Identifying that you’re in debt
Being in debt can be a stressful experience and it’s not uncommon for it to put relationships under a lot of strain.
However, no debt problem needs to be permanent and there is always a solution available to avoid this nerve-wracking experience.
Do I have a debt problem?
There may be certain triggers that could identify if you are struggling with money or require financial help and advice;
- Do you run out of money before the end of every month?
- Are you worried about bailiffs?
- Do you not know how much you owe?
- Do you fear your property may be repossessed?
- Do you ignore bank or credit card statements?
- Do you seem to spend more than you have coming in each month?
If you answered yes to any of the above questions, then it sounds like you are struggling with debt management and could benefit from some financial advice. However, there are actions you can take which can immediately put you on the right path to a debt-free life.
Getting out of debt
Start by opening those letters you’ve been avoiding and go through your bank statements.
Document exactly what you are spending each month on essentials and bills.
Make a note as to how much money you owe and to whom. From here, you have a good starting point by knowing exactly where you stand and how much you are overspending by each month.
In order to reduce your debt, create a budget for yourself based on your calculations.
If there are areas in which you can make savings, whether this is through a cheaper energy supplier or simply cutting out that extra take-away each month, adopting money-saving tips will help you to spend less.
Then, look for ways to earn more. Check whether you are entitled to any additional funds with a benefits check-up.
Protecting your assets
Your assets are important, and not just for financial reasons; they are your personal belongings acquired over many years.
This is why, when there is the threat of these being taken away, it can be an incredibly distressing experience.
It’s important to know what your rights are in these situations and what the best plan of action is to deal with these problems swiftly. Read our guide to Bailiff Law and what to do when you’re faced with House Repossession for help with debt collections.
Get help with your debt problems today
PayPlan provides expert, impartial & confidential advice & affordable debt solutions.
Help with debt problems
If you’re struggling, it’s important to remember that you are not alone, and there is help available. If you’d like advice for your debt problems, PayPlan can offer free debt advice and help you to create an affordable debt management plan to help rid you of your financial troubles. Call PayPlan free on 0800 316 1833or use our Debt Help Form to submit your debt problem online for free Debt advice.