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Blog: How to deal with debt
2:37pm Tuesday 27th August 2013 in Opinion
If you're in debt, don't panic.
It can be easy to overspend, get into debt and feel overwhelmed.
It's important to do something sooner rather than later, because the problem won't just go away. Here are some tips on how to tackle money problems.
• Think carefully before borrowing any more money to pay off your debts – perhaps it is time to get advice
• If you have lost you job or are off work because of illness check to see if your payments are covered by payment protection insurance
• Check if you are eligible for any benefits and tax credits
• Make a list of all the money you owe (these are your ‘Creditors’). Don’t ignore calls or letters from Creditors but contact them to explain why you’re having problems
• List all the income and expenses for your household over the year. Be honest and make sure that the amounts are realistic
• Contact your Creditors, tell them how much you have available and see if you can agree a repayment plan. Make sure to tackle ‘Priority Debts’ first, these are the debts with the most serious consequences, like losing your home, having gas or electricity cut off, or owing Council Tax. Then deal with the non–priority debts. Remember it is never too late to get help and advice from Citizens Advice.
Advice from Cumbria Rural CAB is free, confidential and impartial. Contact the Windermere office by phone 015394 46464 for an appointment. The CAB has various outlets across South Lakeland and can also give advice over the phone.
Or if you prefer to look online, more advice is available here: http://www.adviceguide.org.uk/england/
Free, confidential advice and help is available from Citizens Advice on any aspect of debt, benefits, housing, employment and any other problems. If you don't need advice, how about becoming a volunteer or making a donation?
Not many people realise that the CAB is a charity - for details visit www.cumbriaruralcab.org.uk.
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