Debt Problems – The Spam Valley Effect

Posted on: March 10, 2014

Written By: Nicola Standen

It seriously shocks me the amount of people who are desperate for help with their debts but put it off time and time again. Constant arguing with their partners over money (or the lack of it) coupled with sleepless nights and that deep pit of dread every time the door chaps or the phone rings.

Why, when there is so much help, in terms of free debt advice and painless debt solutions, do people refuse to bite the bullet?

At Don’t Fret About Debt, we see a huge number of people who come to us for help, however don’t progress to any form of debt relief and would rather spend the next 5 years penniless, eating cheap beans & processed meat out a can….and for what?

Hypothetical excuses for not dealing with unmanageable debt, ALL based on their credit rating;-

I want to get a mortgage next year

Lets be realistic, if you’ve felt the need to even consider speaking to a third party to help with your debt problem, chances are your credit rating is already damaged. If you haven’t already defaulted, you’ve made the odd late payment. If however you’ve actually managing to keep your head above water, you’re making minimum payments and the debt level hasn’t reduced all year. The latter actually affects your credit rating negatively! Didn’t think about that, did you?

Let’s say you’ve checked your credit file and, what do you know?……. It’s actually really good! Never mind that you’ve not been able to afford to buy yourself a pair of jeans since 1982, your ability to take out even more debt is the best it’s ever been! Woohoo……..

That is until you’re sitting in front of your bank manager & they do their affordability check. “What’s this? £600 of unsecured debt repayments each month on a £1,100 salary? How on earth are you going to afford to pay us back our money”?

That’s right folks, if you’re bogged down with debt repayments, your still not getting that mortgage. After all, on paper you can’t afford it.

Time to decide what’s more important
Time to decide what’s more important
Let’s take a look at the next one;-

I change my car regularly, I don’t want to mess up my chance to show off every 36 months

Aye no bother Madonna, you may be a material girl but you might find yourself crying in your new Audi while you attempt to keep up with the Jones’!!

Spam Valley people!! Don’t forget it.

The last one we hear all the time is;-

What, no credit for 6 years? I can’t have that.

Well, technically that’s not necessarily the case. Sure, you can ask Wonga for a £200 loan and lie about your current situation but why would you?! Why are so many people worried about not being able to get themselves into even more debt when they are struggling to deal with the debt they already have?

Remember, you may not have access to credit for a few years, but with all this surplus income you’ll have once you’ve taken positive steps to deal with your debt, why would you need a loan?

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