If your life is consumed by money worry then the least helpful thing that you can do is ignore it and hope that it will go away. You need to take steps to sort it out now as this will stop the money worry getting any worse and will give you back control over the situation.
Your Money Worry – What Is It?
Are you worried about the amount of debt you have, your low income, or not being able to save for the future? The steps that you need to take will depend a lot on the answers to these questions. One of the first things to do is to write down all of your income and expenditure, any debts, and any savings or investments that you may have. This will form the basis of your decision making process.
Money Worry 1 – Debt
If you have a lot of of debt and worry about being able to repay it then you should seek the help of the many debt-related charities to help you resolve the problem (e.g. the Citizens Advice Bureau or the Consumer Credit Counseling Service in the UK).
Money Worry 2 – Income
If you have lost your job or are on low income then check that you are receiving all of the state benefits that you are entitled to – again the Citizens Advice Bureau should be able to help you. Register with some internet job sites to see if there are better paying jobs that you could apply for. Investigate some training to up your skills level and become qualified for higher paying jobs.
Money Worry 3 – Investing For the Future
If you don’t have enough money to invest in a pension or savings then start off by looking at the budget you have prepared and identify areas where savings could be made, e.g. reducing television subscription deals or shipping at discount retailers. You will be surprised how much your monthly budget can be reduced without significantly changing your lifestyle.
Tags: money worry
When I got myself out of debt I did it the hard way, through my own research. I didn’t have access to a debt book that told me what I should be doing. What I really want from this post is responses! I want anyone that has used a debt book or debt reduction program to give me some honest feedback on how useful (or not) it was!
All reviews will be published in this post and I will give a love (followed) link.
Many thanks!
Tags: debt book
If you are worried about being declared bankrupt by your creditors (this is very unusual) or are considering bankruptcy as a solution to your debt problems then you may be worried about the bankruptcy hearing and what will happen at it. Although bankruptcy is a very serious step to take, the hearing itself is (in the UK) a very straightforward affair.
Bankruptcy Hearing – What Happens
In the case of debtor petitions (people declaring themselves bankrupt) the procedure is extremely simple. You make an appointment at your local court and at this time you will be sent a bankruptcy form to fill in. Please take advice when filling in this form because this may have a big affect on how much money you have to pay into your bankruptcy. The hearing itself will just consist of the judge reviewing the bankruptcy form and perhaps asking a couple of questions to confirm that you are unable to pay your debts. As long as you have the required court fee you will be declared bankrupt immediately and all of your unsecured debts will be removed from you. That’s it!
If a creditor is attempting to declare you bankrupt then you really need to seek legal advice if you want to avoid this.
Tags: Bankruptcy, bankruptcy hearing, Debt Advice
