Kevin Sullivan - Profile

Its a pleasure to help. If you prefer to speak, please PM your details or call me on 01612410515 for free, impartial and confidential debt help.

Thank you

Of course. I would simplify into 5 easy steps.

Step one -  Income - The first thing I would do is to write down what you receive in terms of your Income (Wages, Universal Credit, Benefits,  Tax Credits, Pensions etc). So basically all the money that get paid IN to your bank account and work out the total.

Step two - Outgoings - write down your Essential outgoings (Mortgage, Rent, Council Tax, Water, Gas & Electricity, Car Insurance, Food, Clothing etc) and then work out the total.

Step Three  - Affordability - is to work out the difference between your total Income Minus your total Outgoings. This will tell you how much you can afford to pay.

Step Four - Total Creditor Balance -  write down all your creditors, their balances and then total them up.

Step Five -   Debt Free Time - Divide total creditor balance (step four) by affordability (step three). This will tell you realistically how long will take to get you debt free in MONTHS.

The above steps are solely a basic guide. The Path to Debt Freedom is specific to your circumstances. If you have any difficulties, please let me know and I will try and assist you as best as I can.

Thanks

I think mental health and financial health are linked. People in debt are more likely to drink, abuse drugs and there is a distinct correlation between high debt levels and increased risk of depression and relationship breakdown.

Have I missed anything?