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Impartial advice from our financial experts
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Thank you for all your help with our Trust Deed. Itís such a relief to speak to someone professional.
Mrs. T. Wright from Glasgow
I had debts of £57,000 costing me £986 per month. Now all I pay is £190 per month for 60 months"
Mr Wilkinson from Stafford

Debts Due to Illness

Loss of Income

If we are off work due to illness it can have a dramatic effect on our income if our employers do not provide any substantial sick pay. You will be more than likely entitled to SSP (Statutory Sick Pay) but depending on your contract, this could only be a small amount, as little as £40 per week. Some employers will have benefits such as 6 months at full pay, and if any longer, it may be reduced to 50% pay, it all depends on your employer.

Illness caused by debts

If you are suffering from stress, then having financial troubles on top of this could be causing you to become ill. Stress from your finances can lead to mental illnesses such as depression, also increased fatigue and time off work. If you are struggling to manage your finances and are feeling stressed you should consult your doctor immediately. As well as this seek professional help from a professional debt advisor to sort out your finances.

PPI Payment Protection Insurance

PPI insurance is there to pay your debts if you become ill and require time off work. If you have taken out payment protection insurance (PPI) on your credit cards and/or loans you should take and you have been signed off by your doctor, you should take advantage of these immediately. Although PPI is usually considered a rip off and very difficult to claim, if you have it you should use it. Dig out your paperwork and make the call to your creditors. If you explain your situation regarding your debts and illness then negotiating repayments should not be a problem.

Get a letter from the doctor’s

When trying to claim PPI it is vital to make sure you have your doctor’s note to hand. They will want to see exactly what your situation is before you can claim any PPI.

Sub prime lenders

Sub prime lenders are lenders who charge a extremely high percentage rates to borrow money. In some cases as high as 185%! If you have debts with these sorts of companies you may find it very difficult to negotiate lower repayments or take a loan holiday if you are ill. If you have debts with sub prime lenders and are struggling to meet repayments, contact us on 0800 043 2027 for help.

Seek Professional Advice from the UK Debt Advisor

If you have fallen ill, some creditors can be very unsympathetic to your situation. Although governed by the Financial Services Authority and the Office of Fair Trading, some will use scare tactics to provoke you into making payments you simply cannot afford. If you are getting hassle from your creditors and don’t know which way to turn, there are option out there which can help you through your tough period. The UK Debt Advisor can speak to your creditors for you and help you setup a repayment programme with lower repayments.

Remember illness can strike at any time so you must be prepared and put in place a contingency plan to get you through any difficult periods.