Debt Problems

OK it feels as if the world is against you, and every day you dread the postman coming. You need to make sure that you now take the right steps. We offer free advice on resolving your debt problems no matter how big or small.

If you would like a free call back having an advisor work out your best solution then use the contact form to the right or you can ring us free on 0800 970 2957. In the meantime below are some helpful tips.

Over-commitment
It is easy to become over committed; every time you sign up for a new service (for example, cable TV, gym membership, or a mobile phone contract), buy something on hire purchase or add to a credit card debt, you add to your monthly commitments. You are also increasing the chance of getting into uncontrollable debt.

Changes in circumstance
Another reason for over commitment may be a change in personal circumstances that leads to a drop in income – for example, if you:

• Lost your job
• Had an accident that meant you had to stop work
• Separated from your partner
• Divorced or separated from a partner
• Had a baby
• Death in the family

Any of these events could cause a drop in income and mean that you have to change your spending priorities. If something unexpected does happen, it’s important to review your budget as soon as you can.

Now its time to List what you owe

Firstly sort out exactly what you owe, and to whom you owe  (your creditors). You then need to put these debts in order of importance. The most important (‘priority’) debts aren’t necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don’t pay what you owe.