How we can help
We understand that it can be difficult to manage loan repayments, especially in a period when you are struggling financially and trying to juggle essential costs such as childcare and household bills.
Studies suggest that those struggling to pay their debts are over more than twice as likely to suffer from mental health problems such as depression and anxiety. Keeping your head above water may seem daunting and sometimes impossible. However, even in what would seem the most challenging of circumstances there are steps you can take towards tackling debt. We work together with our members to help them reach their financial goals and get them to a place where they feel on top of the challenges presented by debt.
Things you can do
- GET ORGANISED – Create a simple monthly budget to plan your expenses.
- BE DECISIVE – Make a decision on which debts should be paid off first.
- BE IN THE KNOW – Gather information to find out who and how much you owe.
- MEET THE MINIMUM – Try to make the minimum payment.
- UNDERSTAND THE LENDERS – Check your credit report and also identify inaccuracies.
- BE REALISTIC – Assess your expenses and decide realistically how much you can pay.
- KEEP UP TO DATE – Make sure contact details are up to date for lenders.
- BE OPEN – Don’t hide. Seek advice from not-for profit and reputable organisations.
Getting the right advice from reputable not-for profit organisations is an important and useful step to take in ensuring you begin to manage your debt. There are many companies offering Debt Management Plans – and other so-called solutions – that seek to profit from your financial difficulties; we urge you not to fall into this trap. Here are some reputable organisations that will give you independent advice and help you manage your financial difficulties:
Stockport Council https://www.stockport.gov.uk/debt-advice
Citizens Advice Bureau https://www.citizensadvice.org.uk/debt-and-money/
National Debt Line https://www.nationaldebtline.org
Step Change https://www.stepchange.org