How can I Manage My Money better?
Some simple steps...
- Sit down and draw up a list of all your expenses ether weekly or monthly which ether is easiest for you, don't miss any payments out as this will not help you.
- If your expenditure is higher than your wage/benefits/pensions payments, Action is needed, you may benefit from a debt management plan.
- See where you can cut back, is there payments coming out for services you no longer need or use fully. i.e. Gym Membership, Cinema Club & Book Club etc.
- Make sure you only pay for what you actually need and use.
- Now you know how much money you receive and spend you can now start to budget your money better...
- Prioritise your spending... We all prioritise things differently but: Debt secured on a car or property is first along with mortgage payments and Rent.
- Managing your money using a separate cash card like a LINK PRE-PAY CARD will help you manage your money. Only put a fixed amount on the card per week and that is all you can spend you must stick to the budget.
- Try not to carry cash as if you have it you will spend it.
- Use a price comparison website like gocompare.com To switch suppliers for Gas, Electricity, Mobiles, Insurance, banking etc
If all else fails...
Debt Management Plan.
If you are still
struggling to find enough money each week to pay your bills, credit
cards, loans, HP agreements, you may benefit from a Debt management
plan; A Debt
Management Plan is a scheme that can help you pay back your debt at a
rate you can afford. This is an informal arrangement between you and
your creditors. You will make one single, affordable payment each month
to the plan and all your creditors will be paid from the plan. You will
stop receiving telephone calls, letters in the post and threats of further action against you.
Your creditors will see you are trying to sort out the financial
problem and they will work with you by stopping charges and in most
cases they will free the interest too.
IVA
If you owe more that £15000.00 an Individual Voluntary Arrangement (IVA) may be better suited.
- Write off all the debt you can't afford
- Prevent or stop legal action - including bankruptcy
- Government legislation that helps you clear debts in 60 months
- One lower affordable monthly payment
IVA stands for Individual Voluntary Arrangement. It is a legal and government approved method of resolving debt that avoids the consequences of bankruptcy. If you owe over £15,000 to three or more creditors and can't afford to meet the repayments then an IVA through our IVA Partner can set you on your way to becoming debt free.
Bankruptcy
Bankruptcy is a good option for very unmanageable debts.
- With immediate effect all of your creditors will stop contacting you.
- Solution to clear all of your debts within 12 months.
- Legally binding option to write off the debt you can't afford.
If you feel your debt is out if control and can see no way of repaying it then it may be worth looking at the option of Bankruptcy. We can assist you with our bankruptcy expert partner this will ease the burden of completing the necessary paperwork.
Still not sure what to do?
Speak to one of our Friendly Experts.
If you have any questions regarding Bankruptcy or possible alternatives, just simply fill in the opposite and one of our friendly experts will contact you.
Problems with debt? Need to re-finance? We'll put you in contact with people that can help.
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Debt Management
Debt Management Plan
A Debt Management Plan is a scheme that can help you pay back your debt at a rate you can afford. This is an informal arrangement between you and your creditors. You will make one single, affordable payment each month to us and we will distribute this between the companies who you owe money to.
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IVA
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for five years, after this time any remaining debt is written off and classed as settled. An IVA can write off anything up to 75% of your debt.
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Protected Trust Deeds
Protected Trust Deeds
A PTD is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for three years, after this time any remaining debt is written off and classed as settled. A PTD can write off anything up to 85% of your debt.
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Remortgage
Remortgage
A remortgage (also known as refinancing) is the process of paying off your mortgage with the proceeds from a new mortgage using the same property as security. Homeowners may choose to remortgage for various reasons, including to reduce the size of your monthly repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.
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Loans
Loans
If you have a poor credit rating or are experiencing problems obtaining credit then it may be worth looking at loans offered to suit these circumstances. There are still options to help you get the credit you need. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances, we can get you back on track.
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Debit & Credit Cards
Debit & Credit Cards
Pre-Paid cards ether debit or credit do not require any proof of income, so they are a quick and easy way to benefit from the convenience of a card without the risk of accruing debt, They work in much the same way as a pay-as-you-go mobile account. Load the card account with money & it can be used as you would any other debit /credit card.
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Bankruptcy
Bankruptcy
Bankruptcy is generally a last resort when it comes to debt solutions. If you are unable to repay your debts then Bankruptcy may be worth considering. A bankruptcy order will prevent your debt increasing and will technically give you a fresh start regarding your debts. It is very important you consider all options available and seek professional advice.