Our Key Tips for Managing your Money

Manage your finances and plan your budget so that debts don’t build up and take you by surprise. If you cannot meet your financial commitments, contact the creditor (the business or person you owe money to) without delay to discuss a repayment plan. When negotiating a repayment plan, be realistic about what you can pay- taking into account your other financial commitments.

Be honest with the creditor or debt collector about your situation. Keep copies of any letter you receive or send (and notes of any conversations you may have). Make sure you actually owe the debt.

Ask for proof (documents, account statements) if you think a debt is not yours or if you disagree with the amount demanded. If you have a problem managing your debts, rolling all your loans together into a single loan can be very attractive. But is this loan Consolidation, as it’s often called, really that attractive?

Unless you use consolidation to break the cycle of spending more than you earn and getting debt in the first place, then consolidation will be purely cosmetic, short-term operation to “fix” the problem for the time being. Talking to us at All Finance can help you sort out the best solution to your financial needs.