We don’t do conveyancing, family law isn’t our thing and if you’ve just been arrested it’s also likely you’ll need to speak to another law firm.
Dealing with debt and financial worries, especially in the current economic climate, or just managing your finances at the best of times, can be a minefield of jargon and questionable advice.
It’s easy to try to ignore it but if you are in debt and finding it hard to cope, it's important to tackle the problem immediately. The longer you ignore it, the worse it will get.
The first thing to do is to sort out exactly what you owe, and to whom you owe it (your creditors). Then you need to put them in order of priority. The most important debts aren't always the biggest ones. The ones to prioritise are those where serious action can be taken against you if you don't pay them. These are called Priority Debts.
Priority debts are things like mortgage repayments, taxes, rent and payments ordered by a court. If you don't deal with these, there's a possibility you could lose your home or go to prison.
Non-priority debts are things like credit card payments, bank loans, catalogue repayments and money you've borrowed from family or friends. You can't ignore them, but you don't need to pay them as a first priority.
To work out what repayments you can afford, it’s essential to write out a weekly or monthly budget to see what you need to live on.
You should be realistic and honest about this so that you know that you can stick to it.
Your budget will show how much money you can afford to use to pay off your debts, but will also show where you can possibly save money.
All of this can seem very daunting or even depressing, but with the right help and expertise it can be a lot easier. Stonehewer Moss Solicitors have extensive experience in dealing with debt issues and will be pleased to give you a free initial consultation.