Everyone is feeling the pinch these days and any way that we can cut down
our monthly outgoings has to be good – doesn’t it? Well, yes and no or more accurately, it depends. It
often seems as though paying out for an insurance policy we never use is a waste of money but what happens
to those few pounds a month you save on, for example, pet insurance? In all likelihood they become
immersed into your weekly spend and you hardly even notice as an outgoing. However, when you’re doing that
financial audit and your pet seems perfectly healthy, pet insurance might seem like a waste of money. So
we cancel the policy and hope Rover stays fit and well.
Yet that small saving often becomes a great false economy if your canine best friend meets
with an accident, becomes ill and requires ongoing medication and veterinary care. Where once your pet
insurance would have covered the vet’s bills, you now have to pay hundreds or even thousands of pounds
yourself. This can lead to a spiral of debt or further exacerbate your existing debts as you place those
veterinary bills on a credit card or loan.
So not every saving is a true economy, and sometimes we need a guiding hand with our
finances and to manage debt. If you find yourself in this position, then you should consider speaking to
a debt trained professional at a UK approved debt management organization. Here you’ll be able to receive specialist advice about your
debt and the best way to deal with it. Remember that no professional debt advice service will ask you for any fees upfront and, because they know time is
money, will offer you immediate consultation with no waiting.
Your debt management advisor will discuss your situation with you in depth before deciding
on the best way forward. In general terms a debt management plan will be created that details your
monthly incomings. These are then balanced against your expenditures. Remember that any pet insurance you
have will automatically be listed as a legitimate expense, and will not therefore be cancelled. The money
with which you will pay your creditors will come from the difference between incomings and
Should your debt be more than £12,000 then your advisor may discuss the possibility of
arranging an IVA with you. An Individual Voluntary Arrangement allows you to pay one agreed monthly
amount to all of your creditors for a fixed term of five years. At the end of that period any remaining
balance will be written off.
So whether you work with a debt management plan or with an IVA, the important point to
remember is that you are now on the road to debt freedom. As long as you adhere to your agreed terms of
repayment, no creditor will call, no dreaded red bills will pop through your letter box and, most
importantly, your pet insurance will still be in place.
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