 | | SEE ALSO | | Find out how a local credit union may help you save or borrow money
More stories about community organisations in Devon | | | WEB LINKS | | Hey BIG SPEND£R!
| | | BEATING DEBT | | If you ignore debt, it doesn't go away. In fact, you could end up in court, lose the goods you've bought and find it difficult to get credit in future.
If your mortgage gets in arrears, you could even lose your home.
Even if you're only a little bit in the red now, it's surprising how quickly debt can build up and how long it takes to clear. If there's nothing left or if you're spending more than you bring in, it's time to examine your expenditure and cut out some luxuries.
Alternatively, can you boost your income by taking on some part-time work in the evenings?
If you've lost your job or are off work because of illness, check whether some of your bills are covered by insurance.
Contact your lenders, creditors and anyone else sending you red bills as soon as possible. The earlier they know about the problem, the more sympathetic they're likely to be.
Explain the problem and try to come to some arrangement about repayments. They probably won't write off the debt but they might be willing to accept smaller repayments over a longer period of time. | |  | | PRINT THIS PAGE | | | View print friendly version of this page.. | |  |
| | Can't resist a good sale? It's easy to spend past your budget with the credit options available these days.
Many of us use credit cards and store cards to make purchases and how often have you been tempted by an offer of "Buy now. Pay later" or of interest free credit?
But if we're not careful this can quickly turn into a nasty pile-up of debt.
Fear not, help is at hand as part of the BBC's 'Hey BIG SPEND£R!' campaign.
Here we've pulled together some useful links to organisations that are willing to help solve your problems.
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Having difficulty paying a fine? Before having to appear in court, contact the Fines Office on 01752 292599 or 292600
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From the BBC
Hey BIG SPEND£R!
See the BBC's brand new website dedicated to the campaign for advice on reducing debt and controlling your spending.
There is a free phone line for information on the Hey BIG SPEND£R! campaign. Call 0800 88 88 09.
Cashwise
This free publication from the BBC will help you make the most of your money and understand some of the difficult language of personal finance. Simply call the freephone number 08000 934 934 for your free copy.BBCi Your Money - the best place to start for tips, expert advice, knowledgeable resources and unbiased info. Watchdog - Guide to Credit - visit the A-Z archive of investigative financial reports from the series.
BBC OneLife - help and advice on debt and credit for the younger generation from the BBC Radio One.
External Links
Citizen's Advice Bureau - Advice Guide, up-to-date, independent advice covering a wide range of topics.
Moneyfacts - UK guide to financial products including mortgages, savings, life assurance and pensions. Moneynet - an independent overview of the products available in the personal finance sector. Moneyextra - highlighting finance-based information, news and advice.
UK Insolvency Helpline - a network of lawyers and accountants specialising in money advice to help solve debt problems Experian - the UK's leading credit reference agency provides consumers & businesses with information on credit ratings.
BEATING DEBT | Take a long hard look at your finances:
Nail them down to the absolute minimum you can spend for the next few months. Give yourself a limit to live by.
Consider cutting up your credit cards:
This will rid you of the temptation to spend more. While you're at it, freeze any transfers to savings accounts - and make debt repayment your priority.
Make simple cutbacks to save money:
For example, don't buy rounds of drinks that will clobber your wallet; cut down on little luxuries like going to the cinema, taxis and fags; choose the canteen instead of pricey sandwich bars; and become a bargain hunter in the supermarket.
Be brutal:
Four or eight savage weeks are better than six months of half-hearted cutbacks - and the quicker you pay your debts the less interest you'll pay.
Examine your spending habits:
Once you are back in control, work out what caused you to overspend in the first place and how to stop it happening again. The obvious actions to take include keeping a lid on unnecessary spending, curtailing your borrowing habits and living within your means.
Keep a record of your spending:
If you're serious about beating debt, log all your incomings and outgoings. You don't have to be anal and record every last penny, just look carefully at your finances once a month and have a major review annually.
Remember:
Small debts are easier to deal with, so if you've just started descending the slippery slope towards debt, now's the time to do something about it.
| Advice from BBC OneLife Finance |
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