Debt Help

Signs that you’re heading towards financial trouble

Your financial health can be one of the most troubling and stress-inducing areas of your day-to-day life. It’s responsible for your quality of life, it impacts your relationships, and it guides the way that you take care of your family and the additional responsibilities that life throws your way.

When money matters get out of hand, it can often be through no fault of your own, however, it’s vitally important to take control of your budget and to get your finances back on track to avoid any unnecessary hardships and avoidable losses.

Help with debt is readily available, and you should never be afraid or too ashamed to seek it out. In the worst-case scenarios, it could be the difference between losing your home or your family, so isn’t it better to find out what help is out there before your circumstances become too bleak?

Most people will know when they’re stretching their resources further than they should be and an imminent battle to remain, or become financially solvent, is on the horizon. The sooner you’re aware that you’re slipping into difficulties, the sooner you can take steps to rectify the situation.

If you’re not sure whether or not you’re heading for financial distress, the following areas can help you recognise the severity of your situation.

  • Do you regularly feel stressed or anxious about your finances?
  • Do you run out of money before your next payday?
  • Do you repeatedly miss your bill payment dates?
  • Do you regularly fail to pay one bill in order to pay another?
  • Have you had any of your utilities cut off due to failure to pay for them?
  • Have you gone over your credit card limit, overdraft or other lines of available credit?
  • Can you only afford to pay the minimum amount required by your credit cards or other lines of monthly credit?
  • Are you continually juggling your debts from one credit card to another?
  • Is your credit card a regular source of financing instead of merely offering the convenience that it was designed for?
  • Have you ever used a cash advance on a credit card to pay the balance of another?
  • Have you started asking friends and family to lend you money?
  • Are your creditors chasing outstanding debts or passing them on to collection agencies?

How to deal with your debt

When you realise that your debt management is becoming a problem, it’s important to take action as soon as possible. The longer you put it off, the worse the problem will become. If you’ve only just started to miss some of your monthly payments, there are often simple steps to get you back on track. Getting help with your budget could outline where you’re spending money recklessly or needlessly, and it could also help you find ways to spread problematic payments and make them more manageable.

Examine your budget to determine the most troublesome areas The first thing you should do is to make a hard copy of your full budget. Tracking your income against your spending and expenses will give you a clear view of exactly what costs you face every month, and also an idea of the regularity of additional unforeseen costs, payments and surprise spending. With a more realistic budget mapped out clearly in front of you, it may offer clear areas where you can cut back until your finances are less taxing, giving you a chance to clear some of the debt that’s likely to tip you over your threshold.

You should examine what each of your debts costs; by their interest rates and the total spend over their full terms. If you can clear the most costly debts first, it could afford you additional freedom in repaying the remainder.

If you’re not sure where to start then consider using a budget worksheet or a debt option calculator to create a clearer picture of your finances for yourself.

Alternatively, a professional advisor can help you to do this. They will also go through the many debt management options available and which of them are the most suitable solutions in your personal situation.

Where can I find help?

Talking to a professional debt management service should be your first point of call when matters are becoming too difficult to manage. They can advise you on your complete range of solution options, which ones are the most appropriate to your situation, and also organise a credit counsellor or a Licensed Insolvency Trustee where required.

Our debt help team will manage all cases with sensitivity and understanding. We appreciate how stressful and difficult a time this can be for our customers facing financial problems, and the process of regaining control or removing problem debts can be an on-going and lengthy struggle.

We are always available to listen and to let you explain your situation. We will offer constructive and cost-effective ways to manage your situation and arrive at your best possible outcome. On completion, whether it be full repayment or the removal of your debts, we will provide you with opportunities to understand how better to manage your finances in the future, to build a structured and healthy financial independence, which will include assistance with you’re your monthly budgeting, rebuilding your credit ratings and managing future debt sensibly in complete control.

How we can help you with your debt

You’re on your way to resolving your debt problems, this is what will happen next.

Fill out the form and arrange a call back with one of our debt advisors.

We will then run through all of the options available to you and advise you on which is the best option for you

We will then help you put the debt solution in place that will help you get back on track