Newspaper article Evening Chronicle (Newcastle, England)

DEBT MATTERS; Advertisement

Newspaper article Evening Chronicle (Newcastle, England)

DEBT MATTERS; Advertisement

Article excerpt

Shaun Renwick, of Alnwick-based debt management company Debtaid, offers expert answers to commonly asked questions about debt.

Q: I feel worried and embarrassed about the scale of my debt. Should I be? A: The most important thing to keep in mind if you are worried about your financial situation is that you are not alone. Many people out there share your concerns and there is plenty of help available.

Debt is usually caused by a change in circumstances outside your control. If you lose your overtime or have your hours cut this will naturally reduce your ability to pay for outgoings. Sickness or injury may also affect your earning ability. Whether it's you or a family member who is ill, the time off can badly affect the amount of income you can generate.

Whatever the cause of the debt, you should not let personal embarrassment get in the way, or keep the problem a secret, but treat it in a business-like fashion. Your creditors have lent you money as a business proposition and you should treat the repayment of debts in the same way.

Firstly, carefully calculate the repayment you can make. A lot of people offer what they think the creditor would accept, but this is the wrong way to deal with the creditors. Stick to the figures and only offer what you can afford. This will take all the guesswork out of talking to your creditors, as there will only be one set amount to offer them.

It's so important to get help and advice if the worry is too much for you. If you do feel embarrassed, most helplines will give you advice without having to know your name. Keep on calling for advice until you are completely happy with what you need to do to sort out the problem.

Worry and embarrassment tend to grow over time so the sooner you make the first step to reorganise a debt the better. If you have not reorganised your unaffordable debts yet, get cracking. …

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