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DEBT
- Ten tips for getting out of debt
If you find that after being made redundant
you begin to experience financial problems, here are ten tips that may
help.
- First of all DO NOT PANIC and
DO NOT IGNORE THE PROBLEM it won't go away on its own accord
- Don't arrange to take out any further
credit. You will only find that you will get yourself into worse trouble.
- Make a list:
- Of all the people you owe money to
- How much you owe to each one
- What type of debt it is. This could be credit cards, mortgage, overdraft
etc. You should include companies even if you are up to date with your
repayments.
- Prioritise your debts listing those
that have a drastic sanction like repossession i.e.: mortgage arrears
(you will need to agree on repayments of these debts first).
- Work out the total amount of money
you will have available either on a weekly or monthly basis.
- Check to see if you are entitled to
any benefits. You may be pleasantly surprised.
- Work out your expenditure and see if
there is any way you can cut back but don't underestimate the amount
you spend on essential items like food and fuel.
- Subtract your expenditure from the
available money you have each month.
- Get in touch with your most important
creditors first and try and re-negotiate your monthly repayments. Split
any remaining money you may have from your calculations between your
other creditors.
- If you feel you can't cope handling
your debts yourself speak to your loacal Citizens Advice Bureau as they will be able to put you intouch with a qualified assistant.
Other Help Sites
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DG_125
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