Thursday, 30 July 2009

Top ten debt management tips

posted by debts.org at 04:15

Debt management, debt relief, debt solutions and financial planning to help you through the credit crunch are all available in cities throughout the UK, including London, Birmingham, Manchester, Liverpool, Leeds, Sheffield, Nottingham, Reading, Derby Northampton, Plymouth, Southampton and Burnley.

Before contacting a debt management company, to discuss unfair bank charges, setting up a debt management plan, claiming back mis-sold payment protection insurance or mortgage exit fees, look through the following information to help solve your debt problems:

1. It is easy to ignore mounting debt problems and credit card debts by either not opening your mail or throwing your statements in a drawer somewhere and forgetting about them. Take the bull by the horns and work out a proper monthly budget. Deduct all your outgoings and debts from your monthly income. If there is any money to spare increase debt payments on the debts with highest interest or secured loans such as mortgage. Identify the areas where you can cut back to reduce further debt.

2. Even if you debt problems at this stage are minor, cut back now on non-essentials to avoid serious debt problems in the future. Small changes which you may not have considered previously can have a major long-term impact on your finances. If you normally eat out during your lunch break at work for example, take a packed lunch instead. This could save you over £120.00 per month. And if you like a tipple after work with your colleagues, reduce the number of times per month you go out. And leave the credit cards at home.

3. Arrange internet banking so you can review your statements regularly and check what is coming in and what is going out. Check all of your direct debits and standing orders are correct and still need to be paid. If you are still paying out for gym membership you no longer use, and mobile phone contracts no longer valid, then contact the bank immediately to cancel payments.

4. Check your credit rating at least every 6 months to make sure there are no errors on your credit report. This can seriously affect your application for more credit in the future.

5. If you are looking for debt advice for credit card debts in London, Birmingham, Leeds, Newcastle, Sunderland, Nottingham, Reading, Leicester, Coventry, Hull, Wolverhampton, Preston, Peterborough, Stockport or any city in the UK, you can contact a specialist debt counselling company for help and guidance.

6. Always pay off more than the required minimum on your credit card debt. Mounting interest will make it virtually impossible to pay off in a reasonable amount of time otherwise. And cut up the card to make sure you are not tempted to spend more.

7. You can save hundreds of pounds a year by switching mobile phone companies, utility suppliers, banks, landline, broadband and by getting a water meter installed. If you are looking to reorganise your finances or you want debt help or debt advice from a specialist debt help company, contact debts.org for free guidance and help.

8. Once your finances are back in order, possibly with the help of a debt management plan which you can arrange in London, Leeds, Wolverhampton, Dudley, West Bromwich, Slough, Brighton, Gloucester, Exeter, Nottingham, Liverpool, Bolton or any town in the UK, you can start to look forward to a debt-free future.

9. Before cashing in any insurance policies you may have, check if there is a way to reduce your monthly repayments, as you may lose out if you have been paying in to any scheme for a long period of time. Debt management, credit card debts, debt relief and advice about mis-sold payment protection insurance, unfair bank charges and early payment mortgage fees can all be claimed back. Speak to a specialist debt help company who will give you free advice and help.

10. Save as much money as you can afford after you review your budget and clear your debts. If you are experiencing debt problems, credit card debts or if you face repossession or want to claim back unfair bank charges, payment protection insurance which was mis-sold or would like more advice about a debt management plan, in London, Leeds, Liverpool, Manchester, Birmingham, Burnley, Leicester, Hull or any other part of the UK, contact debts.org for free advice on: 0800 320 0923 or fill in the online form.

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