citizens advice encouraging bankruptcy

How Citizens Advice COULD have devastated this man’s credit for years!

This week we had a gentleman phone us who was struggling with debt and wanted to get a second opinion on some advice he had recently been given.

After explaining what he had been told, we were gobsmacked! Citizens Advice said that to clear all his debt, he should declare bankruptcy.

Really?

Now it does happen, and for some people, bankruptcy might be the only option left to get a fresh start and wipe the slate clean. But you should know, by doing so, you can seriously damage your credit and impact your financial making decisions for years.

As specialists in this area, we know plenty of other ways you can clear your debt before considering something like this which is why we had to ask a few more questions…

After our discovery call with this gentleman, we very quickly identified that he absolutely should not declare bankruptcy.

Our solution?

He could simply refinance to offset his debt onto his mortgage. Why wouldn’t you swap a high interest debt to a low interest mortgage? You’re left with one simple mortgage payment and money left over. In this case, it made a difference of £1000 per month!

When we fed back and offered our solution, there was dead silence at the other end of the line. He was amazed to find out that there was a safer and simpler way to clear his debt without having to do something as drastic as bankruptcy. This way meant not having to worry about multiple payments going out, increasing interest rates or not having enough money at the end of each month.

Refinancing can be a great tool to get debt under control.

If you are struggling with debt and you’d like to have a chat, we would be happy to offer our advice and a solution to fit your financial circumstances and preference. To book your discovery call click here.

https://app.acuityscheduling.com/schedule.php?owner=18144675&appointmentType=15421798