Taking care of your family financially can be a real challenge, especially when you are also trying to manage personal debt.

 

Personal debt is difficult enough to cope with, without the struggle of supporting a family. But, as tempting as it might be, it is important not to ignore your debt because it could lead to further financial and legal repercussions later on, including increased debt and even a CCJ.

Fortunately, there are options available to you that will help improve your situation…

 

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Speak to a charity

It can be a difficult thing to remember, at times, but it is important that you know that you are not alone - even when your debt feels overwhelming, and you think there’s no possible way for you to make your next payment. There are many national debt charities that you can turn to for helpful resources, advice and support. You can find a list of organisations that offer debt advice here.

These charities offer free impartial services to people in debt, such as advice forums, online chat with a debt advisor and telephone helplines. Their purpose is to provide help to those whose lives, as well as the lives of their families, have been impacted by personal debt.


We all know that the constant worry around debt can result in poor mental health. If you find yourself in need of additional support, then you should reach out to the charity Mind. Mind specialises in providing support for people who are experiencing mental health issues and they will work with you to find coping mechanisms and strategies that help you feel better equipped to face your challenges head on.

 

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Lean on your support network

It’s all too easy to allow your debt to take over your life and distance you from your family and friends. However, the truth is, you need people around you who genuinely care for your wellbeing even more when you’re going through a financially tough time. It's important to keep the channels of communication open so that you can benefit from their support and your relationships do not become a casualty of your debt.


Communication is especially important if your debt has been accrued on a joint account. The other account holder is equally responsible for the debt and so it is vital that you share that financial burden and work together to repay it.


Debt is often caused by a change in circumstance, such as job loss or illness so it is to be expected that, in these situations, stress and anxiety can become even more of an issue. Sudden changes in your circumstances can't always be predicted or prevented, in which case it is important to remind yourself that it may not necessarily be your fault.


Once again, this is when the support of your family and friends is valuable. Don’t feel awkward or ashamed to ask them for support and advice during times of financial hardship. Afterall, wouldn’t you want to offer help if a loved one needed it? Call on a trusted friend or relative who you feel comfortable talking about your debt and finances with. As someone whose opinion you value, their advice and personal insights should go some way to lessen your burden.

 

Get in touch

Remember, we are here to help you to recover financially, and we'll never ask you to pay more than you can afford. Check out our customer testimonials to see the journeys that some of our customers have previously taken.

Find out more about how flexible we can be, by getting in touch today.