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Most people find talking to family and friends about debt help and their money problems difficult.
The truth is most of us struggle with our finances at some time, and plenty of independent and impartial advice is available about dealing with debt.
If you are finding paying your bills difficult, then do not feel ashamed because you are no worse at managing your money than millions of others.
The reality is the courts make around 1,600 debt judgments against individuals every day in just England and Wales, according to the latest Ministry of Justice figures.
Many people put off getting debt advice because they are embarrassed about their financial situation and feel some sort of stigma is attached to asking for help - but there is really no need to feel bad about your finances.
Common reasons for getting in debt
The typical person with debt problems took out credit when they had a regular income that easily supported the payments, then their life changed, often beyond their control.
Common reasons for falling in to debt include:
- Rising living costs have stretched your finances, making bills unaffordable
- You or your partner have suffered a long-term illness or disability
- Your salary has dropped because of losing your job, reduced hours or a job change
- A relationship has failed and your household income has dropped
These unavoidable changing circumstances pull the plug on the regular income a borrower previously enjoyed, leading to difficulties keeping up with the monthly bills.
Asking for debt help
This is the best time to seek help with debts - before the arrears start piling up and your creditors start legal action.
Many borrowers put the letters demanding money to one side and hope their finances will improve, but this rarely happens without some sort of personal intervention.
The first step to sorting out debt problems is recognising there is a problem and that you need outside help.
The fear is bankruptcy, sometimes called sequestration in Scotland, but this really is often the last resort for most borrowers and their lenders.
Debt advisers won’t judge you
A debt adviser will not judge you for how you manage your money - their job is to guide you through the options to deal with the problem that best suit your personal circumstances.
These options range from a debt management plan to trust deeds and sequestration.
Your debt adviser will look at your finances and discuss which solution is likely to be the best for you.
The decisions about your personal debt solution will depend on several factors, like:
- If you have any disposable income after paying your priority bills, like rent, the mortgage, utilities and other day to day living costs.
- Your credit history
- Whether you own any assets, like your own home
- The likelihood of you paying your unsecured debts within a reasonable time
Personal debt solutions
The key to dealing with debt is taking advice that is tailored to your personal financial circumstances.
Debt help does not come as a one-size-fits-all service, every borrower is different and needs a personal strategy to deal with their financial problems.
HJS Recovery helped me sort out my crippling debt problems with both professionalism and kindness. Never judgemental, they agreed a repayment with my creditors that I could afford and now I am completely debt free.
Mr B from Bournemouth
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Registered in England No. OC364606
