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Don't stick your head in the sand!
Jan 19 2012
A large number of consumers pay for some part of Christmas using a flexible friend or other credit facility and like mixing your drinks on a night out, it's always a good idea at the time! It's not called the January blues for nothing. As soon as the credit card statements are issued, the casual "I'll worry about it at the time" approach quickly diminishes and deep dread sets in.
However, there is light at the end of the tunnel. If you're prepared to be realistic and remain within a sensible, manageable budget you can pay off last years splurge without too much heartache although you may have to give up food shopping in Marks & Spencer for a while.
Write down priority payments such as mortgage and make allowances for food & anything else you spend on each month. The British Bankers Association issue expenditure guidance for this purpose therefore it's a good idea to use this as a guide and remember, it's just that, not a target so you may not spend as much as they suggest or things like travel may be higher. Whatever is left is your surplus income.
If your contractual liabilities are un-manageable, contact your creditors with a view of setting up a repayment plan to suit your budget. Consider paying these off on a pro rata basis and remember, minimum payments will probably mean all your paying each month is the interest.
Alternatively, a Debt Payment Programme via the Debt Arrangement Scheme (DAS) may suit your needs better. Unlike the above approach, all interest and charges cease and it affords protection from diligence while allowing up to 10 years to repay your debts.
So don't be an ostrich, and burry your head in the sand, act now.
For further information on DAS or any other form of debt management/relief, contact Nicola Standen, Personal Insolvency Manager at Campbell Dallas on 0141 886 6644 or via email on nicola.standen@campbelldallas.co.uk.