If you take action you can help yourself - if you don't you will never be in control of the situation.

1. The first and most important step to take is to acknowledge that you have a problem and seek advice from your accountant as insolvency law can be complicated.
   
   
   
2. Talk to your creditors - if a payment to them is going to be late - tell them.
   
   
   
3. If you can't pay a big bill - consider offering instalments.
   
   
   
4. If you do offer them instalments make sure you can afford to keep them up though.
   
   
   
5. Don't threaten your creditors with the idea that you might go bankrupt, or become insolvent. This is overused as a threat, and does nothing to build a relationship.
   
   
   
6. Give preference to those creditors who would cost you most in the long run. Secured creditors, who might have your house on the line, or essential suppliers such as electricity, gas, telephone.
   
   
   
7. Don't be threatened yourself - don't be bullied into paying Peter at the expense of Paul. The harder you are pushed by a creditor the more likely it is that they are aware that they are in a weaker position than other creditors.
   
   
   
8. Detail everything in writing, and get written agreements to any offers you make. Keep records of any phone call, dates, times and details, so if you need you can prove that you did renegotiate agreements.
   
   
   
9. If you are still sinking seek further help from your accountant. You are not alone out there. We can almost certainly guarantee that your problems have been dwarfed by someone else in the past.
   
   
   
10. Finally if you get court or official papers react quickly.