There are a number of things which you can begin to do that will lead to helping you when making arrangements to start managing and reducing your personal or business debt.
Below is a basic 10 point list that covers what you can start doing such as:
- Identify Priority debts for Urgent Payment such as Rent, Mortgage, Fines, Tax, TV Licence, Gas, Electric and Water.
- Calculate total debt.
- Identify consumer credit debts.
- Calculate total credit debt.
- List all money income – Can the income be increased?
- List all necessary expenses – Can the expenses by decreased?
- Can any excess Income be set against Priority debts?
- Provide the Priority Creditors with the Income and Expense details with payment offer.
- Can any remaining Income be set against Credit debts?
- Provide Creditors with the Income and Expense details with payment offer / request to write off all or part of the balance.
It is our aim to help wherever we can with helping private individuals and businesses reduce the burden which debt can have. If this is an area which you feel would need some further help with, please feel free to contact us