Many people do not realise the problems that mounting arrears can have until it is too late.
Obviously owing large sums of money is not a nice feeling to have and it is not just a financial issue either. Debt anxiety can creep into other elements of your life and cause you to become stressed or even depressed. Yet no debt problem is unsolvable and although there is not always a quick or easy solution, there is nearly always a way to get you out of financial trouble.
However, just because there are avenues of help, do not underestimate your money problems. Where possible, debts should be dealt with urgently as there is always the chance that they can easily and rapidly spiral out of control.The earlier you deal with your arrears, the less painful it is going to be to sort out.
If you are here then you recognise that you may have an issue and that is the first important step to wiping your financial slate clean and getting on with the rest of your life.
So, if you are fed up of credit card reminders, loan interest mounting up and extra charges from your bank every other day, then take a look at the options that are available to you.
There are a wide range of methods to ease your worries and start reducing the sum that you owe. These are diverse and varied; from reducing or freezing interest costs, straightforward budgeting, or simply getting one-on-one help from a qualified expert.
These options usually manifest in the form of government-backed initiatives and the right debt help scheme for you will depend on your individual and specific circumstances, taking into account your income, arrears and other factors such as your assets -things that you own. Debt solutions are also relevant to where you live, although the solutions are very similar, a Scottish resident would qualify for different solution compared to an English resident in a similar situation. But we are fully qualified to assess you for all the available solutions.
If you want to get out of debt we can usually help you in one of five ways:
1) Consolidation Loans
2) Debt Management Plans
3) Trust Deeds
4) IVA – Individual Voluntary Arrangement
These all have their pros and cons and if you are unsure which is the best one for you, we will be able to offer you some valuable advice.
Just remember, that although some tough budgeting may lie ahead, the benefits of getting out of debt will far outweigh these issues.
Soon, all the money that you earn could be yours and you can start thinking about some of the luxuries that you may never have previously thought possible.
Ever fancied accumulating your money in a high-interest ISA? Saving for your retirement? Treating your children? Even enjoying a relaxing holiday which is paid for upfront?
Then why delay? Start getting out of debt today.