Whilst advice on new finance is often through funders or brokers, there is a lot more independent advice available for if you get into financial hardship and don’t think you’ll be able to repay your contract.
Advice
In the UK there are a lot of organisations that offer financial planning advice for people in debt, however, the ones that appear at the top of any search engine are often trying to do one thing, consolidate your debt for a fee.
Lower down in the results there are range of charities available that offer free and impartial advice i.e. no selling agenda;
- Stepchange Debt Charity
- PayPlan
- Citizens Advice
- Christians against Poverty
- The Debt Advice Foundation
- National Debtline
- Business Debtline
I’ve included contact details for these charities in the directories pages.
Current Contracts
The common mistake by many companies when dealing with debt is using the ostrich method, or putting their head in the sand. This is a common reaction but not always the most helpful as it misses one fact; Lenders don’t want to lose money either.
Contracts failing costs money; paying recovery agencies, lost profit, the list goes on with different types of finance.
By speaking to your Lender (or Broker) they can offer a range of assistance from payment plans and breaks to amending the contract to something that you can afford.
These options become harder to provide the more you owe and so sooner is definitely better.
The Gaffer 