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Do's & Don'ts when dealing with creditors

Friday, 3rd January 2014

103-info-questionsImportant - Debtwizard's list of do's and don'ts when dealing with creditors.

The following do’s & don’ts may prove to be helpful when negotiating with creditors / lenders.


  • Communicate with your creditors as soon a possible and explain what the situation is
  • Whenever possible try to write to them rather than telephone so that there is a written record
  • If you do use the telephone keep a record of what was said and to whom and when
  • Keep copies of your letters, some local shops and libraries have photocopying facilities.
  • If you do not have surplus income at this stage write and request that creditors suspend any further action and freeze interest on your liabilities for a period such as 3 months after which it can be reviewed
  • Pay your priority creditors before your unsecured debts, such as mortgage, rent, secured, loans, and utilities. More on this here
  • Reply to letters from creditors promptly and enclose any documentation that supports your case, such as Doctor's certificate if signed off work, redundancy letter etc
  • Keep copies of all correspondence, including your letters to creditors, their letters to you and all your credit card and loan statements plus any financial statements you may have. These statements are sometimes referred to as a statement of affairs or a statement of means
  • Reply to any court summonses promptly
  • Attend court hearings with all your documentation and if possible have someone who is qualified to represent you
  • Above all be realistic and accept that there is a problem and it will only go away if you do something about it, either by dealing with it yourself or with the help of the agencies such as those illustrated on this site, free debt advice agencies.
  • Think about how you are going to pay your creditors, if you write a cheque and it bounces then you could well be charged around £35 or more by your bank for returning the cheque, what a waste of your money if this were to happen as this could have been reducing your debt instead of compounding the situation. Consider sending postal orders, available through your Post Office or using a repayment book issued by your creditor. Creditors prefer regular payments, even if they are small compared to larger irregular sums.


  • Be intimidated, threatened or bullied into making an offer or promises you know you cannot keep
  • Give up, if a creditor refuses your offer or to stop interest reaffirm your efforts, get them to give up!
  • Borrow more money to pay off your creditors unless you have taken professional advice to the contrary
  • Ignore the problem hoping it will just go away
  • Be frightened to ask for specialist help and advice, see who can help for free
  • If a creditor refuses your offer and is threatening legal action such as bankruptcy then take professional advice immediately, either from Insolvency Practitioners or Solicitors’.

Still need help?

If you feel you can't deal with it on your own then see the DebtWizard list of free debt advice agencies here.



For no nonsense advice just submit the short form and Mike or one of his team will get back to you.

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