Debt - How to Manage It Better

Why not organise your debt and
manage it better?

If you have debt problems, the most sensible thing to do is to start arranging these matters and to get on top of the admin.

You need to find out exactly how much you owe and who you owe money to.


This will help you prioritise the start of managing your affairs.

Make a list of all your creditors. Note down how much you owe to each one. Then divide these matters into priority and non-priority.

The priorities are those with serious consequences should you fall behind on your payments. These include:

Any arrears on rent or your mortgage. If you get behind on these, your home could be at risk.

Unpaid utility bills – again if these aren’t paid, you may have your electricity or gas supply cut off.

Council tax, income tax or VAT arrears, arrears of maintenance to an ex-partner or children, including any Child Support you owe to the Child Support Agency. If you don’t pay these, then bailiffs could take your belongings and at worst, you could end up in prison or be made bankrupt.

TV licence arrears. If you watch TV without a valid licence, you are committing a criminal offence and could face fines.

These are the serious problems you should deal with first and foremost.

Other money matters are non-priority.

These are those you can't be sent to prison for not paying, but your creditors may take you to court for non-payment.


Following court action, if you still

don’t make payments, the creditor

can take further court action against

you which could result in bailiffs

removing your possessions.


Non-priority money matters include:

Credit card and overdraft problems, loans, hire purchase.

Student loans.

Money lent to you by friends or relatives

Some people are unable to successfully manage their own money matters and so seek advice from financial debt management companies.

Working with a such a management company will involve paying them a fee, but it can lift the stress and difficulty of dealing directly with various creditors from your shoulders.


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RELATED PAGES

Credit Card Spending Limits

Ideas For Working From Home

Go from Debt

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