How you can beat debt
Debt is a problem that affects millions of people all over the world. In the UK specifically, over 8.3 million families are currently living in debt, with this often causing people emotional stress and anxiety as well as financial problems. In Newham, London, more than 20% of the people living in the borough are in debt, causing the area to be dubbed the ‘debt hotspot of the UK.’The good news is that no debt is unbeatable. Even if you’re laden with massive sums of debt that seem impossible to pay back, there are ways you can combat it and services out there which can help give you some space to breathe again. Read on for our tips on how to beat debt and get your finances back on track.
This one may seem obvious, but being aware of what you’re spending and how to minimize your outgoings is the first step towards beating your debt. Sitting down with a pen and paper and determining how much of your weekly outgoings can be cut down against your total income will give you a true reflection of your finances. Once you’ve done this, you’ll be aware of how much you can begin paying back.
Tackle your most important debts first
If you’re dealing with multiple debts then the first thing to do is work out which ones are the most urgent. Finding yourself in mortgage arrears can lead to you losing your house, and not paying debts owed from parking fines can result in bailiffs seizing goods from your home, so working out which debts need to be prioritized is imperative.
Find out what you’re entitled to
If you don’t ask you never get. You might be entitled to range of finances such as working family tax credits which can give your finances a boost. We advise that you get in touch with the Government to work out what you’re owed as this can bolster your monthly income and help you to pay off your debts quicker.
Seek professional help
Sometimes people are faced with truly insurmountable amounts of debt that are impossible to pay back with their own income alone. That’s where we come in. We know the laws around debt like the back of our hands and have helped hundreds of clients beat their debts since we were formed in 2011. In fact, our settlements with mortgage companies, banks and lenders have saved our clients over £83m in debt repayments over the years. The reality of debt is that, depending on your circumstances, you might only have to pay back a fraction of what you owe. Why not give us a call today to see if we can help get you back into the black?