“I’m not the sort of person who would ever end up in debt.”
I am sure a lot of us have probably thought that. You may have seen articles claiming you are only ever two bad months away from crippling debt and thought that can’t possibly happen to someone like me.
But as the cost-of-living crisis deepens, more and more people are finding any slack in their household budget has gone and there is only so much belt-tightening that can be done.
Would you be able to cover the cost of a new washing machine if yours gave up the ghost tomorrow, and still afford your skyrocketing energy bills?
In Debt Awareness Week (March 20-26), StepChange wants to drive home the message “debt can happen to anyone”.
The debt charity is finding that many of the people who are going to them for help now are experiencing financial difficulties for the first time.
It is important that people know there is help out there for people who are struggling and how to access it.
Debt never gets better by ignoring it so here are some ways to sort it out, even if you never expected to be in this situation.
How to get help dealing with your debt
The charity offers free support and resources for debt management online or over the phone in a free, simple, three-step process which helps you work out your budget, income and debts. They use this information to find a solution to your debt, set it up, and offer support however long it’s needed.
If you are a Warrington Housing Association tenant and struggling financially at the moment, we can signpost you to organisations that can help. Please speak to our customer service team as soon as possible if you are worried about not being able to pay your rent.
The Government-backed website has extensive information for people facing money troubles, including how to talk to the organisations you owe money to and even what order to pay your debts in. They also have excellent tools to help you on your way.
MoneyWellness offers to help if money worries are keeping you awake at night, through their free online Solutions Finder. You can give them a ring or book a callback at a time that is convenient to you.
The scheme, officially called the Debt Respite Scheme, helps people who are struggling to cope with problem debt. It gives respite from interest, fees, and court action to reduce stress and give you time to deal with your debts. This protection is available for 60 days or, if in a mental health crisis, for the duration of treatment plus an extra 30 days.
How NOT to deal with debt
Loan sharks
Under no circumstances should you be tempted to borrow from a loan shark. Stop Loan Sharks investigates and prosecutes illegal money lenders and provides support for borrowers in the UK. If you have borrowed from a loan shark or are worried about someone else, they can help keep you safe.
Avoidance
Ignoring a bad situation will only make it worse. It is absolutely vital that you take action on debt as soon as possible otherwise it will spiral out of control. Take reading this as a sign to do something today to begin your journey to a debt-free future.
