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Where
Am I - Debts
Advice
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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 ie: 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, contact
your local Citizens Advice Bureau
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