Coping With Debt

Do you need help coping with debt? Perhaps you have lost your job, or you can’t keep up with credit card repayments. There are several debt solutions available. Here are some hints to get by:

Speak to your Lender

Its vital that you speak to your lender as soon as you realise there is a problem.  If you can show them your income and regular outgoings they may be willing to negotiate a repayment plan – after all, getting the money back slower is better than not getting it back at all!

The lender may be willing to give you a payment holiday, where you do not need to make any payments for 3 months – hopefully enough time to find another job and get back on track.

Can the Government help?

Depending on circumstances, you may be entitled to unemployment benefit or housing benefit.

Do you have Insurance?

If your money problems stem from losing your job, you may mind that you have mortgage payment protection – you should check this with your bank. If you have debt with loans or credit cards, again they may be covered by payment protection that you don’t even know you have. A lot of credit cards come with Payment Protection as standard for a few pounds a month – many people end up needing it, and don’t realise they have been paying for it all along.