Debt do's and don'ts
Stop debt in its tracks
Who knows what the future
holds? A sudden change in circumstances, like losing your job or
falling ill, can put you in the position where you can’t afford to
pay the bills.
But this isn’t the time to bury your
head in the sand and hope it will all go away – it won’t. The
sooner you seek help, the easier it will be to solve the
Start afresh - do's and
- Get in touch with everyone you owe
and explain your situation.
- Complete a financial statement
(budgeting sheet) and send it to your creditors, i.e. the
businesses/people you owe money to.
- Get in touch with CCCS on 0800 138
1111, National Debtline on 0808 808 4000 or another source for free
- Try to keep making affordable
payments to the people you owe money to.
- Be honest and realistic about what
you can afford.
- Keep copies of all letters and
statements you send and receive.
- Fill in all reply forms to court
papers and provide the court with all the facts.
- Attend all court hearings.
- Ignore the problem. It won’t go away
and the longer you leave it, the worse it will get.
- Borrow more money to pay off your
debts, especially from loan sharks or from people who charge high
rates of interest.
- Ignore letters or phone calls.
- Let your creditor threaten you into
making an agreement you know you can’t keep.
- Panic. Problems can be sorted out as
long as you contact the right agencies.