Millions of households are struggling with finances – and if you are one, just don’t forget you are not alone and there is some light at the end of the tunnel.
While plenty of advice is out there, no one can wave a magic wand to suddenly solve your debt problem s.
Ignoring the problem is the worst thing to do – so here are some tips about how to cope:
• No shame is involved – especially if your financial problems are not your fault because you have lost your job. Debt advisers will not judge you – they are there to help
• Don’t ignore letter and calls from lenders – they may reschedule payments, freeze interest and stop adding charges to your account if you explain the problem to them
• Don’t look at payday loans or more borrowing as a short-term fix. The likelihood is this will make matters worse and end up costing you fees you can ill afford
• Make two lists of all the money you owe – the first should be priority debts like your mortgage, and secured loans, tax and council tax and utility bills. The second should cover credit cards, store cards, overdrafts and personal un secured loans.
• Make another list of your income from all sources. Take the total of priority bills away from your earnings to give your disposable income – if your monthly debt payments on the second list come to more than your disposable income, speak to a debt adviser.
• Don’t try and sort everything out on your own. Discuss your finances with family, friends and an impartial debt adviser. Keep your lenders in the loop as well – it will pay off.
• Work out a repayment plan that suits everyone – but only within the parameters of your disposable income. Do not put you home at risk by missing mortgage payments to fend off creditors.
Sorting out debt problems offers no quick fix – a debt advice firm will have tips, ideas and solutions that you have probably not thought of to help, so listen to what they have to say.
They will help you tailor a personal financial management strategy and help you consider the best options for your personal circumstances.
—- ENDS —-
Notes to editors:
- Money Debt and Credit is one of the UK’s fastest growing financial solution companies.
- The company was founded in 2006 on the belief that every client has the right to appropriate financial advice. Since then we’ve gone from strength to strength and have helped thousands of people with a variety of financial solutions.
- We offer a range of services including Financial Management Plans, Loans, Mortgages, Full & Final Settlements, Bankruptcy, Investments and Pensions.
- Specialties: IVA s, Financial Management Plans, Loans, Mortgages, Trust Deeds, Full and Final Settlements, Bankruptcy
For more information or debt advice contact:
Money Debt and Credit
45 Clarendon Road, Watford, WD17 1SZ
Tel. 0800 16 999 46
Image: jscreationzs