Redundancy Debt, Uk Debt Help, lost Job or been made redundant?

If you find that after being made redundant you begin to experience financial problems, here are some tips that may help you.

First of all DO NOT PANIC and DO NOT IGNORE THE PROBLEM it won't go away on its own. Don't arrange to take out any further credit. You will only find that you will get yourself into worse trouble. Make a list of all the people you owe money to, how much you owe to each one, what type of debt it is. This could be credit cards, mortgage, overdraft etc. You should include companies even if you are up to date with your repayments.

Prioritise your debts listing those that have a drastic sanction like repossession i.e.: mortgage arrears as you will need to agree on repayments of these priority debts first.

Work out the total amount of money you will have available either on a weekly or monthly basis.

Check to see if you are entitled to any benefits. You may be pleasantly surprised. Work out your expenditure and see if there is any way you can cut back but don't underestimate the amount you spend on essential items like food and fuel. Subtract your expenditure from the available money you have each month. Your disposable income is the amount left over.

Get in touch with your most important creditors first and try and re-negotiate your monthly repayments. Split any remaining money you may have from your calculations between your other creditors.  this is known as Self Debt Management or "Dealing Direct".

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If you feel you can't cope handling your debts, contact us free: 0800 018 6868

Submit your details or call our free debt helpline now and one of our trained debt advisors will call you back at your convenience.

This is a free, no obligation, confidential service and no sales person will call.