When Is The Right Time To Seek Debt Advice?
If you're finding your debts difficult to manage
, you may feel you don't know when it's time to seek debt advice.
It's a difficult question, as deciding on the 'right time' for you will depend on your personality as much as your actual debts. Some people will seek debt advice as soon as they feel they are struggling with their finances, while others will wait until they are on the 'edge' of bankruptcy.
Before you go on to get professional debt advice, there are some things you can do to help your situation. For example you could create a spending diary to monitor all your outgoings. You might have heard this before but it really is a very effective way to save an extra bit of cash. The important thing is to stick with it for the full month, this will give you an extremely clear picture of your finances. Simply get a small diary and track your spends, review them after a month and pick out areas you feel you might be able to save some money. I have never once done this with a client and not seen some areas where money could easily be saved.
Is it ever too early to seek debt advice?
In general, it is never too early to seek debt advice. Basically, the sooner you take steps to tackle your debts, the easier it should be for you to clear them. If you talk your situation over with a professional debt adviser before your debts have the chance to get out of hand, you could be surprised by how easy it is to figure out a realistic, affordable way of clearing your debts.
For example, if you are finding it difficult to pay your utility bills and have fallen into arrears with your payments, a professional debt adviser should be able to offer you tips on how to clear your arrears - which might involve negotiating a repayment plan with your utilities provider(s), for example, boosting your income or lowering your expenditure in other areas.
Is it ever too late to seek debt advice?
Similarly, it is almost never too late to seek debt advice, even if your debt has already become unmanageable and you've reached a point where you can't keep up with your repayments. Although your debts may have been a lot easier to address if you had addressed them sooner, you may be surprised to discover how many options you still have available.
For example, a professional debt adviser may point you in the direction of a specific debt solution to help you repay your debts, like a debt management plan or an IVA (Individual Voluntary Arrangement).
by: Anthony Blakeman
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