Finance

Debt counselling could be the answer to your personal financial problems. Maybe you've lost your job through ill health or been made redundant - the bills keep mounting up and you've no money to pay them.

The longer you leave the problem, the worse it is likely to get
Unopened bills don't disappear

STEPS TO TAKE

Cut down on any overspending
Prioritise your debts
Get specialist help
Don't ignore your creditors - try to negotiate terms with them
Work out what you can afford to repay

LOANS

Consolidation loans may help - but they are expensive
Your bank may also help you

DEBTS TO PAY FIRST

Mortgages - to avoid repossession
Council tax - failure to pay can lead to a court summons and prison

MORTGAGE ARREARS

Even if you are in arrears it may be possible to get a remortgage
This may well be expensive - but better than losing your home

REPOSSESSION

If the lender sells your home for less than you owe them they have several years to start chasing you for the balance - between six and 12 years
It is possible to negotiate a reasonable repayment plan