Take Control Of Your Debts
Don’t wait until the new year, there’s no better time to get on top of your finances than NOW.
Get A Clear Picture
If you find yourself struggling to repay your debts, then the first thing you need to do is get a clear picture of your finances. This should include ALL incomings and outgoing, no matter how small (they all add up). This should give you an idea of exactly how much trouble you are in. There are often places where you can cut spending; we have seen cases where just cutting a store-bought coffee each day can be the difference between paying and not paying your debts – which then leads to charges, and further debts, etc.
Check Your Credit Report – For Free
Your credit report is an important tool for finding out exactly who and what you owe. And while all of the major credit report companies push their very expensive paid-reports, what they DON’T tell you is that they each offer a completely free version! They may not include all of the same information, and they tend to not look quite so good, however they do include all of the information you need.
- Credit Karma – which is Call Credit’s free service.
- Credit Club – which is Experian’s free service in association with Money Saving Expert.
- ClearScore – which is Equifax’s free service.
These are the three main credit-report companies in the UK, and each offer slightly different sets of data. But as they’re free, why not sign up for all three? This is the best way to get a complete list of your debts.
Take Care Of Your Mental Health Too
Debt doesn’t only cause problems for your bank account, it is also one of the greatest causes of mental stress (often leading to suicide) in the UK today. Fortunately, there are many organisations out there who can help. Please talk to them as you are sorting out your debts, it can be hard to talk to anyone about this, but these people are 100% on your side.
Here are some links to charities and some useful information.
Avoid Payday Loans
If, after you’ve taken the steps above, you’ve found that actually you can manage monthly, but just a small injection of money would help clear the charges, then a payday loan could be the answer you’re looking for. Unlike some other companies, we;re not going to tell you how evil payday loans are, they DO have a purpose, however they are often abused and this can lead to much greater debts, and many of the companies fully take advantage of this. However, if taking out ONE, SMALL payday loan, that you can payback at the end of the month, and this will see you get clear of debt for good – then contact a reputable payday loan company.
Should You Take Out A Personal Loan?
When it comes to debt, a personal loan is similar to payday loans, in that they are good in a small set of specific circumstances. If it’s simply the fees and charges that are dragging you into debt, but otherwise you can easily repay your basic debts, then a small personal loan to repay your debts, can be great, and lead you to just repaying one lender. However, we’ve found that those struggling to repay their debts in the first place, would also struggle to repay a personal loan. So make sure you have a proper grasp on your finances before considering a personal loan.
How About A Secured Loan?
A secured loan is, as its name suggests, a loan secured against an asset that you own, typical property. Obviously, taking out a secured loan to repay your debts is a risky plan, as it could lead to you losing your home if you cannot repay the loan. This should be the last option, and should be entered into lightly.
What About My Credit Rating?
This is something we get a lot, and don’t particularly understand – people who are struggling with debt, refuse debt help as it will likely affect their credit score…
This makes no sense to us, a credit score is only to show lenders how much they could lend a person. However, these people are already struggling to repay their current debts, so a further loan is only going to get them into further debt – and in turn, damage their credit rating.
Most debt solutions will negatively affect your credit rating as you are not meeting the terms of the agreement that you agreed to when taking out your credit. However, in the long run, it is a much better solution as your credit rating will improve as you get out of debt and repay your creditors (albeit not at the agreed rate).
Talk To The Experts
If you simply can not get on top of your repayments, you can’t go wrong with talking to the experts. When you contact Debt Assist UK, you will be talking to a small company who have helped thousands of people with their debt troubles. We have achieved (and maintained) Feefo’s Gold Service Award, which is an independent review service based upon genuine customers’ feedback. Although there may be fees for specific solutions, all of our advice is completely free of charge and with no obligations to use any of the services we may suggest.
As you can imagine, we’ve heard everything over the years. We understand that to you this is a completely insurmountable problem, but trust us, we’ve helped people in far worse situations than you.
Although we CAN do quite a lot without talking to you personally, legally we (and every debt solution company) MUST talk to you at some point. If you have anxiety about phone calls, please let us know and we’ll limit it as much as we can.
Complete The Form Below
If you want help with your debts, please complete the form below and we’ll get back to you in working hours (10.30 – 19.30).