What to Prepare Before Getting Debt Advice ~WhatToPrepareBeforeGettingDebtAdvice

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Debt can be a real struggle; it can impact your whole life and your mental state. When you’re in uncontrollable debt, you should seek professional advice. If you have an appointment for debt advice, you’ll want to make the most out of the expertise and advice you are given. To do this, you should prepare before your appointment. Here are some tips to help you prepare for your debt advice appointment.

Your income

Debt advisors will need to understand your financial situation and how much you can afford to pay back each month to clear your debts. To help speed up this process, you should gather all documents related to your current income, investments and savings. If you have a job, you should gather several wage slips that can be used as part of your appointment. If you receive any benefits, take the details of how much you receive each month and for what purpose. In addition, bring information on any investments or savings you have, including any pensions or stocks you own. All of this information will be used during your appointment; in some cases, debt advisors may see areas where you can increase your income through additional benefits or freeing up money from investments. 

Details of your debt

It can be easy to lose track of your debts, especially if you’ve been ignoring them and hoping they will go away on their own. Before your debt appointment, gather all the information you can about your debts, look through letters you’ve received from creditors or take copies of emails or account statements. You can contact your creditors directly if you’ve thrown away previous letters. They will be able to send your details of what you owe and the interest that’s being charged each month on your debt. If your debts are spread out, this could take some time. Start preparing everything at least a week before your appointment to give you enough time to gather everything you need from your creditors. It could take longer if you wait for documents to arrive through the post. In your debt advice appointment, the specialist will review your debt to find the best debt solution for your needs. IVA debt help is one possible solution; alternatives include debt management plans, administration orders and debt relief orders. The expert will be able to give you all of the information on each solution and how it will help your situation. 

Household spending 

Your advisor will need information about your household spending along with your income and details of your debt. This information will include any rent or mortgage payments, utility bills, subscriptions, average grocery bills and entertainment costs. All of this information will be reviewed by the specialist. They might identify areas where you can cut your spending or switch to an alternative supplier to reduce your outgoing bills. They will also ensure that your debt solution payments are affordable and won’t leave you in a situation where you can’t afford to pay your bills or buy food for your household. A bank statement can help you determine how much money you spend each month on these things. 

By collecting all of this information together, you can save time in the appointment process and use the expert's skills more efficiently. They will be able to give you all of your options and the recommended way to move forward to help you get out of debt. During your appointment, ask as many questions as possible. Understanding what to do if your financial situation changes or if you’re unable to pay back the agreed payment is very important. You should also ask about how the debt solution will impact your credit score and any other restrictions that might be placed on you in the future. 

Getting advice is the first step to tackling your debt and coming through the other side. Don’t be afraid to ask for help; many people are in similar situations. Ignoring your debt problem will not make it go away; it will make things more difficult for you in the long run. Many charities and official organisations can give you impartial and free debt advice. You can also use online tools if you prefer not to speak to an individual over the phone or in person. 


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