Summary
Are your debts worrying you? There’s advice for people attempting to consolidate their mortgage repayments, credit cards and loans. They’ve heard it all before, so don’t worry it’s confidential.
Where can you go for advice with your debts? A great many people are gettting into a predicament with debt in the current financial slump. Citizen’s Advice has seen a marked rise in people enquiring after their help in connection with managing their loan repayments and mortgage arrears.
Another of free information when it comes to debt, the Consumer Credit Counselling Service is reporting approximately 1,499 telephone calls each day, with National Debtline saying their telephone calls are up at least 33.33 per cent.
If you have debt concerns, you’re not alone. Carry on reading to to discover how much help is available.
For personal contact, The Citizen’s Advice (CAB) has a wide number, well above 2,800, of Citizens Advice Offices stationed all around the United Kingdom. Their employees work on unpaid basis, with many of the offices having staff who specialize in debt.
If you ask them for assistance, what they will do, first of all, is to get you to compile a list of those you owe money to, what monies you have coming in and how much money you need to cover home costs. Equipped with these figures, you will then get an appointment to see an advisor. They will review everything with you, to see whether there is any way that your earnings can be increased.
Even though you may think you’ve dealt with everything, it is feasible that there are benefits you are not receiving or you may have been supplied with a wrong tax code and are subsequently paying too much tax.
You will then look together at the figures for outgoings to establish if there could be any savings made. They will explain how to prioritize your debts. The essential ones will be those connected with keeping a roof over your families head,for example homeowner loan or rent, together with your council tax and payments for heat, light and power. Debts like loans and credit cards which will not be secured on your home come at the end of the list.
Your adviser will mail you a ‘help pack’ containing letters for you to dispatch to the companies you owe money to.
Along with your advisor, you will assess your net income and create a repayment policy to be discussed with the firms on your priority list – Utility companies, local authority, landlord and mortgage company.
Residual money after these essential costs and the expense will then be spread amongst your non-priority group. The Citizens Advice Bureau (CAB) will always work with you to ask for the associated interest and charges to be frozen , but there are varying degrees of success with this.If the courts get involved, they will normally acknowledge a fair offer and rule in favour .
If there is any threat of repossession or court proceedings to recover debt, the Citizens Advice Departments will help you handle the proceedings.
