When you find yourself in debt it can be scary and daunting and you may feel like you are on your own. But there are people who are willing to help you and there is always a way out, even if it involves drastic measures such as bankruptcy. The worst thing you can do is keep it to yourself and pretend everything is ok. Burying your head in the sand and hoping the problem will go away is never the answer and will usually just leave you in more trouble than you were to begin with.
The main factor that stops people from admitting they have a problem is shame. The person in debt may feel like a failure and be embarrassed of himself for letting things get to bad. What they fail to realise is getting in trouble with money is easier than most people think and it really can happen to anyone.
If you are in trouble with debt then make the first move today to getting back on the straight and narrow and get in touch with someone who can help.
Debt Counsellors
Debt counsellors exist to help people who find themselves in trouble. They will not look down on you or criticise you. They will help you to find a way out that best suits you. They will help you go through all of your paperwork and bills to discuss where the problems began and what the best course of action to take. However be careful when it comes to firms that debt counselling firms that are tied to products i.e. loans as these will not always give you unbiased advice. Go to an independent debt counsellor who will give you individually tailored advice that will help you get back on your feet.
Find out whether an Individual Voluntary Arrangement could be right for you, what you might pay, and which alternatives could suit your situation better.
Try our IVA Eligibility Checker free, here on this site →The Citizens Advice Bureau
The Citizens Advice Bureau offer advice on everything and anything and is the perfect place to start when you find yourself in money trouble. The CAB can help put you in contact with people who can help. You can call in to your local CAB offices, ring them confidentially or go on the website for advice.
Your situation may be slightly different. ask a question below ↓ and our editorial team will reply with our advice.
Your Mortgage Broker
When people get into trouble with money, especially mortgage payments, they often find themselves too embarrassed to tell their mortgage brokers what is going on. This is the person who helped you get the mortgage, who saw you beaming when you bought your house. You do not want them to see the ‘mess’ you’ve gotten in to. But this is a mistake. Your mortgage broker can help you get back into the black by looking at all the options available and liaising with the lender.
Your Mortgage Lender
When you find yourself having trouble repaying a mortgage or loan you should contact the lender. If you explain your situation the lender can sometimes organise payment holidays to give you a break while you get yourself together. The lender can also look at consolidating your debts or changing products to make things easier for you. It is important you speak to your lender as soon as you start having problems without leaving things to get gradually worse.
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