By reading this post you have taken the first step!!
Obviously it is difficult to write a blog specific to your case. You may have just missed one payment, debt collection agencies are call and writing, a warrant of execution has been served………oh the list can go on.
Everybody has their breaking point.
I would recommend that you treat the problem like a business, take time on a regular basis to address the situation and take steps to limit the damage that it can cause.
Seek Advice: There are many places from where you can get advice. When I say get advice, don’t just talk to the first one that comes up!!
I guarantee that some will say, you need an IVA, or go bankrupt etc. etc.
What you are really doing is gathering information, and learning about the different solutions that are out there.
Doing the wrong thing can sometimes be worse than ignoring them.
Post on a Forum: You can sign up anonymously onto a debt forum and ask your questions? You will receive a lot of advice I am sure.
Financial Fact Find: Do your own financial fact find her is a link to a pdf Fact Find. Or if you want an Excel version just drop me an eMail on the contact page. Be very honest when you fill out the Income and Expenditure.
Creditor Letters: Do not ignore them, or throw them away. Keep them, as some of them you will require at a later date. Reply to your creditors and tell them that you are in the process of sorting the problem out. This will also get you more time as you do your research.
Telephone Calls: This for some people is the hardest of all to deal with. Some people are happy to talk to the creditors, others just ignore the number when it appears on the screen, some change their number completely.
Prioritise your Debts: Important debts such as Mortgage, Rent, Secured Charges, Council Tax, Tax, Gas Electric etc are classed as priority debts. In other words you do not want to fall too far behind with these as there can be serious consequences.
The thing is, the longer you leave this the more difficult it is for you or someone else to sort out.
If you want you can Contact Me via the contact page on this site.