The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at
TechCrunchPockit Loqbox promises to help the UK's 'unbanked' improve their credit scoreTechCrunchBuilding up your credit history or improving your credit score often presents somewhat of a catch-22 situation. You'll need to take out some form of credit to do so, such as a loan or credit card, but if your score is too low or your history too ...
YOUR MONEY-Perks galore rule the new economy of babysittingReutersPerks come on top of already record cash compensation - which is still rising. A 2017 UrbanSitter survey found that San Francisco sitters were bringing in the most money nationwide, at an average of $17.34 per hour – a 28 percent increase from five ...
The GuardianSchools are on a funding tightrope. They will inevitably fallThe GuardianAs the “beast from the east” makes its second appearance this spring, I am reminded of a conversation with a colleague when it first struck. In order to quieten our staff room moans about the weather, they pointed out that students in a Liverpool ...and more »
Transform magazineMortgage services company rebrands as the 'home of home ownership'Transform magazineTrussle, a UK- based mortgage service company, has launched a rebrand with the promise of making the process of home ownership a simple, stress-free and gratifying experience by using technology as a means to modernise the traditionally complex process ...
Have you met...
Latest Members:

mahmoud fawzy









Email this story to a friend:

Dealing With Your Debts:

Are you worried about how to cope with your debts? Here are some steps to follow which will help you.14-04-2009

First things first:

Work out exactly what’s coming into your household.

Work out what your regular bills are – the rent or mortgage, gas, electricity, phone, food etc. Don’t forget things like the water bill and the TV licence that you pay once a year. If you get paid monthly work out how much you need to put aside each month to cover the bills.


Is there anything you can do to increase your income? Perhaps you could take in a lodger or ask your adult children to pay towards the bills from their income. Check with you nearest advice centre that you are claiming any welfare benefits you are entitled to and that you aren’t paying tax that you shouldn’t be paying.  

Go through all your bills. Is there anything you can do to reduce them? Sometimes when you have the whole picture you can see where to make savings, but you may have already cut back as far as you can.

Do the calculations:

Subtract the amount you pay for your bills from the household income.

Add up the total amount of money you owe and make a list of all your creditors.

Get the priorities straight:

Work out which debts are priorities and must be paid. These are the debts that if they’re not paid could land you in trouble. If you don’t pay the mortgage your lender could repossess your home. If you don’t pay the rent you could be evicted. The gas and electricity could be cut off and you can be fined for not paying your council tax bills.

Make arrangements with these creditors to pay off the arrears by paying a little extra as well as your usual monthly amount. They will usually want you to pay an amount that will clear the arrears in a year to 18 months. Alternatively they may demand that you have pre-payment meters installed – set to a level where to pay for what you use plus a bit extra on top towards the arrears. If you can’t come to an arrangement you are sure you can afford and stick to get advice.

The rest: 

When you’ve done all that you will see how much, if any, is left over to pay towards your credit debts.  Divide that amount up so that you pay everyone in proportion to what you owe them. For example if half of your total credit debt is to one firm, offer them half of the amount you have left for clearing your arrears. If you owe another creditor a quarter of the total amount, offer them a quarter. Write to them all explaining the situation you are in, what your budget is and how much you can pay off the arrears each month. If they don’t accept your offers get advice.


Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks