You may feel like you are struggling to pay your debt and it can
often be tough to face up to the reality of your financial
Initially you need to sit down and go through your statements
and finances and work out exactly what you owe, who you owe money
to and what your living expenses are.
This will give you the information you need to put together a
budget. You will then need to prioritise your debts and pay the
most important ones off first.
You can find more information about prioritising
debt here >>
Speak to your creditors as soon as
You need to speak to the people you owe money to as soon as you
start having problems, this can be for your rent, mortgage, utility
bills or loans. Keep a record of all the telephone conversations
you have and the emails/letters you send/receive.
Most creditors will be reasonable if you explain your situation
to them. So get in touch with them as soon as you start
experiencing difficulties to see how you can work together to
improve your situation.
There is a lot of free and confidential advice available and you
don't need to pay a debt management company to sort it out for
Where to get free advice
There are various organisations who can offer you free debt
advice, help you prioritise your debts and help you negotiate with
Many also offer free debt management plans - they will help you
work out what you can afford to pay and come to an agreement with
some of your creditors about how much you can pay each month.
You can find a list of free debt advice
organisations here >>