Here is a self-help procedure that you can use if you are having difficulty in paying your bills.
FIRST ...
- AVOID BORROWING MORE MONEY TO REPAY YOUR DEBTS
- STOP USING ALL YOUR CREDIT AND STORE CARDS
- REDUCE YOUR REGULAR EXPENDITURE SO THAT IT IS BELOW YOUR INCOME
Follow these three steps to see the scale of your financial problems more clearly. Click the links to see detailed instructions for each step. You will find links back to this page when you have finished these steps.
- Step 1 – Make a complete list of all your debts
- Step 2 – List all your income and expenditure
- Step 3 – Consider ways of increasing your income or reducing your expenditure, then revise your financial statement if you can identify any changes you’ll make.
NEXT ...
With the above information, go to Options for dealing with debt at Adviceguide to see what options you have for dealing with your debts.
THEN ...
If you decide that you want to negotiate with your creditors, we provide further guidance on the following pages:
- Steps 4,5 – Negotiate with Priority Creditors (If you have any)
- Steps 6,7 – Negotiate with Non-Priority Creditors
- Steps 8,9 – Start Paying Your Debts
If you think a different option e.g. Debt Relief Order, Individual Voluntary Arrangement, bankruptcy etc is more appropriate then please contact your local CAB or another advice agency.
BUT ...
If you receive notice that Bailiffs are coming to visit you then seek advice urgently, from your local CAB or another advice agency.
Tips for Using the Templates
You can use the templates we provide to create and print letters, and to draw up a financial statement and calculate your budget with offers to your creditors on your computer. Tips for dealing with these additional documents are given here, and also within some of the templates.