Personal Debt Advice
Introduction
All Service personnel are expected to manage their own financial affairs responsibly.
Such matters are usually regarded as private and personal, but in exceptional circumstances, where the level of debt has become so unmanageable that an individual might become a security risk, administrative of disciplinary action may be taken. Formal Service action would only be taken in cases of persistent and irresponsible indebtedness, as this displays lack of judgement and self-discipline.
Admitting that you are struggling and seeking help is an important first step towards resolving debt problems. It is important not to be embarrassed or ashamed to disclose all the debts and financial difficulties because ignoring the problem and not replying to correspondence will make things worse.
There are positive steps that can be taken:
- Stay calm and try not to feel guilty or afraid, even when threats are being made;
- Don't be tempted to borrow more money to pay off existing debts - this eventually creates more problems - without first seeking financial advice;
- Make a list of all creditors and debtors;
- Prepare a statement of your financial position, detailing your income, living expenses and other commitments, and the balance (if any) available to clear debts;
- Communicate with creditors so that they understand the situation - they will usually respond sympathetically to genuine problems once they are aware of them;
- Communicate with family and friends so that they can share your problems and work together towards a solution;
- Money problems often arise from or lead to family, health and emotional pressures and it is important to receive professional help for these problems;
- Keep going - clearing debts can be a long process but the end result will be worthwhile and will put you back in control of your financial situation.
For specialist advice email us via the Confidential Support Email Facility:
info@insolvencyhelpline.co.uk
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]