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Dealing with Debt

Mortgage Arrears or Difficulty with your Payments?

Are struggling with debt listed below are some of the organisations who offer free advice

Worried about your finances? Are you in debt – if you are you will be finding it hard to cope and it’s important not to bury your head and deal with the straight away - the longer you ignore your debts, the worse the situation will become.

Here our tips for sorting out your debts:
Make a List of Everything You Owe
Write a list of exactly what you owe and whom you owe it to. Then prioritize these debts in order of importance – the ones you should put at the top of the list should be those where serious action can be taken against you if you don't pay what you owe e.g. mortgage repayments, rent, taxes and payments ordered by the courts: if you don't sort these out, there's a possibility you could lose your home or go to prison.
Non-priority debts apply to things like credit card payments, bank loans, catalogue repayments and money you've borrowed from say family or friends. You can't ignore these, but you don't need to deal with them as a first priority.

Work out a Budget
Work out what you need to live on but be realistic and honest so you can set a budget that will work.
It will need to show how much money you will be able to afford to commit t paying off your debts.
The National Debtline provides a free self-help pack and leaflets, including help on how to work out a personal budget. These can be downloaded from their website or ask for them to be posted to you by calling their helpline.

You can also get advice on making a personal budget from Money Made Clear (provided by the Financial Services Authority FSA) there is also a confidential debt test which can offer some useful advice on what you should do next.

Talk to your Creditors
Once you have worked out your budget talk to your creditors about your situation and what you are going to do about your debt. Offer to pay each debt off at a sum you can afford – don’t pay more than you can afford to pay.
It’s really important once you have made these phone calls to follow this up with a letter confirming your conversation and what you have agreed.
It might be that you have nothing left to pay your non-priority creditors but you should still contact them and explain your situation – it might be that you are able to pay them sometime further down the line – but don’t make any promises you can’t keep.
Help and Advice
Lots of organisations provide free, independent advice on debt problems, you don't need to use companies that charge.
The following organisations will give you free help and advice:

Work out what you need to live on but be realistic and honest so you can set a budget that will work.It will need to show how much money you will be able to afford to commit t paying off your debts. The provides a free self-help pack and leaflets, including help on how to work out a personal budget. These can be downloaded from their website or ask for them to be posted to you by calling their helpline. Once you have worked out your budget talk to your creditors about your situation and what you are going to do about your debt. Offer to pay each debt off at a sum you can afford – don’t pay more than you can afford to pay.It’s really important once you have made these phone calls to follow this up with a letter confirming your conversation and what you have agreed.It might be that you have nothing left to pay your non-priority creditors but you should still contact them and explain your situation – it might be that you are able to pay them sometime further down the line – but don’t make any promises you can’t keep.Lots of organisations provide free, independent advice on debt problems, you don't need to use companies that charge.The following organisations will give you free help and advice: National Debtline
This is a free, confidential service that gives independent advice about coping with debt. You can get information online or call the helpline (9.00 am to 9.00 pm Monday to Friday, 9.30 am to 1.00 pm Saturday) Freephone 0808 808 4000

Citizens Advice Bureau (CAB)
The CAB offers free, confidential advice face-to-face or by phone. Most CABs also offer home visits and some give email advice.

Consumer Credit Counselling Service (CCCS) - Offers free counselling on personal budgeting and advice about using credit. You can call their helpline free on 0800 138 1111 (8.00 am to 8.00 pm, Monday to Friday) Community Legal Service (CLS) Direct.

Community Legal Service (CLS) Direct
CLS Direct offers free information about legal problems and can put you in touch with local advisers. You can get information online or call the helpline on 0845 345 4345 (9.00 am to 5.00 pm, Monday to Friday).

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