How do you know when you need financial help?

When it comes to financial issues in a personís life, they may not know whether itís a minor temporary problem or its time to seek financial help. Financial troubles are often embarrassing for a consumer causing them to play down the situation and feel as though they do not need help. However, it is important to know when you need help whether the situation is minor or sever to fix it before it worsens.

When considering the aid of financial help, it is important that consumers make sure that they do indeed need financial help. Sometimes consumers may feel that they are in over their heads, but a simple budget cut or restructure can turn the situation around without the intervention of financial help. Therefore below we will list the criteria to qualify for financial help:

  • If a consumerís monthly income no longer covers their debts and consumers are forced to skip or defer payments in order to retain enough money to cover basic living expenses.
  • If creditors have threatened legal action, or are demanding payment for overdue debts. However debts that have already been put to legal action cannot benefit from financial help Ė therefore it is pertinent to act before legal action is taken.
  • If a consumer is employed Ė unfortunately financial help cannot be granted to consumers who do not have an income. This is because there needs to be a monthly budget for a financial help advisor to review and restructure.
  • If a consumer wishes to find a way to negotiate with their creditors to create a more amiable payment plan. A financial help advisor can assist with this on behalf of the consumer.
  • If consumers who are not truly in need of financial help apply for it, it can create a backlog of inquiries that prevent adequate financial help being granted to those individuals who need it. Make sure that you need financial help and if you do, seek out a financial help advisor to start the debt counselling process immediately.
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FINANCIAL HELP | How do you know when you need financial help?