The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Ten practical steps you can take to help resolve your debt problems
These are some practical steps you can take to help resolve your debt problems:
1. Be honest with yourself and acknowledge the problem. Don’t ignore post from people you owe money to.
2. Contact your bank to let them know if you think you might be getting into financial difficulties. Discuss the matter with your bank and ask how they can help.
3. Draw up a budget. Make a list of all your debts and prepare a statement of your financial position, detailing your income and expenditure and how much you owe.
4. Maximise your income. Decide on your priority financial commitments and maximise your income by cutting down on non-essential spending and claiming any benefits or tax relief that you may be eligible for.
5. Make an offer to your bank towards your debts. Review your financial statement to check what you can afford to pay towards your debts and make an offer to your bank towards clearing your debts.
6. If the bank accepts your offer, make sure you stick to the deal.
7. Review your circumstances regularly and inform your bank about any changes.
8. If your bank does not accept your offer or you cannot stick to your original proposal because your circumstances have changed, speak to your bank and try to renegotiate. If you cannot reach an agreement, contact a specialist money adviser who can give you advice.
9. Consider other options to help you manage your debt problems. Again, a specialist money adviser should be able to help you with this.
10. If you have debts with many creditors, contact all creditors and let them know that you are facing financial difficulties, so that they are aware of the situation. Contact a free money advice service, who should be able to help you work out and agree repayment plans with the people you owe money to.
If you would like further BBA advice on debt, then do take a look at our Dealing with Debt publication, which goes into further details of the options available to those struggling with debt.
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