Deep in Debt and Needing Help

Here is an eMail that I received just last night

“From:
MRS L
name@hotmail.co.uk
Message:
Dear Sir, I have had a letter from Westcot Credit Service about the money I owe to the bank,, which is currently at £2,974.02. I am on benefits as I am classed as disabled . Due to the recent changes to the benefits system, my benefit has been cut to just under £72 per week, I cannot afford to pay the bank back in full, as they have asked, I am in financial difficulties, and probably it will get worse, now the winter is nearly here.Please can you give me some advice in this matter? I really don’t know what to do! Thank you for taking the time to read this email
Sincerely L”

Debt Can Be a Very Lonely Place

Being in debt can feel as though you are on your own. It can be incredibly isolating and make you feel helpless. You may feel like there is no way out, and that you are doomed to be in debt forever. It can be difficult to ask for help or advice, and it can leave you feeling overwhelmed. However, it is important to remember that you are not alone. There are resources available to help you manage your debt and get back on track. Talk to a financial advisor or find a reputable debt relief organization to help you create a plan to get out of debt and regain your financial freedom.

Start by Getting Free Debt Advice

Getting free debt advice from Citizens Advice can be a great way to get the help and support you need to manage your finances and get on top of debt. Citizens Advice provides free, independent and confidential advice to help people manage debt, understand their rights and responsibilities, and get the best outcome possible. They can provide information and assistance on a range of topics, from dealing with creditors to understanding debt options and how to make a budget. Citizens Advice also offers a range of other services, including helping to negotiate with creditors, providing assistance to access benefits, and offering advice on dealing with debt collectors. Whatever your financial situation, Citizens Advice can provide the support and advice you need to make sure you get the best outcome for your finances.

Dealing with Your Debts Yourself

If you have the strength, you can deal with debts yourself by dealing with your creditors. Start by contacting your creditors to explain your situation and ask for an arrangement you can afford. You may be able to negotiate a repayment plan that is more affordable or, in some cases, reduce the total amount you owe. Make sure to stick to any agreement you make and keep track of payments you make. It may also be helpful to create a budget or use a debt management plan, both of which can help you get back on track and stay on track. Finally, keep an eye out for any changes to the interest rate, fees, or other charges associated with your debts. With the right strategy and the strength to persist, you can take control of your debts and get back on the path to financial freedom.

Very Quick Strategy of Dealing with Your Debts

This is not a debt solution, but if you put yourself into a DIY Debt Management Plan, this will get the creditors to stop constantly calling you and sending letters. All you need to do is explain the situation to them and how much you are willing to pay them, till you come up with a better solution or have taken further advice. By doing a full financial fact find on yourself, you will know exactly how much you can afford to pay each creditor.

Do Not Delay in Dealing with Your Debt

Do not delay in dealing with your debt. Taking action as soon as possible is key to getting out of debt. If you wait too long, the debt can start to accumulate interest, making it harder to pay off. Furthermore, the longer you wait, the more serious the consequences can be. You may be subject to collection calls, damage to your credit score, and even legal action if you wait too long. Taking proactive steps to tackle your debt can help to avoid the worst of these consequences. Make a budget, create a plan, and seek help if necessary. The best way to deal with debt is to take action right away.