If you are having trouble paying off debts or even find that your situation is deteriorating, the world can be a difficult and lonely place, especially if you are being regularly chased for payment.
What can you do to protect your family? Take out a loan consolidating all your debts? Surely one loan is easier to handle than several? Are you contemplating selling your remaining assets, including the house, as you’ve fallen behind with the mortgage? Is filing bankrupt an option for you?
Nobel Thomas can help you pick through the problems and find solutions. Taking advice as early as possible often leads to a better outcome, and you need never face these problems alone.
A Nobel Thomas can help you with a wide range of debt issues, offering advice on how to control your spending and deal with the repayment of your loans. In simple terms, managing debt can be broken down into a number of logical steps.
Make a list of everything you owe – the people you owe money to are known as your creditors. If you owe money, you are known as a debtor.
Organise your debts in order of importance – the most important debts are known as ‘priority debts’. If you don’t pay these, serious action can be taken against you.
Priority debts include things like mortgage repayments, secured loans, rent, Council Tax, utility bills, taxes, and court fines. Non-priority debts include credit card and store card payments, bank loans, overdrafts and money you’ve borrowed from family or friends. You can’t ignore these, but you don’t need to deal with them as a first priority.
We can help you work out a budget – a weekly or monthly budget will show you how much you can afford to repay and where you can save money.
Get advice on the different ways to deal with your debts – there are many options for dealing with debts and it’s important that you seek independent advice from a trusted Nobel Thomas.
Talk to your creditors – once you know what you can afford to repay, talk to your creditors about your situation and what you intend to do about it.
If you need any assistance regarding managing your debt or even in filing for bankruptcy, please feel free to contact Nobel Thomas today.