smaller payments | Refinancing


Posts Tagged ‘smaller payments’

Where can I turn for debt help and advice?

January 21st, 2011

Where do you turn for advice when your debts have got out of hand? It’s something many of us will wonder at some point in our lives, and it’s important to take action fast if you find yourself in this situation.

As a rule, if you find yourself struggling with debt, you should contact your lenders immediately to explain the situation. They’ll want to help you – after all, it’s in their interest as well as yours that you find a way to repay your debts.

In some cases, you might be able to come to some kind of alternative agreement for repaying your debts. They may allow you to make smaller payments – or even make no payments at all (known as a ‘payment holiday’) – for a while, to allow you to get your finances back on track. Just make sure you understand all the potential consequences before you agree to anything.

However, if you can’t come to an agreement with your lenders, it’s time to talk to a debt adviser. In fact, many people choose to talk to a debt adviser first, so they feel as well prepared as possible when they contact their lenders.

How can a debt adviser help?

It’s a debt adviser’s job to help you find the best way of clearing your debts.

This doesn’t always have to mean a change in the way you repay your debts. Your debt adviser might be able to help you spot areas in which you can cut back to make ‘room’ for your payments, or they might help you draw up a budget plan so you can run your finances more efficiently.

Or your debt adviser may be able to recommend a debt solution that could help. There are debt solutions designed to help with almost any kind of debt – even if you don’t think you’ll ever be able to pay your debts off completely.


Editorials , , , ,