Financial Advisors  

In today’s economic climate, it is more important than ever to make sure you are getting the right financial advice. Making sure your hard-earned money is doing the best job possible, should help in some way, to seeing you through these difficult times.

The largest financial commitment that many people will have today is a mortgage, closely followed by secured loans, personal loans, credit cards and hire purchase agreements. You may be in a situation where you can’t afford to pay all your bills at the end of the month, or that you have already missed payments and built up arrears. Whatever your situation, the earlier you can take action the better - but remember, better late than never!

Your first step should always be ‘don’t panic’. Don’t throw the bills in the bin or file those reminders. Take a few deep breaths; grab a pen, a piece of paper and the pile of paperwork.

Starting from the top, you will need to make a list of all your current outgoings. Try and put down as much information as possible as this will enable your adviser to give you the best possible advice. Typical information regarding debts would include the type of debt, lender, current outstanding balance, monthly payments, interest rates charged, any arrears or missed payments and any penalties for early repayment.

Once you have this information, your next step should be to contact any lenders where you are behind or are about to miss a payment. Let them know exactly what the situation is, and ask them if it is possible to take a payment holiday or make a reduced payment. Try to prioritise which payments to make first, paying particular attention to your mortgage and any loans secured against your home.

Now you’ve bought yourself some time, you need to decide where to seek some advice.

There are a number of options open to you.

The above advice was produced by Mr Manish Patel. BA (hons)
If you require any further information or have any questions regarding financial advice, please feel free to contact him.Email financial advisor

Also see:

Where to get advice
Choosing a financial advisor 
Stop repossession

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