debt action plan

30 Step Action Plan To Get Out Of Debt NOW

30 Step Action Plan To Get Out Of Debt NOW

Why not download a quick FREE copy this 30 step plan (in a 3 page pdf) for your fridge or noticeboard?

Enter your name and email below and I’ll send a copy over to you right away!

I have loads more tools in the shop and bunch of really helpful trackers planner and guides that I give away for FREE!

If you fancy getting a whole bundle of freebies – take a look at this…

p.s. If you do sign up, I promise NOT to send you loads of emails, just the odd message to pass on something useful as and when I find it.

If you’d like a more comprehensive version of these simple steps, take a look at the debt help guide, here we have taken each of these high level ideas and added a bit more meat onto the bones and made it into a mini 10 page guide so that you can jump to the sections that you feel are most relevant to your situation right now.

30 Step Action Plan To Get Out Of Debt NOW Read More »

5 Free Budgeting & Debt Management Downloads!

Download No_1: The Budget Planner Printable

There are plenty of free (and not so free) debt tracking and budget management tools on the market these days, but which one is right for you? Unfortunatly mostly we just have to try then out and see which ones gives us what we need, often paying out just a few more dollars  / Pounds etc every time. 

I personally developed this one for myself so it’s deliberatly simple (like me!) it just takes all your spend and income – by week, month or year, sums it up by the categories that you feed into it and ………voila! an instant budget!!

Download No_2: The Debt Tracker

This detailed spreadsheet gives you a comprehensive view of all your debt and credit in one place in budget sheet. Also it will give you a easy way to inspect the given data and get exact report of budget planner for your use.

If you are not comfortable with Excel, there is a printable version in the download file or see below for the pretty pdf version. 

If you are happy to fill in the figures directly on the sheet (fill in the white spaces only) the sheet will calculate all your balances for you in the summary box.

Download No_3: The Debt Checklist

 

Having trouble getting started?

Don’t you worry, this simple step by step guide for debt checklist will help you make sure you’re covering all the bases.

These 8 steps will set you on the right track for better money management today.

Print it off and stick it on your fridge or noticeboard.

You might need to revisit a few of them over the coming months but it’s a handy reminder and will help you stay on track.

Download No_4: The Reminders

This handy reminder sheet will give you a heads up when your contracts are about to run out.

Letting your mortgage run onto a standard rate or your insurance  roll over with the same provider could be costing you a pretty penny every year while having free budget template.

Take just 10 minutes, print the form and fill in the month that contract ends for your:

  1. -Mortage product
  2. -Mobile phone
  3. -Landline
  4. -TV services
  5. -Internet Services
  6. -Home Utilities
  7. -Car Insurance
  8. -House Insurance
  9. -And anything else you can thing of!!
  10. -Then Stick it on your fridge!

Don’t forget to use TopCashBack to compare and switch deals, it’s free to use and you could pocket a decent sum everytime you switch!

Download No_5: The Action Plan - Debt Help Guide

30 point action plan lovingly carved into a 10 page pdf to help you get out of debt with budget planner printable no matter where you are along your journey and what your personal situation is. 

Choose a couple to try for a month or two. The purpose of this is to help you understand your arrears more clearly, the best way to repay the arrears, and to help you stay motivated until the balance is settled.

Subscribe to get access to ALL these free tools NOW.

(We promise NOT to send you loads of emails!)

To add ALL 5 items to your basket AND get them for free (individual price $6.49), please enter code “5FREE” at the checkout.

5 Free Budgeting & Debt Management Downloads! Read More »

Debt Action Plan: Simple Steps to Repair Credit & Reduce Costs

Debt Action Plan: Simple Steps to Repair Credit & Reduce Costs

Discover a comprehensive Debt Action Plan designed to guide you on a transformative journey towards financial stability. With actionable steps to repair your credit, strategies to reduce your debt expenses, and tools to achieve freedom from debt faster, this guide is your roadmap to a secure financial future. Accompanied by a free PDF guide and budget spreadsheet, embark on a path to reclaim your financial independence.

(Click HERE to download a copy to read later)

Knowing were to start with taking action with your debt and making a plan that you will actually follow can be a real challenge, especially as we all have different circumstances and pressures in our lives; there is no “one size fits all” scenario here.

The following 4 stages will give you a good baseline for where you might want to start depending on which stage you identify with most strongly.

If you are already feeling overwhelmed and would prefer a simple checklist for your fridge or to keep on your desktop as a reminder, have a look at our free pdf download. Alternativly, take a look at our simple 7 steps to debt freedom guide that shows how to use all the free tools available in our free downloads section to get your plan together an tailor it to your needs.

If you are still confused, read on or take a look at our debt quiz.

Stage 1: Not too much debt and you’re managing the repayments easily.

– Extra money each month goes to pay off the outstanding capital.

– Credit score is looking good.

  1. Congratulate yourself on getting this sorted out now; if you were to leave it, these things can quickly spiral out of control.
  2. Check your credit score – make sure that all the information they hold about you is correct, you might have to get these things fixed before you move on.
  3. Make a clear record of how much you owe and what the interest rates are. If you know the charges each month but not the interest rates, take a look at our calculator HERE.
  4. See if you can get some 0% credit cards and use our excel tracker together with some FREE online loan calculators to see how this will affect your overall debt. Restructuring your debt so that you pay out as little as possible in charges is a really important first step. If you want more information on this look at our post on consolidation options.
  5. If you can’t switch your debts (either all or part of them) onto lower rate cards, pay as much as you can off the higher interest rate debts (use FREE online repayment calculators to see how this will benefit you long term)
  6. Do NOT jump into a consolidation loan or re-mortgage until you’ve exhausted the cheaper alternatives
  7. If you want to pay off debts even sooner, look at selling some unwanted items through eBay, amazon marketplace, Craig’s list, Facebook etc. Even downgrading your car or house might be an option if you are seriously committed!
  8. Reduce your outgoings by getting better deals on your household bills and regular spend items (Look at TopCashBack, Earny, Quidco, Shop at Home, to name but a few!) – see our post on how to use topcashback here – including how i’ve had over £1k back so far!!
  9. Start tracking your spend with a simple spreadsheet (see Debt Help Tools FREE downloads) or use an app (like Nitsova). hThere are so may free and realy user freindly options around these days, if you’re at home with this level of tech and the app your choose has all the right integrations with your accounts if could be a really quick win for you as far as tracking income, spend, creating budgets etc. is concerned.
  10. Check your insurances! Life, home, car, health etc, they all all worth checking and keeping track of renewal dates. Spend a day switching these over to cheaper and possibly better alternatives could save you $100’s over the year. Don’t forget to use comparison sites such as topcashback for even more money back on your switch. Some Utility and larger insurance campanies give you quite heafy lump sums just for switching to them.
  11. Don’t forget that government help is often available, especially in our current climate. It costs nothing to check and could be a total lifesaver!
check credit score


Stage 2: A bit too much Debt but you’re still managing to make the minimum repayments.

– Paying off any larger sums is becoming more challenging though.
– Credit score has gone down a few points

  1. Don’t worry, you can do this!
  2. Check your credit score AGAIN! – make sure that all the information they hold about you is correct and that they have made changes that you asked for (if any)
  3. Make a clear record of how much you owe and keep it up to date, make a note of all the interest rates. Try using the Debt Help Tools FREE Debt Tracker for this.
  4. See if you can get some 0% or lower % cards or loans and use the FREE excel tracker together with some FREE online calculators to see how this will affect your overall debt.
  5. Making use of some the many budget apps available these days. These might also help you track your spend, especially helpful if you know this is a big issue for you.
  6. If you can’t switch your debts (either all or part of them) onto lower rate cards, pay as much as you can off the higher interest rate debts – look at DIY debt consolidation
  7. If you can’t see the situation improving in the near future, it might be time to start looking at a consolidation loan or re-mortgage if you are sure you’ve exhausted the cheaper alternatives. This option could be especially helpful if your main focus is to reduce your monthly outgoings on debt payments and are happy to pay a little more in interest to get this advantage. Whilst a consolidation shouldnt be your first point of call, if your interest rates are high and your credit score is passable, just improving your cashflow could be a huge win longer term.
  8. There are organisations out there that can get you Help to pay rent, which might be worth taking a look at.
  9. Don’t forget that government help is often available, especially in our current climate. It costs nothing to check and could be a total lifesaver!
debt help tools topcashback


Stage 3: It’s gone past manageable and it’s getting worse every month.

– You’re starting to miss payments and are getting really worried.

– Credit score is poor

  1. If you are really starting to NEED your debts paid off faster, maybe to look at selling some unwanted items through eBay, amazon marketplace, Craigs List, Facebook etc. Even downgrading your car or house might be an option if you are seriously committed!
  2. A re-mortgage or consolidation might be an option for you but do consider that as a mortgage is paid over the longer term, the traditionally lower interest rate has much more time to compound and has the potential to add up to quite a substantial sum. Take a look at our article on consolidation options to help you decide.
  3. Double check all your outgoings. Look at using an app like Nitsova or something similar that pulls all your spend into the app and shows you where it’s all going, as well as providing you with a trackable budget, this could be quite and eye opener! If this is a step too far, take a look at our free budget calculator in the form of a downloadable spreadsheet
  4. Check that you’re getting the best deal for all your usual spend like your utilities, phones, insurances, broadband, food etc. Make sure you are not paying for anything you don’t need. This is especially true with insurances. Life changes and you might be paying for cover that’s no longer relevant to you. Don’t forget to get extra back through cashback sites too! Remembering when these contracts are up for renewal is always a challenge i find! Often they end up autorenewing and we’re stuck in a contract that is either too expensive what what we need, or just not fit for purpose anymore. Try using a reminder sheet so you can get ahead of the curve next time around.
  5. Knowledge is key here. Debt can be incredibly stressful, especially if you don’t know what might happen, or what your rights are if you’re being hounded for payment. Check out this Debt Relief Manual, or take a look at  “what lies in your debt”, alternativly look up some local debt charity organisations. Get informed about your options and what you can proactivly do right now to get out of your current circumstances. There is help available, you don’t have to suffer in silence or alone. It could also save you a fortune!
  6. Don’t forget, you can get Help to pay rent too and you could be entitled to a government grant which costs nothing to check.
0% credit cards


Stage 4: OK so I think I’m in trouble now, I need help…. FAST!
Credit score is **!?*!

  1. Do not panic. Give yourself a pat on the back for facing up to this, you can do it!
  2. Take this slowly and methodically, you probably didn’t get here overnight so it might take a bit of time to get out of it, just one day at a time, one thing at a time………you will get there.
  3. Follow all the steps from the previous sections & look at opportunities to consolidate your debts into one place. If this isn’t getting you anywhere or you feel that you’ve exhausted all your options; then maybe it’s time for you to get in touch with a debt help organisation. It may even be worth contacting a specialist solicitor and getting advice on the various forms of insolvency or debt relief orders.
  4. If you are being hounded by creditors, get in touch with some debt charities in your local area. If there is a chance you are being pursued illegally, check out “what lies in your debt” to see if  you could turn this around and MAKE money from your situation!
  5. Whilst bankruptcy or accessing some form of debt relief is definitely NOT something you should take lightly it could be the best solution for you at this moment in time so gather the information and make an informed decision.
  6. Don’t forget, you can get Help to pay rent too and you could be entitled to a government grant which costs nothing to check.

AT ANY STAGE, if it’s all too much & you just can’t cope!

If you are completely overwhelmed with it all and really can’t face dealing with it, that’s totally fine, but for your own health and wellbeing, and to enable you to fix your situation, you probably do need to address why you feel this way about money and possibly look at how your feelings about money and debt could have contributed to your current situation.

Money is still very much a taboo subject in most cultures so it often helps to speak to someone impartial that will not judge you but instead provide you will strategies to cope with your feelings around money and help you to help yourself create a better future.

Please do not despair, it’s just money and it can be fixed. Take care of yourself and take the process of sorting out your debts one step at a time. Don’t beat yourself up, just take each day as it comes, you will get there!


Why not pin this quick summary of the 30 step action plan so you can refer back to it anytime or check out our debt help guide for a more comprehensive view of your new debt action plan


Debt Action Plan: Simple Steps to Repair Credit & Reduce Costs Read More »