. Anyway, I wish you luck and hope you find some kind of solution.go to your local Citizen advice centre . they will have a money advise budgeting section that will contact your creditors on your behalf and get you a loan of 2000 to pay off all creditors and you will have only one monthly repayment that you can affordThe above answer is not correct.The CAB will NOT get you a loan to pay off your debts. They will help you with a debt management plan and can negotiate on your behalf. There are other organisations who may be able to help you too. Pay plan do a pay-link service which is really helpful if you are on benefits. Its going to be a long haul and you will need nerves of steel to deal with the phone calls from the creditors etc. Do you not have payment protection insurance on you bank loan? If so maybe you should think about using that.Creditors are a pain they are alright chucking money at us but when we get in to trouble they are a pain,The most important bills are your rent/mortgage council tax,gas and electric work out what you have left after these don't leave your self short and make a offer to these creditors even if its £5 a month.Don't take much notice of there threats.

 

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