Sorting out your debts
If you have debts and are having problems managing your payments, it is important not to ignore the situation.
This is likely to lead to your total debt increasing, as costs, interest and other charges may be applied, especially if your creditor takes legal action against you to recover the debt.
We can help you to categorise your debts and offer guidance on how to deal with them. These may be priority debts (arrears of rent, mortgage/secured loan, council tax, utilities, TV licence, Magistrate Court fines); or secondary debts – unsecured loans, credit/store cards, catalogues.
If you have priority creditors and legal action is threatened we advise that you contact us immediately for advice.
If you have non priority creditors but are struggling to maintain contractual repayments to your secondary creditors or if you have already defaulted on payments, you may wish to consider negotiating affordable repayment offers directly with your creditors.
There are free resources available to assist you in this process:
Citizens Advice online
StepChange free debt remedy
Stepchange Debt Charity has been providing free debt help for over 20 years. They offer free debt management solutions, insolvency advice and a non-profit Equity Release service.
Try StepChange Debt Remedy, their free online tool. It offers a confidential budget assessment and debt solutions. Or, call 0800 138 1111 to speak to someone in confidence.
Money advice process
We can help you to look at your expenditure and prepare a financial statement that you can use to negotiate with creditors. We can also help with budgeting and making savings to make the best use of your income and make dealing with your debts more affordable.
Please contact us if you wish to discuss applying for bankruptcy or a debt relief order – we cannot act for you but we can help to assess your situation and direct you to an appropriate source of help.