Debt seems to be a way of modern day life. For some things in life, such as buying a home or paying for a university education, taking on debt and paying this off in instalments may be the only way of being able to afford some things. However there comes a time when taking on debt hinders, rather than helps you in your life. Once debt becomes a problem, the situation can quickly escalate.
Problem debt does not happen overnight, it is a gradual process which takes months, sometimes even years to happen. It can therefore be difficult to know when you’ve reached a crucial point with your debt. Below are 17 warning signs that your debt may be becoming a problem.
Of course not all of these signs will apply to everyone, however if you do recognise yourself in a number of the statements, you may want to consider getting some help to sort out your debt.
If you recognise your situation in any of the above statements, it may be time for you to seek professional help with managing your debt. While it may be scary to admit that you have a debt problem, facing up to it is the first step towards finding a solution.
If you have lost your job and are unable to pay the bills, the first thing you should do is make a list of all your creditors. You will need to prioritise them, and then contact each one in turn.
Part of the debt enforcement procedure in Scotland involves the sending out of official enforcement notices to debtors. An enforcement notice can be sent by post, email or fax, or be delivered by hand...
Our Scottish based team can help advise you on your debt problems.