A schedule of creditors often accompanies a statement of means. Together, they can be invaluable tools to help you clear your debts.
A schedule of creditors is a way for you to work out a payment schedule, which can be sent to your creditors along with a statement of means. When compiling a schedule of creditors, it's often advisable to approach your preferred or priority creditors first to work out a new repayment plan, in order to ensure that your most important debts are met.
How does a schedule of creditors and a statement of means help me?
When you write a statement of means - essentially, a record of all your income and expenditure - it helps you understand how much you spend on a day to day level. In turn, a schedule of creditors ensures that you know exactly how much you owe and to whom.
A schedule of creditors can ensure that you stay on top of your debts - and could prove vital if you're planning to make reduced creditor payments.
For more information on writing a schedule of creditors or getting debt help in general, call Legal Advice Helpline on 0800 612 3042 and we'll help put you in touch with a reputable professional who could give you the advice managing your debts