Where to get financial advice

Family or friends. This really is not an option for most people. Firstly, do you really expect ‘Dave’ from the pub to be able to restructure your finances based on his limited knowledge of the workings of today’s financial products? Then again, do you really want to tell him about the ‘ins and outs’ of your financial situation?

You could speak to the Citizens Advice Bureau. They are able to offer you free, confidential advice. They may be able to speak to your lenders on your behalf if you don’t feel confident enough to do so yourself, and they will be able to point out the advantages and disadvantages of the options available.

Have you tried speaking to your existing lender? As well as being able to reduce or suspend your existing payments, they may also be able to consolidate some or all of your debts. The advantage of this is that it will leave you with fewer payments to worry about. However, always make sure you compare the deals they are offering as any new loan or borrowing will usually be over a longer period than your existing agreement, meaning you will end up paying more interest in the long run. Another drawback to this route is that it will usually involve securing all your existing debt against your house.

Speak to a financial adviser or mortgage consultant. They will be able to review your financial situation, and should be able to offer you a solution to your problems. One of the main advantages to this route is that your adviser has almost certainly come across similar situations in the past (as bad as you may feel your situation is – remember, you’re not alone!) They should be able to draw from experience and find a viable solution that will help your current predicament. However, in the worst case scenario, they should also be able to give you a quick, honest response if they can’t help and point you in the right direction for alternative advice.

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:

Financial advisors
Choosing a financial advisor 
Quick property sale 
Stop repossession

Contact us or apply online to see how Quick Purchase can help.