6 Things You Can Do to Help Deal with Your Personal Debts
The current economic climate is proving to be hard for a lot of people – especially anyone affected by redundancy, divorce, ill-health or simply spending beyond their means.
Here are six things that will help your situation…
1. Get advice from an independent expert
As soon as you start to experience financial difficulties, speak to an independent, experienced professional.
Your Accountant or Solicitor will be able to recommend one (hopefully us). We would then work closely with them and you to sort out your problems.
2. Work out your income and expenditure
This is vital.
We can provide you with a questionnaire to help you do this. We will also be at the end of the phone and/or e-mail to help you with any queries may have.
Once you have this information you will have a clearer understanding of how much you have available to contribute to creditors each month.
3. Look to see where you can reduce your spending
Once you’ve got a clear picture of your financial situation you can start to see where you can reduce your spending. You may be able to quickly help your situation by something as simple as shopping at cheaper stores or switching a utility provider.
Be careful though. Don’t be tempted to cut back on essential items like house insurance.
4. Don’t believe everything you see in the adverts
Some companies claim to be able to fix all your financial problems without it costing you anything. Unless they are a charity, they will be charging you somewhere along the line. It might be well hidden, but it will be there somewhere.
5. Take action that will sort out your problems, not just put them off for another day
Having gone to the effort of addressing your financial problems, you should be sure that what you do will actually resolve your problems.
Too often we see clients who were persuaded to go into a Debt Management Plan and, many years later, they are still no closer to concluding their problem.
Also, be very careful of short-term loan providers. These often charge a horrendous rate of interest and can make your problems far far worse.
We can help you sort out your problems within a defined period of time. It could be using an Individual Voluntary Arrangement or even Bankruptcy.
However scary these may sound, they will give you a conclusion to your financial worries.
6. Be prepared for a struggle – but know that it will be well worth the effort
It is not easy getting out of serious financial difficulties. It is certainly not as easy as it can be to get into those serious financial difficulties.
However, once you know that you are properly dealing with the matter, you will find that you can:
- Sleep at night
- Open your post without fearing more bills
- Answer your phone without having to screen all your calls
- Plan for your future.