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Debt Advice
There is no such thing as an unsolvable debt problem. It might not be easy or quick, but there's always a route. However debts are urgent, they compound rapidly over time, and can spiral into trouble. The earlier you take them on, the easier they are to deal with.
Debt isn't just a finance issue, but one that feeds into all elements of your life, the solutions are wide and varied; whether it's cutting interest costs, budgeting or challenging the legality of your debts.
The following are a few ways to manage your cash and reduce your outgoings that are specifically useful for those with debt problems.
- Budget and Reduce outgoings - If you have debt problems then doing a budget is central, you have to get a handle on what you spend to future proof your finances
- Check your benefits - Any family with income under £66,000 may be entitled to some form of benefit
- Get help with the mortgage - There are three government schemes specifically to help mortgage holders who are struggling to make monthly repayments if you are eligible.
- Reclaim your charges – It is likely some of the debt has been made up of charges which have unlawfully been taken from you. If you have incurred bank charges for going beyond your limits in the last 6 years, you may be able to reclaim.
- Communicate with your lender - It's very important to get on top of debts as soon as possible. Don't default or miss payments. Talk to your lender about your situation
- Shift your debt to cheaper deals – 0% offers on credit cards make for very cheap borrowing options.
- Check to see if your credit agreement is challengeable - Any credit agreement signed before 6 April 2007 have to adhere to rules. If these are followed, you can challenge the enforceability of the agreement with your lender
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Last Updated on Wednesday, 09 November 2011 13:47
