If you owe tax and can’t pay it, you need to establish a debt management regime to achieve a payment plan that you can manage. If possible, talk to an expert advisor who understands how the system works, knows HMRC’s operating procedures and has substantial experience of advising people in your position. HMRC has an entire section called the Debt Management and Banking department (DMB), and a professional will know exactly how this department works, and how to approach them. Continue reading
Did you know that being in debt can have a detrimental effect on your health? That financial worries play havoc with your psychological and physical wellbeing? According to Pamela White, head of Nedbank’s retail corporate card services, a number of international surveys confirm that money problems create an enormous amount of stress, particularly when they threaten your job, your lifestyle or your home. Continue reading
Summer is a time when most people are off on holiday, and attraction to buying new summer clothes and other items becomes somewhat of a necessity as soon as the sun starts shining. As moods begin to improve, wouldn’t it be nice to not have to worry about any debt over the summer? Find out how to solve your debt problems here in our step by step guide to a debt free summer. Continue reading
Choosing how you will get out of debt is the first step to taking back your financial life. There are two major types of programs that you may be able to consider if you are looking to stay away from bankruptcy. Debt consolidation and debt management are programs that may sound similar, but are in actuality very different. Here is a great video explaining answering the question of “What Is Debt Consolidation?” and here are some of the major differences that you can expect.
Are you struggling to meet your financial obligations? Would you like to get out of debt as soon as possible? Then you might have to use lots of different techniques to keep your lenders at bay. The advice in this article should help to make sure your finances are in order soon. You just have to take some of our suggestions and work out which will offer the best outcomes given your personal situation. Of course, you are not limited to the ideas on this page, and you should always research all the options before making your decision. Getting out of debt could take a heavy load from your shoulders, and it could also mean you have more cash to spend on your family.
Presuming you want to pay your debts off as quickly as possible, the chances are you will need to cut back on spending. We’ve come up with some ideas that should help you to do that. Take a quick read, and hopefully everything will become clear.
Now you’ve read our ideas about getting out of debt this year, we hope you will be in the best position to get things sorted. By following our money-saving suggestions, you could have a lot more cash to give to the companies sending those threatening letters. Just remember that consolidating your debt will mean you no longer have to communicate with them. Some people find that is the best option as it reduces stress.
However you decide to progress this year, you just need to keep working towards your goal. Once your debt has been paid, you should refrain from borrowing again. There is nothing wrong with waiting a while and saving to get the items you need. That was how your grandparents did it, and they seemed happy, right? We all need to steer clear of this new lending culture that has been created during the last couple of decades.
When you have money worryings hanging over your head, it can feel as though you have a massive black cloud following you. You need cash to do (almost) everything in this world, and that can mean that your financial restraints are a real burden. You might think that you can ignore your debt issues, but doing so will only make the situation worse than it is now. Instead, you need to work towards being debt-free in the future. Set yourself a target and work for it so that you know this hardship will end soon. Here are some surprising ideas that might help you get rid of your debts.
If you don’t have enough money to start paying off your debts, you need to find a way to increase your income. There are loads of ways in which you can make some extra cash at home. When you finish your day job, you might feel as though you are too sleepy to do any more work than you have done. That feeling is misleading. I bet you still have energy to see people and go out, don’t you?
Imagery via Flickr
If your friends tend to spend loads and loads of cash, this is a massive problem for you. When you go out with people who spend a lot of money, you will feel social pressures to do the same. Some people have the money to spend, and so don’t need to worry about budgeting. If your friends are always encouraging you to spend your cash, you need to ditch them.
Saving money does not mean that you need to stop having fun. You can still get out there and see people without breaking the bank every time you do so. You should look for some free activity groups so that you can meet people and enjoy your spare time without it costing you anything. You can find clubs online to join. Choose a club that suits your interests so that you can meet like-minded people.
What got you into debt in the first place? For example, if you had an injury and had to pay for medical fees, did that cripple your finances? If someone else causes your financial woes, you need to talk to a compensation solicitor as soon as possible. Much of the time, people think that they can’t file a claim against someone else. In fact, if someone’s mistake has left you with debts, they need to clean up the mess.
If you need to pay off a particular amount of money every month, you should make sure that the transaction is automatic. Set up a direct debit to pay the fee so that you don’t have to think about it at all. If you have to make the payment each time, you will find reasons to avoid doing so. If the amount comes out without you doing a thing, though, there is no way you can stop it.
These days, people seem to have more gadgets than they can use on a daily basis. From tablets to games consoles, there is a massive range of things you might have in your home. If you want to make some quick cash, you should get rid of the things that you no longer use. Look at each gadget in your home and consider when you last used it. If you can’t remember when you used a particular item, it means you won’t miss it when you sell it. You can sell these items for hundreds at a time so why wait?