Dealing with Financial Difficulty & Forbearance

Talk to us!

You should speak with your lender, as soon as possible. Explain your situation to them and that you are struggling to make your repayments. It doesn’t matter if it’s your bank, utility provider or any other lender. By knowing your situation, they might be able to help you out by offering you a different payment plan or arranging a temporary payment holiday.

 

What CLC can do?

  • If you’ve taken out a CLC doorstep loan and you’re struggling to make the repayments, please speak with your agent. They will understand your individual circumstances and may be able to lower your weekly repayments. Alternatively, you can contact our head office.
  • Just remember CLC don’t charge any late or missed payment feesand we will always try to give you some extra breathing space on your repayments if you need it.
  • Our friendly customer service team will do whatever they can to make your existing loan more manageable. They can also put you in touch with StepChange – one of the UK’s leading free debt advice providers.

Practical tips

If you have multiple debts, it can be difficult knowing which one to repay first. However, by prioritising them you can save money and clear your debts faster.

Look at your debts and split them into:

  • Debt emergencies – These debts require immediate action, as you’re threatened with eviction or a court action. You should seek some debt advice urgently from any of the organisations recommended below.
  • Priority debts – These debts don’t have to be the largest or most expensive, but the ones that could turn into debt emergencies if they aren’t repaid each month.
  • Non-priority debts – These debts have less serious consequences if they aren’t paid on time, however, could escalate if they lenders are applying additional charges.

Make a budget

  • To make a budget, start off by writing down all your monthly expenses, no matter how small they may be. Make sure to include all your priority debts and at least the minimum payment for non-priority debts, to avoid you falling behind. Add up your expenses and see how they compare to your income. You will be able to see how your money is being spent and if there are any areas you can cut back on.
  • If you have any money left over after working out your budget, use it towards paying off your non-priority debts. Focus on the debt with the highest interest rate first but check there are no extra charges for making an overpayment. When that has been repaid, move onto the next highest non-priority debt.

Seek independent financial advice.

For free and confidential debt advice, the following not-for-profit organisations are a useful place to start. By getting in contact with them, they can provide you with independent advice to suit your situation.

Money Helper.

Set up by the government to provide advice and guidance, along with tools and calculators to help people with a wide range of financial solutions. Phone 0800 138 7777 to speak to a Money Adviser or visit www.moneyhelper.org.uk.

Money Advice Scotland

If you live in Scotland, phone 0141 572 0237 or visit www.moneyadvicescotland.org.uk to find debt advice in your local area.

StepChange Debt Charity

The UK’s leading debt charity. They offer a free online and phone-based service to help people overcome their debt problems. Phone 0800 138 1111 to speak with somebody or visit www.stepchange.org.

National Debt Line

They offer free guidance and budget planners. Phone 0808 808 4000 or visit www.nationaldebtline.org for debt advice and information.

Citizens Advice

You can speak to them in person in or on the phone. Visit your local Citizens Advice (address in the phone book) or go to www.citizensadvice.org.uk.

Advice UK

Member centres offer debt advice, including specialist advice for minority communities and people with disabilities. Visit www.adviceuk.org.uk or phone 0300 777 0107 to speak with them.