Having carefully saved during your working life you had enough put by to bail you out of the first redundancy in late 2008. Nine months without work was difficult and it meant quite a few cutbacks in the household budget, but with some careful management and the help of the credit card in the final few months, you just about got through it before starting the new job.
18 months later and that horrible brown envelope hit your desk again, not only is the timing terrible – having really gone to town for Christmas 2010 – but this time round you’ve not got that financial cushion of rainy day savings.
The start of 2011 is going to be important for many job seekers and if the offers don’t start raining in quick, it won’t take long for those credit card and store card bills to mount up.
- So what can you do to stop you getting further into a mountain of debt?
A full and frank family discussion might be a good starting point to understand where your money is currently being spent. By creating a list of all of the household outgoings you can then start to identify what costs take priority (for example rent/mortgage, gas, water and electricity), those which are preferable (the internet for job searches) and those that are sadly luxuries (such as the all-singing all-dancing satellite TV package, subscriptions to 5 different magazines and an unhealthy habit of purchasing over-priced American coffee)
Once those initial cuts have been made, it is worth going through your bank accounts, credit cards and any small savings you do have to work out a clear picture of your overall financial situation. Having done this you are now in a position to explain your income and expenditure position to your creditors whilst also knowing how much you owe in total.
During what can be a difficult time, it is also worth taking a good look around the house to see if there are any unwanted or unused items that could be put to good use to bring in some household income. In the days of eBay, and other online sales tools, this can be a real money spinner.
Finally, look at what part time work you might be able to take on whilst you are looking for full time employment. With the best will in the world, it is hard to ‘work’ for 45 hours per week to find a job, so there are likely to be spare hours in the day to stuff envelopes, deliver local parcels or help out a local school or sports club. Any income that you can establish will help your situation and increase your options for repaying debts.
After completing your own financial review and having sold all the items you can bear to part with, you find that you still aren’t able to repay your creditors, then don’t worry, help is at hand! One free call to Lewis Alexander on 0800 018 6868 could be the start of financial recovery. One of our personal debt consultants will assess your individual circumstances before advising the best debt solution for you.
Rather than try and sell a particular debt product, our specialists will take time to consider the most appropriate solution for your circumstance, whether it be a secured loan, an IVA or entering into a debt management plan where Lewis Alexander will enter into negotiations with creditors on your behalf to try and reach a solution that is affordable for you. Many of our debt management clients find that they benefit from affordable monthly repayments.
- Remember, a personal debt consultants is only one free call away!
Contact Lewis Alexander on 0800 018 6868 to start your plan of action today! Our lines are open 24 hours a day and we will treat your call in the strictest of confidence.
