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Festive Period Debt Help & Advice

Being in debt can have a big impact on your life, as well as the lives of your family, friends, and loved ones. It can be stressful and scary, and every year, debt causes thousands of people to suffer from anxiety or depression. But it doesn’t have to be this way.

Although it’s not always easy to take that first step and seek advice, we understand that debt can happen to anyone. Our debt advisers have handled every level of debt. We’re here to listen, understand, and help you deal with personal debts.

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Understanding Christmas Debt

Amid the holiday fun, many find themselves grappling with Christmas debt, stemming from extravagant spending on gifts, gatherings, and seasonal indulgences. This financial burden emerges from overspending during the festive season, leading to subsequent financial woes.

Identifying Causes of Festive Debt

Christmas debt can manifest directly through extravagant holiday expenses like lavish gifts and social events. Indirectly, it arises from the strain on finances, making individuals vulnerable to unexpected expenses or resorting to short-term credit options like payday loans to cover holiday costs.

The Hidden Dangers of Christmas Loans

While tempting, resorting to credit, such as Christmas loans, to navigate holiday expenses can exacerbate financial woes. Christmas loans often come with stringent repayment terms and high-interest rates, posing a significant risk if repayment falters, leading to a cycle of debt accumulation.

Strategies to Avoid Festive Debt

To avoid the problems of overspending during the festive season, it’s important to follow sensible money habits:

  • Establish a Budget: Set a realistic budget encompassing all holiday expenses, ensuring adherence to financial constraints.
  • Plan Ahead: Allocate a portion of your income each month towards holiday expenses, creating a financial cushion to mitigate festive spending pressure.
  • Spread Out Costs: Distribute gift purchases throughout the year to alleviate financial strain during the festive period.
  • Monitor Spending: Maintain a meticulous record of expenses, aligning them with your budget to pre-empt overspending.
  • Beware of Hidden Costs: Vigilantly monitor your bank balance and credit limits to avoid unforeseen charges or penalties, safeguarding your financial stability.

Exploring Additional Income Avenues

To boost your holiday finances without resorting to debt, consider exploring supplemental income streams like selling unused items or undertaking seasonal employment opportunities. These endeavours can provide a welcome financial boost, enabling guilt-free holiday spending while avoiding the pitfalls of festive debt accumulation.

While the allure of the festive season is undeniable, navigating holiday finances requires prudence and foresight. By adopting sound financial practices and avoiding the lure of unsustainable credit options, individuals can usher in the holidays with joy and celebration, free from the burden of festive debt.

Dealing with festive period debt? Our team of experienced advisers are here to help. Give us a call on 0161 464 0870 or send us a message here.

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Tell us about your current debts and one of our experienced and friendly advisors can help you get the ball rolling.

Debt Solution

Dependant on your circumstances and financial situation, we'll let you know if an IVA is a potential solution for you.

We’ve Got It Covered

If you qualify for an IVA, we will take the necessary steps to set up and arrange this for you.

Why our customer choose us?

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Helping you take back control of your finances

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Credit Score

Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.

Fees

IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.