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Cash Flow Issues

For many, cash flow problems are caused by simply not keeping track of where money is being spent. Even small purchases will add up quickly so it is vital to consider what you are buying and if you really need it.

Make sure that you are always aware of what you owe and are conscious of what your income will allow. It is always worth investigating where concessions can be made in your expenditure budget and trying to employ small changes to normal routines, such as trying supermarket value ranges in order to cut your weekly shopping costs. Small adjustments can make a difference to your budget!

It is important that you recognise which debts are most important and are aware of the range of debt solutions and professional advice available. You will need to prioritise your debts according to basic living costs, debts with higher interest and debts with higher fees. Priority payments should include rent or mortgage, council tax and utilities.

Should you lose your job or find your hours or pay cut then it is important to make sure you make allowances and draw up a new, realistic budget immediately. Always revise your expenditure in light of a reduction of income.

It is similarly important to consider unexpected payments as these could create new or additional debts if you do not have an emergency fund.

If you have had financial problems in the past you should be aware that lenders check your credit report when you apply to them. Past problems could mean you may be turned down for credit.

Similarly, if you have ever taken out credit with a partner, even if you are not still together, you are equally responsible for repaying the debt. Therefore payment can be demanded from either borrower. Also worthy of noting is that joint debt may be eligible for a joint IVA. If the correct payments are not made then this will have a negative impact on both of your credit records.

If you are worried you can not meet your repayments then you should be honest and talk to your creditors and explain the situation as soon as possible. It is in your best interest to demonstrate that you want to make payments and discuss this before further action is taken against you.

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