What NOT to do if you are in debt?

If you are in debt, what you do now will help you to get out of debt; it could be as simple as Debt Counselling with a Breathe Financial consultant.  However, if you are in too much debt there are a few things that you should NOT do or STOP doing immediately.

Here is a brief list of things you should NOT do when you are in debt. Give creditors your bank account information Ignore creditors’ letters Fail to reduce monthly expenditures Increase your monthly expenditures Take poor advice from unqualified individuals/companies who use high pressured sales techniques Continue to pay the minimum amount due each month, try to over pay to reduce the balance

Make Late Payments

Further, do NOT give out your banking information, either on the phone or if a Debt Collector attends your property.  You are not obligated.

Even if your creditor is persistent, do NOT offer to send a post-dated cheque.  Many creditors may tell you they will not post the cheque until the date written on the cheque but often they do, to ensure that the funds are removed from your account on the specified date.

However, if you have already given out your information or sent a post-dated cheque you will need to keep tabs on your account, make a record of what is coming out of your bank account as you do not need additional charges from your bank as well as your creditors.

Remember, authorised or even worse unauthorised overdraft charges only compound matters.

Finally, if you notice charges on your bank statement that you did not authorise or you deem unfair, call your bank immediately!

Here at Breathe Financial we can assist you, you do not need to suffer alone any longer – Seek help before it’s too late.   Contact us NOW!

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