How a Simple Change in Circumstance Can Cause Worrisome Debt Problems.

February 20, 2018 11:29 am Published by Debt Free Life

January is usually a busy month for us. The pressure to spend over the festive period can put us in a precarious financial position, and with payday still a long way away many people are in need of some extra help.

Thousands of Britons throughout the UK live from payslip to payslip. What little disposable income that remains is spent on unforeseen costs and bills, or maybe on some well-deserved treats. However, as we have come to understand from talking to hundreds of different people facing debt rouble every day, is that without being able to save for a nest egg one small change can spiral out of control until you are facing real unmanageable debt.

A drastic change in circumstance, such as temporary or even permanent or unemployment, a change in relationship or even the death of a loved one, are just some of the reasons as to why debts can begin and steadily grow. Even after things return to normal the additional financial commitments you took on can continue to accumulate.

Illness, however, is a change in circumstance that is not commonly discussed. According to a Direct Line Life Insurance, only 4% of UK workers are aware of their rights in regards to sick pay. This means there are over 2.5 million workers completely unaware of what being too sick to work would do for their finances. For many, the drop could be to as low as around £90 per week for just over six months.
We have met countless customers who have fallen ill and been forced to acquire debt they cannot hope to pay back just to get by.

There are many resources out there and charitable organisations who may be able to help in these cases. Bank of Scotland has taken the important step of offering the possibility of help to those too sick to work, and Macmillan is offering financial help to people unlucky enough to be diagnosed with cancer.

Lastly, if you have found yourself in a situation where you are ill and cannot afford to get by, or indeed for any other reason, then get in touch with us now. You can be sure you are not alone, and our team has dealt with a huge variety of cases. Remember, our advice and assistance is totally free and impartial.

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