Dealing with Debt
Dealing with debt can be stressful as demand letters arrive and pressure mounts. It can often seem there is no way out but talking to a friend, Rural Support advisor or professional can help. Often when people come to CavanaghKelly they realise things aren’t as bad as they seem and there is a way to work through financial difficulties.
The first step in dealing with debt is to understand the cause and how the debt has built up:
- Are you overspending?
- Was there an unforeseen fall in your income?
- How many creditors you have and how much is owed to each?
Some key steps
When dealing with debt it’s important to keep in contact with your creditors. Don’t ignore phone calls or letters – tell them you are getting help and don’t over promise. Most people will be understanding if you’re honest with them. If you’re worried about contacting your creditors ask someone for help.
How can CavanaghKelly help?
Once the causes of the debt have been established and any initial pressure from creditors relieved, the next step is to look at how the debt will be dealt with. Our team can help.
We will review:
- Your monthly income and expenditure
- Your assets and liabilities
- Any financial support available from family or friends
This will help guide you towards a solution, there are several options available including:
- Informal offer to creditors
- Individual Voluntary Arrangement
- Bankruptcy
What's next?
No matter your level of debt, provided you have a willingness to engage with your advisor and creditors there is always a solution. You must be prepared to make the required lifestyle changes; whether it be selling an asset or reducing your expenditure, acknowledging the need to change is often the first step.
At CavanaghKelly we have a specialised team of advisors who can provide clear and concise advice specific to your needs. Whatever the problem we are here to help relieve the pressure, and to find the solution to put your financial difficulties behind you.
Contact us now on 028 8775 2990 for a free consultation.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.