Are you worried about debt after an injury?
If you're in debt, you're not alone. Most people suffer from debt or cash-flow problems at some point in their lives. Being in debt is nothing to be ashamed of and there are plenty of things you can do to reduce the stress you're feeling as a result of your debt.
We understand that an injury can have a significant effect on your finances. You might have lost earnings due to having had to take time off work. You might also have had to pay extra medical fees during your recovery, or undergone an unavoidable change in lifestyle that has affected you financially.
If you’re worried about debt following an accident that wasn’t your fault, making a compensation claim could help you reduce or cancel out those debts.
For free advice and information on whether you could claim compensation, call us today on.
There are some simple steps you can take to control your debt
Getting out of debt can be a long process, but there are some simple steps you can take to help you get your finances under control.
Don’t bury your head in the sand
It can be tempting to ignore letters or calls from the people you owe money to (creditors). But however tempting this is, don’t do it. This will only make your problem worse and cause you more stress. Contact your creditors to explain your problems and see if you can work out a compromise or new payment plan. Most reputable organisations will be willing to help you if you ask.
Decide which are your 'priority debts'
Make a list of all your debts and decide which ones are the most important; typically these are the ones with the biggest consequences if not paid. For example, not paying the gas or electricity bills could mean you’re cut off and taken to court, and not paying rent or mortgage could leave you homeless. Fix these areas first.
Be careful if you decide to take out loans to pay off existing debts
Some companies will give you money with few questions asked. However, you should be careful as they often have extremely high interest rates. You could end up paying them back a lot more than you owed to begin with. Some loans are secured against your property, so be aware that you could end up losing your home if you take out one of these loans and fail to meet the repayments.
Check if you are missing out
Check to see if you’re missing out on financial help from the government. You might be able to receive tax credits and benefits, dependent on your income and circumstances.
Create a budget
Make a list of everything you spend. Then use your list to see if there are any areas where you could spend less. For example, there might be some cheaper gas or electricity companies you could use.
Get specialist help
If you feel your debts are getting out of control, you should seek professional help on how to deal with your debts. The Citizens Advice Bureau is just one example of an agency who can give you free advice. They can also help you to create a manageable budget and look for ways to increase your income.
Speak to our legally trained advisors for more help today
If you’re still unsure about how to solve your debt problems and claim compensation for an accident, we can help. Call us for free onfor a no obligation and confidential chat, or fill in the form below, and we’ll call you right back.