Do you know how to pay off your debts?
There are different options when it comes to reducing your debt. A recent article from The Times has indicated that people living in Britain will each account for £14,300 worth of unsecured debt. This tells us that more and more people are going to have to deal with managing payments, interest rates and the stress of it all.
One option when paying off debt is to manage it yourself and come up with a system in which you will be able to pay off all of your debt on your own. Depending on your debt level, this could be completely feasible. Another option is to get help from an advisory service. This is a better option for those with high debt levels who are finding it impossible to keep their heads above water.
For those who want to pay their debt off themselves, creating a plan is a must. You will need to evaluate your debts. Write down how much you owe, who you owe it to, what are you currently paying to each of these debts every month and don’t forget to note down the interest you’re paying on all of your debts as this will be a huge factor in considering whether you can pay this off with no other help – it all adds up.
Your next step is to evaluate your own income. Note down how much you earn every month and what your partner earns if this is applicable. You should also think about your monthly expenses and planning out a budget for these. This means you can estimate how much you have left over as disposable income. It would also be a good idea to factor in an amount for any emergencies here. You never know when you might need a car repair or to fix a broken pipe!
If after looking at all of this information you think you have enough to cover your debts with the interest applied, then great! Keep going and stick to your plan. If you’ve found that you might need some extra help, advisory services, like us, are here to help.
We can help you evaluate all of your debts and decide what you can afford to pay each month. If you would like to move forward with a debt solution, then we can pass you over to one of our partner companies who can set you up in a plan. You could even consolidate your debts into one monthly payment and with some solutions such as an IVA or a Trust Deed, you can write off up to 80% of your debt. This will all depend on your situation and income, but we can help you move forward with paying off your debts at a rate you can afford.
Asking for help isn’t always easy but it’s a step in the right direction for those who are struggling with their debt. Our advice is free and there’s no obligation for you to take any action so a call with our advisors is simple and easy. Call us today on 0141 830 0588 or find out if you qualify for a debt solution, here.