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GUIDELINE – DEALING WITH DEBT
What can you do? When you have debts it is best to deal with things step by step. You cannot make an offer until you know what you can afford to pay. You don’t know what you can afford until you have worked out what you need to live on.
So what are the steps?
1) Check you owe the money. Just because you receive letters it does not mean that you owe the money or the amount you owe is right.
2) Work out what you need to live on so you can see what is left to pay the debts on your budget sheet
3) Make offers to the most important debts first. Some debts are more important than others because of what they can do. For example if you don’t pay a mortgage, you could lose your home. If you don’t have much money you need to sort out these types of debts first.
4) Having made arrangements with the important debts, you can now deal with the other debts you have.
5) Finally if you get taken to court don’t panic. You can still make offers and stop further action being taken against you.
When dealing with your debts remember · Keep in contact with the people you owe money to - they can’t help if they don’t know your situation.
· If the person you speak to is not helpful ask to speak to someone more senior
· Don’t ignore letters or phone calls - things will get worse not better.
· Don’t be pushed into making offers that you can’t afford.
· Don’t borrow more money without thinking about it carefully. It will usually mean a fresh lot of interest charges that will add to your debts
THE BETTER WAY TO HANDLE YOUR DEBT – GET THE PROFESSIONAL ADVISE FROM A QUALIFIED FINANCIAL PLANNER WHO WILL GUIDE YOU TO SETTLE ALL YOUR DEBT… NOTHING IS FREE SO YOU HAVE TO CONSIDER THE SERVICE CHARGES FOR THE ADVISE AND THE FINANCIAL PLANNING PROGRAM PROVIDED BY THE FINANCIAL PLANNER.
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