What is the best loan I should get if I can't pay my bills?
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jackie123
1 year ago
Expert Financial Adviser Answer
Dr David Carter FPFS
answered 1 year ago
Jackie, the last thing you should do is to get another loan, because that will only add to your financial woes. If you are thinking of a loan to 'consolidate' your debts then you just might get out of trouble, as long as you keep to the payments and don't do as almost everyone else does in that situation, which is to pay other debts off, take a new loan, then build up those debts again.
Do look at your incoming and outgoings carefully (make a budget, if you haven't already done so, and see whether you can adjust your spending here and there to keep within that budget), and seek the help of a specialist debt counsellor. The citizens' advice bureaux are the right places to start because, even if you are not in debt at the moment, it looks like you soon will be, and it would be wise to look at your personal spending patterns and take appropriate steps. The CAB wouldn't charge you, and they advise - you enter into no commitment by going to see them.
And make really big efforts to keep your bill payments up to date, because in this situation, whilst sorting yourself out, it is really worth your while to keep your credit history as strong as you can. Good luck.
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Do look at your incoming and outgoings carefully (make a budget, if you haven't already done so, and see whether you can adjust your spending here and there to keep within that budget), and seek the help of a specialist debt counsellor. The citizens' advice bureaux are the right places to start because, even if you are not in debt at the moment, it looks like you soon will be, and it would be wise to look at your personal spending patterns and take appropriate steps. The CAB wouldn't charge you, and they advise - you enter into no commitment by going to see them.
And make really big efforts to keep your bill payments up to date, because in this situation, whilst sorting yourself out, it is really worth your while to keep your credit history as strong as you can. Good luck.
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
You should also check to see if you are overpaying on bills. this can be when the utility company overestimates your usage and you end up building up a credit balance on your gas/electric.
check for any discounts you are entitled to such as the 25% reduction on council tax if you are the only chargeable adult.
you should also approach your existing lenders and explain your problems before they get out of hand as lenders will be more willing and able to help you if you contact them sooner but they will expect you to have a good summary of your income/outgoings and for you to have considered cutting back on non-essentials such as the sky tv/virgin media, memberships to gym (as long as you can cancel without penalty).
the key now is to write down all the absolute essential costs of living (housing utilities and food) then work out the "nice to haves" ie mobile phone broadband leisure spending etc.
you might be entitled to some benefits if you are on a low income. there is a benefit adviser tool on the direct.gov.uk website. its free to use and you dont have to log your name just your circumstances.
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check for any discounts you are entitled to such as the 25% reduction on council tax if you are the only chargeable adult.
you should also approach your existing lenders and explain your problems before they get out of hand as lenders will be more willing and able to help you if you contact them sooner but they will expect you to have a good summary of your income/outgoings and for you to have considered cutting back on non-essentials such as the sky tv/virgin media, memberships to gym (as long as you can cancel without penalty).
the key now is to write down all the absolute essential costs of living (housing utilities and food) then work out the "nice to haves" ie mobile phone broadband leisure spending etc.
you might be entitled to some benefits if you are on a low income. there is a benefit adviser tool on the direct.gov.uk website. its free to use and you dont have to log your name just your circumstances.
