The present economic plight has seen far higher numbers have to come to terms with debt. The Citizens Advice Bureau has certainly had to deal with growing numbers contacting them for debt advice.
The CAB is great for face-to-face advice. They now have over 3,000 centres across the UK aided by an army of volunteers, many of them specialising in the field of debt. If you do go to them for help, they will ask you to compile a list of your creditors as well as your incomings and outgoings. Then you can make an appointment with an advisor. They will go through the information you have provided as well as any other data you give them right there and then and then advise you as best they can including assessing whether it’s possible that your income may be raised.
You may feel that you have covered everything but it may be that there are benefits you are entitled to that you weren’t aware of or it’s even possible that you’re paying too much tax. You then need to equally assess your outgoings and see if there is anywhere you can save. The next step is prioritising your debts starting with those associated with you basic living needs. So you’ll start by looking at mortgage or rent repayments, council tax and bills. Credit cards, personal loans and any other form of unsecured loan are at the bottom of the list. They will arrange repayments on your behalf to send to creditors to ask them to hold off whilst a repayment plan is being calculated.
You will work together with your advisor to agree on a figure to count as your disposable income. With that figure together with your basic living expenses, you can work out a figure that can be paid to your other creditors.
Another option is the Consumer Credit Counselling Service who received somewhere in the region of 1,500 each and every day.
Find sympathetic, confidential and up to date debt advice online.
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Tags: debt, Personal Finance