Know the Symptoms of Financial Stress

Britain is hurting and there is no denying it; if you can’t see all the green shoots of recovery many pundits are talking about it is probably for a simple reason – they are not there!

As a nation we are tottering under a mountain of debt and no matter what the economic situation, this debt must be serviced and repaid or else an alternative means of managing the situation must be sought and this does not necessarily mean a full-scale bankruptcy. The law relating to debt and personal solutions has been changed in recent years beyond all recognition from the situation say, a decade ago. What is important is individual debtors recognise the signs of the adverse affects of their financial situation and take action to relieve the strain being placed upon them – no-one wants to lose their home, marriage or health over money and there are solutions to deal with an inability to repay your credit.

The Warning Signs to Look For

• Ask yourself if any of the following apply to you and if any do you should consider seeking advice from a professional:
• Sleepless nights or difficulty in sleeping with worry;
• Increased tension with your spouse or partner, arguing over money issues;
• Fears over losing your job and how you will pay your bills;
• Solicitors and debt collection letters, phone calls or doorstep visits – are you concerned about opening the mail or answering the telephone;
• Increased irritability and feelings of lack of self-worth;
• Increased drinking or smoking as a stress reliever;
• Asking family and friends for loans to help out;
• Cheques and bank payments being returned regularly;
• Living on your overdraft.

There are other signs to look for as well but these are common ones and you may suffer from any or all of them. The best thing to do is to calmly look at the options you have and seek the advice of a debt management professional who can recommend and guide you through the maze of rules and actually dealing with your creditors. Creditors want a positive solution to the situation as well and a professional interceding on your behalf is usually all it takes to help get you and your personal finances back on track with a budget you can afford and so remove the heavy emotional burden placed upon you. Solutions a professional debt advisor will consider include the IVA, debt management, debt consolidation and bankruptcy.