Having a growing mountain of debts to cope with can, understandably, prove overwhelming. It can lead you to feel that you will never get out of debt.
Unfortunately, burying your head in the ground and ignoring the issue is never going to make it go away!
Ignoring debt just makes the situation a whole lot worse. It results in charges for late payments, for instance, as well as interest. Then there are solicitor’s fees once the company you owe money to decides to take you to court.
Here at Faster Property Solutions we can help you manage your debt. Our team has been helping people stay in their homes since 2005. We look at your situation and suggest an action plan to sort everything out so you can have a fresh start. We can negotiate with your creditors for you and lend you money to sort out urgent deadlines.
Create a checklist for your debts
One of the first things to do when you come to manage your debt is to write down all your debts. There are 2 types of debts: the secured debts against your property (i.e.: mortgages, loans) and the unsecured debts (loans, credit cards, council tax, utility bills, bank overdraft, borrowing from family and friends). Once you’ve got your list, for each one, list the monthly payment, the day of the month payment is due, the balance and the interest you are being charged.
When you make monthly payments, make sure you adjust the totals of your debts accordingly. This is commonly referred to as a Debt Management Plan.
Arrange debts into priority and non-priority debt
Secured debts such as your mortgage, as well as utilities and council tax should always be paid off first since these are pretty much essential services that you need.
If you have a tax bill this should also be a priority but you could try and negotiate with HMRC to pay off a certain amount every month. If you have a car you may also ask to pay a reduced sum every month to your lender. Certainly, both organisations will appreciate the fact you have got in touch and are trying to work out a payment plan with them.
Next, focus on credit cards, store cards and debts with the highest levels of interest (which you will want to get down first in this section). Always try to pay off at least the minimum amount every month. It’s not unreasonable to ask a creditor if interests can be frozen, which can really help you chip away at those debts.
Set up a budget
Writing down every little bit of expenditure on a monthly basis will make you more conscious of how much you are spending and allow you to see if there is anywhere you can cut costs. This will allow you to pay off more bills. Certainly, writing down a budget will let you know straight away how much money you are going to have left to manage your debt that month.
Admit you need help
If you feel that your bills are getting out of hand and you will never get out of debt, then it may be time to speak to professionals such as ourselves or a government-funded scheme.
Helping you sell your home
At Faster Property Solutions we regularly help homeowners who are finding themselves struggling with debt – to the point of having the bailiff turning up at the door.
We have lost count of the number of times people have asked us: “Can you sell my house fast?” And of course, we can do that. But selling your home to a cash buyer isn’t often the best answer. It could make more sense to spend money improving your property so you end up with more. Whether that’s fixing a roof, improving the garden or even just redecorating, you will sell your home faster and get more when you come to sell. At Faster Property Solutions we can help you and assess the best improvements to make.
And of course, we can also help when you ask us to sell your house for cash. But we will do our very best to maximise the amount you can get from your home. Or, we can help to pay off your mortgage arrears so that you won’t have to face stressful court hearings or bailiffs coming to repossess your home.
We understand too that debt brings with it a high emotional cost. And that’s why, while helping you with your mortgage or repossession case is one of our priorities we also offer a Helping Hand service. When you contact us, we can put you in touch with trained professionals who can help you forge forward in the future without being once again saddled with debt.
It could be that you may benefit from a life coach or a personal development organisation. We can happily put you in touch with one of these individuals too if you feel it may be of benefit.
In other words, if you are sitting reading this with a whole pile of debts to deal with – particularly the threat of repossession – then act now. Pick up the phone or use the Live Chat function on our website to chat with us, we have been helping people in situations like yours since 2005. It could be the first step to feeling much better about your future.
You can find us at www.fasterpropertysolutions.co.uk or call us for free on 0808 169 7403.
