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How to deal with debts

If you are feeling that your debts have got out of control and you cannot face the monthly onslaught of bills to be serviced, then you need to tackle the problem head on.

Pretending that it isn’t happening and hiding away or destroying monthly bills will only exacerbate your situation. It won’t solve it and the problem won’t go away.

The good news is that by facing up to your situation and being pro-active can help.

First of all, contact everyone that you owe money to. Eg Your bank, a credit card company, your loan provider etc. Explain your circumstances. In most cases, they will try and come to some arrangement whereby they freeze any interest repayments and you agree a fixed, affordable monthly sum to repay them what you owe.

Contact your local Citizen’s Advice Bureau and also one of the free Debt Counselling organisations such as National Debtline. They can give you help, ad vice and support and may also be able to negotiate with your creditors on your behalf.

Do not approach a Debt Management or Credit Repair company as these can be ploy to encourage you to borrow more money via a debt consolidation loan.

Most importantly, stay positive, face up to your problem and get as much help and advice as you can. That way you will be able to slowly turn the situation around.

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