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Advice and Information on Where to Seek
Debt Advice, How to Manage Existing
Debts
and Restore your
Credit History...
For many people in the UK, debt is becoming a serious issue. 'The credit crunch' and the current financial climate, including the dip in the housing market have left many |
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people in a state of panic, wallowing in debts and unable to find a solution to their problems. Fortunately there are people that can help.
Many agencies and independent advisors exist who can offer a helping hand - either to work out a debt management plan, obtain a consolidation loan or even write off debts, using government legislation to help deal with the problem. A quick search on Google will turn up many different types of debt advisor who may be able to help you with your particular problem. |
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Tips on Seeking Debt Advice:
Do: |
- Consider the motives of the people offering the advice - are they genuinely impartial or are they attempting to sell you a product or service? - check them out before you commit to anything - some products and services are for real - some are not - they may be trying to exploit your existing miserable situation or get their hands on your remaining assets - take the advice of friends and family on trusted sources for debt advice and services and also try truly impartial, free independent advice from agencies such as the Citizens Advice Bureau who can help you to formulate a debt management plan.
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| Don't : |
- Sign anything without checking it out - read the small print, ask questions, be suspicious - if something sounds too good to be true, it probably is.
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| Make sure that you check the interest rates on any balance transfers or consolidation loans you may be taking out - do the maths and make sure it's the best deal for you in the long term. If your credit history is poor you may be penalised by loan companies - see below for tips to improve your credit rating... |
| How to Improve Your Credit Rating |
- Check to ensure that you are on the electoral roll - this is the first port of call for most companies who are seeking to check that you exist - many people with bad credit or student loans actively avoid going on the electoral roll as a way of hiding from debts, but it will not serve you well in the long run - it is free to register - contact your local council for the forms - this will certainly improve your credit score over a period of time.
- Always pay your bills on time - it sounds simple but it is easy to miss a payment - make sure you plan ahead - keep a list of your direct debits and bills and make sure there is always enough money in your account to cover these outgoings - if you stick to the plan and keep your payments regular your credit score will steadily improve.
- Be aware that every time you apply for credit it goes on file and will adversely affect your score - don't apply for lots of credit cards at once in the hopes that you will get one - you will probably end up with nothing.
- Never lie on a credit application - discrepancies and inconsistencies will stick out like a sore thumb -
tow the line, think hard before you make any credit applications or skip paying important bills - if you manage to build up a good credit score you will be able to apply for things you really need such as a mortgage for a home of your own.
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