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Introduction
Whether financial trouble has hit because of redundancy or ill health, or you simply overspent on credit cards, getting sound advice can be imperative. Many expats can find it difficult to cope with personal debts from another country owing not only to time differences but also the jobs people are typically involved in are very time consuming. One thing for certain is running away and not dealing with debts is not the way forward. Before looking for debt help it would be worthwhile considering the factors below.
Things to consider
– Don’t ignore debt. It won’t go away, it will get worse.
– Get independent advice before you are tempted to borrow money to pay off your debts.
– When drawing up a budget, be honest and don’t try to hide your debts. If you hide or leave existing debts out of your budget then the budget won’t help you clear your problem debts.
– Take it one step at a time and sort out your most important debts first.
– Keep copies of all correspondence you send and receive.
– If you arrange to pay back missed payments in instalments, make sure you agree to instalments you can afford so that you don’t break the arrangement.
– Don’t try to deal with this alone. There are independent organisations that can offer you advice and support.
Summary
If you’re worried about your debts, the sooner you get advice the better. Facing up to a difficult situation may not be easy but you are likely to sleep better once you have a plan of action. If you haven’t already done so, you should contact your creditors to negotiate for extended payment terms. Most creditors would prefer you to let them know your financial position. You may be surprised by how many are willing to let you pay over a longer period of time. Debts should be divided into categories – priority and non-priority. Priority debts include mortgage or rent repayments, loans secured against your home and tax – basically, those that are needed to keep a roof over your head, out of trouble with the tax man, and keep the lights on.
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