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Finance
Debt
counselling could be the answer to your personal financial problems.
Maybe you've lost your job through ill health or been made redundant
- the bills keep mounting up and you've no money to pay them.
- The longer you leave the problem, the worse it is likely to get
- Unopened bills don't
disappear
STEPS TO TAKE
- Cut down on any overspending
- Prioritise your debts
- Get specialist help
- Don't ignore your creditors - try to negotiate terms with them
- Work out what you can
afford to repay
LOANS
- Consolidation loans may help - but they are expensive
- Your bank may also help
you
DEBTS TO PAY FIRST
- Mortgages - to avoid repossession
- Council tax - failure
to pay can lead to a court summons and prison
MORTGAGE ARREARS
- Even if you are in arrears it may be possible to get a remortgage
- This may well be expensive
- but better than losing your home
REPOSSESSION
- If the lender sells your home for less than you owe them they have several years to start chasing you for the balance - between six and 12 years
- It is possible to negotiate
a reasonable repayment plan