Debt Advice - How we can help reduce your worry about debt
Whether or not your unsecured debt (i.e. personal loans, credit cards, store cards, overdrafts etc) is the typical UK average of £22,000 or not the fact is that the worry you have about it is something you could do without. You may be worried about meeting the minimum month payments required but then there's also the issue of paying off the debt itself. Don't worry, there are well trodden paths that will help you to overcome your debt problem - the key thing is start doing it today!
How to Free Yourself from Debt |
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You have a Debt Problem if .... |
If your debts are modest then you may be able to turn the situation around yourself.
But, if your debts are large or you don't want to deal directly with your creditors then you may need independent help . How we can help you
- Debts of £1,200 to £50,000+ (where you owe money to 2 or more creditors) - consider our Debt Management programme. Call FREE to discuss your options and set up your simple plan to get back in control.
- Debts greater than £15,000 then you could also consider an individual voluntary arrangement (or IVA). IVAs have a number of advantages over being made bankrupt (more info).
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- Are you paying the minimum or less on any of your credit cards each month?
- Do you struggle to find the money to pay your bills on time?
- Are you paying late fees?
- Are you using credit to live on?
- Have you received a court summons about a debt?
- Have you received a letter about bailiffs visiting your home?
- Has a debt collection agency contacted you about an unpaid bill?
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Debt Reduction Solutions - Things to do yourself & Specialist Help |
| 1. Temporary/Modest Debt Problems |
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2. More Serious Debt Problems |
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If your debts are modest in relation to your net monthly income then you can probably manage to turn the situation round yourself - the key is
to set a budget, to economise and to stop spending on things you want but don't need.
You could also turn to using only cash - cutting up your credit cards means you can only spend when you have the cash. Focus on paying off your
debts as fast as you can. Look to lower the cost of any debt you have - debt consolidation loans
can reduce your monthly payment, and if you have a mortgage look to remortgage at a lower rate.
Key Actions
- Set a budget (you must not spend more than you earn) - economise wherever you can. There are many ways to quickly reduce your household bills.
- Generate extra income, if you can.
- Spend only cash - don't use credit cards. Prepaid cards could be very useful to you.
- Consolidate expensive debt (e.g. credit cards) into a single lower rate loan
- If you have a mortgage look to remortgage to a lower rate (remortgaging is the biggest single money-saving activity possible)
Having reduced your monthly expenditure to below your income you can start to pay off your debts with your surplus income.
But you will have to deal with your creditors yourself. Consider a debt management plan if you want to avoid this. |
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If your debts are more significant and you answered "yes" to a number of the questions
above then the actions suggested for the modest level of debt may not be sufficient to solve your debt problem. You will need to take
other positive actions towards debt reduction.
A chronic debt situation is if there is no prospect of your surplus of income over expenditure ever being large enough to reduce your debts.
Options
Don't panic! You can still take control of the situation. Your options are as follows:
IVAs have a number of advantages over being made bankrupt (more info). |
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