Debts and what you can do.
Over the last decade the tide has turned in relation to debt and thanks to a clampdown on interest charges and more onus being placed on creditors to become more responsible in terms of lending and treatment of their customers we have seen a sharp decline in the number of people approaching us for help in dealing with ‘Pay Day’ lenders. Now this type of lender does still exist, however, due to better regulation of the industry, ‘Pay Day’ lenders are becoming more responsible and are being held accountable for their actions.
Throughout 2018 we have witnessed a massive overhaul of the benefits system as we once knew it and this has been replaced by Universal Credit, families are struggling to make ends meet whilst they are waiting 5 weeks for their first payment and many are experiencing a reduction in the overall income coming in to the household as a result. Combine this with rising costs of food, fuel and necessities and it’s easy to see how families can quickly fall in to debt whilst trying to cover the costs of essential day to day spending.
We are now seeing an increase in families coming to us for help because they cannot pay their rent and have fallen in to arrears, they haven’t paid their council tax because their budget just does not allow for this expense, they are accessing clothing banks to provide school uniforms and shoes for their children and they are relying of the goodwill of charitable organisations to ensure their children have gifts to open on Christmas morning and a warm dinner over the festive season.
So what can you do if you are experiencing financial difficulties? In relation to your debts, there are many options available to you, from payment plans to Bankruptcy and everything inbetween. When you approach an organisation such as the Citizens Advice Bureau, your creditors will be more willing to give you time to sort out your issues. We can ask for contact from creditors to stop for a period of time to allow us to apply for all additional money that you may be entitled to and allow us to work with you to figure out what is the best solution for you to help you deal with your debts. We do not charge you for this or any subsequent service that you receive from us and are therefore receiving free and impartial advice. If you have debt worries that are keeping you awake a night, please do not hesitate to come and see us.