Redundancy and Debt
UK advice charity the Citizen’s Advice Bureau recently warned they are expecting more enquiries for debt help as a result of redundancy. The number of consumers affected by redundancies has certainly increased and there is a lot of speculation about how the UK will fare for job losses as it tries to shake off the recession. If redundancy is likely to or already affecting your ability to meet debt repayments, free and confidential debt help is available to help ease the strain.
Take Back Control After Redundancy
Many people affected by redundancy and debt simultaneously feel under strain, particularly if they have dependents at this time but there is help available. Redundancy can involve a feeling of things being suddenly out of your control. It might therefore help your perspective to understand that in fact, this is the perfect time to begin to regain some control over your finances. Contact Debt Options for free and impartial expert advice on 0800 234 3605. You can send an email to Debt Options by clicking here if you prefer to do so rather than calling. No matter how you are feeling about the situation, Debt Options staff are trained professionals providing expert, empathetic support with appropriate debt solutions.
Look For Help Online
You might like to have a look at some of the different legal debt solutions explained on the website to help you feel more confident before discussing your case (but do get expert advice for your precise circumstances):
a. ‘Debt Management Plans’
b. Residents of England, Wales & NI: IVAs
c. Scottish residents: Trust Deeds
d. Residents of England, Wales & NI: Bankruptcy
e. Scottish residents: Sequestration
Don’t Feel Afraid of Your Debt
If you are facing redundancy and debt, it might help to know that debt problems affect people from all walks of life, especially during the more challenging economic cycles. Charity Credit Action released figures for September 2010 showing that 1,666 people were made redundant daily and one person was declared insolvent or bankrupt for just under each and every 4 minutes around the clock. In these uncertain times, it can help to understand that there are always debt solutions for unexpected situations - such as losing a job you had every reason to believe would sustain you for years to come. Even without a regular salary, there are legal mechanisms which exist to protect consumers from the prospect of ‘never-ending’ debt.
Some people might be tempted to try to ignore debt repayments if they cannot meet them, hoping their situation improves soon in order to ‘take up the reins again’ and tackle it all then. This is actually a very damaging strategy for you - even if you do not have a salary coming in, it is vital that contact is made with creditors to avoid exacerbating the situation. Instead, do talk to our team to access free, confidential debt help. You may find you do not need to enter a formal debt solution at this stage in time and gain advice on alternatives. And should entering formal debt solutions be the best option, you will receive expert advice on how to smoothly arrange and complete it.
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