What to do if your circumstances change

Life can be unpredictable. As professional debt management advisors with many years of experience behind us, we hear about all sorts of scenarios where an individual’s circumstances have changed, often without much warning.

We understand dealing with debt isn’t always plain sailing and even when you have your debt management plan safely in place, circumstances can change which rock the boat. What happens if you find yourself out of work or faced with redundancy?

Here are a few commonly asked questions and answers to help put your mind at ease:

Q: Do I have to be in full time employment to arrange a debt management plan?

It may come as a surprise, but you don’t need a full time job to get help through a debt management plan. When you make your initial enquiry, we’ll discuss your finances and work out how much money you have left each month once all the absolutely essential outgoings have been covered (that’s things like your mortgage, utilities and food bills).

You only need to have income surplus to what you need to live on to arrange a debt management plan. And that’s where our advisors’ expertise comes in useful – we’ll help you work out whether a debt management plan is the best option for your individual situation.

Q: But what if my work circumstances change half way through my debt management plan?

The same applies if you lose your job once you’ve already set up a debt management plan – talk through the situation with us and we’ll work hard to find the best solution together.

Remember the debt reduction process is within your control and you can stop or start your debt management plan at any point, but it’s always best to get advice before making any decision about your finances, so give us a call and talk through your options. Your debt management plan is all about allowing you to repay your creditors at a rate you can afford, so if the amount you can afford each month changes, it’s important you let us know and we can help you decide on the next step.

Q: I’ve just been made redundant, what should I do next?

At Debt1 we take pride in our friendly approach and flexibility and we understand that if you’ve just been made redundant money is going to be one of your main concerns, especially if you have some debt already.

When bad news arrives, it’s tempting to put your head in the sand, or panic and make hasty decisions. If you’ve been made redundant or if it’s looking like redundancy is a strong possibility then talk to us.

From having helped thousands of people with debt from all over the UK, there are very few situations we haven’t heard about before so we’re ideally placed to give you debt advice, whatever your change in work circumstances.

To find out more about any of our debt services, call us free today on 0800 043 4747 or find out how you can benefit from a debt management plan.

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