How to organise your debt

If you are struggling with debt, the following recommendations can offer you a number of free tips on how to make things easier: Every debt which cannot be paid by you goes through a procedure. Therefore you must too follow procedures to manage your debt.

1: Make a List of your Outgoings:

It is important that you work out where and when the money will be leaving of your account. Make a list of all your outgoings such as credit cards, loans, utility bills, mortgage or rent. Make sure you write notes of payment dates etc.

Once this list has been created you then need to rearrange the list in a priority order, for example , Mortgage and council tax should be in the beginning of this list because they both have severe consequences should you miss any payments. Your list might look something like:

• Mortgage/Rent/Home loan

• Utility Bills - Gas, Electricity and Water

• Hire Purchase for your vehicle

• Council Tax • TV License • Repairs • Unsecured Lending - Credit Cards, Store Cards and Personal Loans. • Loan from acquaintances and kin

Overlooking any of these debts could lead to consequences and bear in mind that this is not a full list, and if you are struggling financially then we recommend that you contact a knowledgeable counsel. You can Contact our advisors on 08706090093 for free assistance and guidance

2: Work Out your Outgoings:

From the list that you hold drafted in Step 1, calculate how much you may need to pay to each debt and when it will fall due. You need to make sure that your earnings can deal with every one of these bills; if it’s unattainable it is crucial that you let your lenders know. Creditors are sometimes eager to organize some form of repayment if you are struggling to repay your debts. Nevertheless, if skipping payments to your lenders is a common thing, then you need to seek expert help and think about your choices to solve your problem .

Remember: do not ignore your debt problems. If you are discovering your monthly outflow is a strain on your finances then it is vital that you don't overlook your liabilities, as this will only lead to additional difficulties for you.

3. Write to each creditor showing them how much you can afford to repay on each debt based on your affordability. Please note this is guidance for you to deal with your debt problems, however reality may show that creditor’s are not willing to accept lowered payments from you. This is because they would normally follow a procedure whereby they pass your debt to a collection agency. If your debts are with debt collection companies we can help you please get in touch with us.