Considering whether to seek Debt Advice

Created: 2019-12-11 12:00:00

There are many reasons why people get into debt. It is important to note that it is not always due to irresponsible financial management. Those who are self-employed can easily get into debt when they go through periods when they are not getting enough work to make ends meet, or they get sick and are unable to work. And then there are some people who get into debt because they spend more than they earn. The reason as to why you are in debt is irrelevant, creditors and lenders are not looking at whether you were sick, or you were unable to manage your money. This information isn’t on your credit file, all it says is that you have a low credit score. They are not going to ask you why you have a low credit score. Therefore, if you are struggling with your finances, it is important to get debt advice before things start to get out of control.

Why are People Afraid to Get Debt Advice?

One of the main reasons why people are afraid of debt advice is because they don’t want to face the fact that they are in debt. People with money worries tend to ignore the problem and hope that it will go away. They won’t answer phone calls, they won’t open letters and if debt collectors turn up, they won’t open the door. This is the wrong way to go about handling your debt. In actual fact, you will find that lenders are actually very sympathetic when you are honest about your financial situation and will work with you to find the most viable solution to your problem.

Is it a Good Idea to Seek Debt Advice?

Yes, it is actually the best thing you can do, a lot of people are suffering for no reason, they might not be able to see the light at the end of the tunnel, but an experienced debt advisor is typically capable of seeing things that the average person can’t. Not only that, but they know more about the system and will ensure that you have access to the help that you need. If you are going through employment issues, you may even find that there are certain benefits that you are entitled to which can help you pay off your debt.

It is important to remember that paying off the smallest amount towards your debt goes a long way. It is recorded on your credit record and potential lenders can see that you are making the effort to pay back the money you owe.

Final Thought

No matter how small the size of the debt, if you are experiencing financial difficulties, it is important that you get debt advice to assist you. The longer the leave it, the deeper into debt you will get, and you don’t want to get to the point where your creditors are going to the courts to get a judgement against you. A CCJ is like the final nail in the coffin, and once this happens, the majority of creditors won’t go near you.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk