Martin Lewis on Debt Problems: Where to start and what to do

Martin Lewis talks about debt problems and gives solutions. Martin gives his definition of "Debt Crisis" and "Problem Debts" outlining solutions for both and where to get help. you also get a checklist for cutting the cost of repaying debt. www.moneysavingexpert.com/loan...
Problem Debts Checklist:
1. Shift debts to cheaper rates with a credit card balance transfer.
2. Check out a personal loan to get a lower rate vs. existing credit cards. This can also help with the structure of repayments (Good if you have poor discipline in sticking to credit card minimum repayments).
3. Check your credit rating. Try to improve your credit rating.
4. Do the credit card shuffle.
5. Use your savings to pay off your debts after you have moved debts to lower rates. If you have any savings, use them.
6. Remortgaging. (not a massive fan of this one as it extends the length of the loan which may cost more).
7. Secured loan. (Make sure this is suitable for you! It may cost you more if it's not suitable!!)
Budget, Budget, Budget, Budget!
Budgeting is crucial for climbing your way out of debt!
List your income against your expenditures to see if you are living beyond your means.
Getting out of debt is difficult and will take a lot of work but its worth it at the end of the day and we can help. There are ways to save on everything!
MSE Forum Debt-Free Wannabe: forums.moneysavingexpert.com/f...
Read the Debt Solutions guide for help: www.moneysavingexpert.com/loan...
Budget planner tool: www.moneysavingexpert.com/bank...
Improve your credit score: www.moneysavingexpert.com/loan...
Save money on everything: www.moneysavingexpert.com/
Non-profit debt agencies:
www.stepchange.org/
www.nationaldebtline.org/
www.citizensadvice.org.uk/

[@MrRaggamuffinrambo]

I feel so much better after watching this, thank you so much, my debt makes me feel so sick and lonely , I was a different person before I got into debt, I even feel like I'm being watched all the time, i hate the phone and every time it rings, I hate it when the postman comes, maybe it's sending me mad.

[@leslao7152]

Hi! Dean Raynsford, it is not easy being in debt but please don't ignore it, communicate with your creditors and explain your situation. Believe me some of them are very sympathetic when you have valid reasons why you are in debt. I have been thru it myself so I know how you feel. Martin Lewis website is very good for advice really. I refer to his website a lot then.

[@leslao7152]

Got some tips for you on my blog at http:www.hubpages.com/@liesl5858. Have a peek if you like.

[@solagesture.9982]

you're not alone dean raynsford. nobody can help you

[@tinman8311]

Don't feel Lonley brother.. we all here in the same boat

[@user-wi7gd8cy3b]

Cheers for this, been searching for "tips to reduce debt" for a while now, and I think this has helped. Have you heard people talk about - Konabriel Denarper Blueprint - (do a search on google ) ? Ive heard some incredible things about it and my cousin got excellent results with it.

[@GTRNR]

MARTIN YOU ARE AN ANGEL

[@borderlord]

Thanks Martin..you're a gem!

[@chnaveedzafar]

Best advice i ever had. thanks ever so much.

[@eoghanmca1463]

Shushhh

[@samanthayoung9207]

Tackling problem debt aggressively possibly is better but needs self discipline. By shifting debt to balance transfers for 0% period may cause long term problem without self discipline and cutting back on your budget . Only way is to cut credit cards up , budget , have no spend and pay down debt. This is from personal experience and others around me who try to consolidate debt and thinking they have paid their debt . Do not borrow credit to pay off debt!

[@justinsearle4000]

Good job

[@jurwat]

if i have a house and a car and i go for IVA will i loose my house and my car?

[@michelles2299]

If you don't have any heating hot water and no washing machine a leaking roof even if you have a wage how can you include the cost of saving for these essentials on a budget income and expenditure there is little chance of getting these things on 21k a year with the cost of living and no credit

[@Melaisis]

Don't neglect DROs Martin! Yes you have to go through the Insolvency Service to get one, but they look better than going bankrupt or even slowly repaying debts. They stop creditors from collecting money immediately and can last for a few years - meaning you have the time to get back on your feet. Useful if you're temporarily unemployed but can afford to pay back if you WERE employed.

[@michelles2299]

What about historic debts where they have not added interest but keep chasing you for more money than you can afford I would never ever remortgage to pay a debt

[@charanjit1974]

how would you get to meet this guy or contact him. Good advice to help.

[@mikewilliams258]

Here's a thought. It's a bit radical and "out there" but stay with it. Here it is. Don't spend more money than you've got. I know it's old fashioned and sounds ridiculous - but it works well.

[@ThatSecondaryGamer]

😂😂people who do that wouldn’t be reading your comment would they?

[@jakeroach]

what article are you on about? how do i check my credit score for free?

[@guitar999able]

I have a 20K student loan. Can I do anything about it?

[@thomasshelby1881]

there is government program in 2019, most of debts written off if u meet the criteria

[@thomasshelby1881]

check on me if u r in debts,

[@godsonfasaanu988]

Hi, I'm Darius I had a terrible credit score a while back until I met [e-mail] he helped me increase my credit score really quick, if you need any help you should contact him, Text, call or WhatsApp [phone] or send him an email [e-mail] or @mikeswilfred on Instagram please make sure to tell him Darius sent you!

[@learningpianoat61]

Rack up loads of debt, move somewhere else and start again in seven years. Works for me.

[@muhammadusmanseo3862]

I have a similar one who providing a free debt advisor in the Uk, Here is the link FreeDebthelpline.org get free debt advice with debt charity. Cheers.

[@upstatelady1]

Is there any places people can get debt help for free? It's important to try to stay calm so you can make rational decisions.

[@mysteriouscreations8459]

Tracy Liberacki watch Dave Ramsey on KZbin

[@businessworld838]

I lost all money by doing a business in Ksa , since three year I’m struggling here without food and accommodation, my parents , wife daughter everyone living with prayers, nobody to help them and me except god , I cannot leave his country without settlements as well.. pls pray for me.

[@eoghanmca1463]

No one cares luv

[@sammeredith459]

My boyfriend is currently on a Step Change Debt Charity . He has only three months left and is being bullied and intimidated by one dept company and a bank who is putting him on a default because Step change did a late payment that caused the problem . He has called step change . Step change told him, Whatever, Don't care . this is really bad . After this he has constant problems with staff giving him wrong advice telling him no need for review, don't call us again. and keeps pestering him, that is making my partner confused and worried . his debts are not that bad at all . i have had a look of his accounts with him . He has been making regular payments all on time for the past six and a half years. But with Step Change there payments for the past five years has four to six days late payments .This is really serious . I will be making an official complaint . There are a lot of charges he is paying that is not his fault . This will be reported to CAB .

[@rattusnorvegicus4380]

All charities are con merchants,or have that element within them to a lesser or greater degree.It`s a licence to print money/syphon off wealth,while promoting a virtuous front.Blind dogs for owls...that one hasn`t reached the High Streets yet,has it?

[@godsonfasaanu988]

Hi, I'm Darius I had a terrible credit score a while back until I met [e-mail] he helped me increase my credit score really quick, if you need any help you should contact him, Text, call or WhatsApp [phone] or send him an email [e-mail] or @mikeswilfred on Instagram please make sure to tell him Darius sent you!

[@michelles2299]

Debt is worse than being sent to prison they follow you around and the collection agencies are terrible they don't care at all

[@PodOfHeat]

Lend me a tenner

[@evildoctorbluetooth]

only 3000 views, martin you need to push this! maybe in your email.

[@idicula1979]

The debt problem is no problem at all, infact America or the leader of a the economic world shoud always ran at a defecit albeit a relativly small ( for a trillion doller economy relativly small budget means big). the whole deficit hawk phenomena the seems to be prevading our mind can be attributed to over thee decade worth of republican hystaria, and like any good democrat it can also be attributed to democratic spinelessness (cont.)

[@idicula1979]

(cont.)But the thing is A well oiled economic machine should always be running at a Money in,money out kind of rythem and like everything you will always need a rainy day fund nothing in nature is ever static and running in a strait line even your heartbeat follows a certain homeostasis a constent pitter patter of flow,so should the rule of a macro-/matrix economy such as the government runs everydayand those who would make any compasrisn to that to a household budget are IDIOTS,see Sarah Palin.

[@setstocksasha]

That's where you're wrong Mr. financial expert. I need 2000 bucks for all my bills(including mortgage) every month & i have enough to cover my bills for 14months. So, saying watching your video means we have no money in savings is utterly wrong!