But don’t worry, because expert help is at hand across the North West from debt specialists Adcroft Hilton. Whatever your situation, we’ll be able to help by offering advice on a range of debt management measures, including informal arrangements with your creditors, as well as formal processes including an individual voluntary arrangement, or IVA, and personal bankruptcy.

Our friendly team offers straightforward financial help, debt advice and IVA advice without judgment, to help you to understand the best way forward to deal with your debts. In these difficult times we see many people in situations just like yours and we understand how hard it can be to face up to your debts as they start to get out of control. Adcroft Hilton is here to help you regain that control and set you on the road to a debt free future.

The hardest part of dealing with your debts is facing the problem, but together we can make that process easier and more manageable. So don’t just sit and worry about your debts, take that crucial first step today with expert help from Adcroft Hilton.

MD of Adcroft Hilton, Rosalind Hilton, said that ‘we are concerned that people are taking out loans at very high interest rates, when they are already struggling to make ends meet.  Often, people opt for one of these loans because they don’t know there are other options available.  I would encourage anyone thinking about taking a payday loan to get independent advice from an expert first.’

On a typical pay day loan, borrowing £100 for 28 days would cost at least £25.  This may not seem much, but the interest is more than 1,700%APR.  While a payday loan may solve the immediate crisis, it doesn’t help with the underlying problems facing people in debt.  Adcroft Hilton’s friendly advisors have years of experience helping people out of the red and into the black.

With 45% of us struggling to make it to payday without borrowing, and about 15% us only paying the interest on their debts, there are many people facing a financial crisis.  This group of people is in a hole, but doesn’t know how to get out of it.  As long as interest is being paid, most lenders are happy.  After all, they make money by charging interest, so if you don’t pay any of the debt back, they can charge you more interest.

Anyone who is only paying interest on their debts is unlikely to solve this problem on their own.  Without a large increase in pay, or a lottery win, they are not going to be able to start repaying the original debt.  However, there are options available, including an Individual Voluntary Arrangement that will could the debt is cleared by paying what you can afford for five years.

Rosalind Hilton comments ‘We want to take the fear out of seeking help with debts.  We understand that people find it difficult to admit that they aren’t coping, and we know how easy it is for debts to spiral out of control.  Most people wouldn’t leave a leaking pipe in the hope that it will repair itself, so why not get us to help you repair your finances.

We want people to stop worrying about their debts and take action to solve the problems.  We offer free advice to all, and you can call any time Monday to Friday 9am – 5pm on 01253 299399 or pop in to our office at 269 Church St, Blackpool FY1 3PB.  Alternatively, send us an email to recover@adcrofthilton.co.uk and we’ll contact you at a time that is convenient for you.  We can visit you at home if that is easier for you.’

The spirit of Christmas is creeping up slowly and you may find yourself getting very involved with the excitement and rush to buy Christmas presents.

But Christmas is not the time to forget about financial commitments and debts, unlike you, debtors will not look kindly on you spending their monthly payment on presents for your nieces and nephews.

So how can you avoid getting into more debt and still have Christmas?

Budget.

This is the easiest and best method to manage your money over Christmas.

If you take a small amount from your monthly budget and put it into a high interest savings account, by Christmas you will have a nice sum of money you can divide between food, drink, gifts, cards and decorations.

If you cannot budget very well then don’t skip your most important bills such as rent/mortgage payments, gas, electricity, water or council tax bills to pay for presents.

If you must miss or pay a bill late, make sure it is your mobile phone, broadband package, nail appointment or something that is a luxury not a necessity.

If you still need financial help and find yourself in more debt, then call Adcroft Hilton for debt advice.

However some people greatly dislike Christmas and struggle to get by each month, without the added pressures of buying presents, gifts and going out for meals and drinks over the festive season.

Personal debt and self-employed debt is common all year round, however it often increases and becomes worse over the Christmas period as people try to avoid spending more and yet the extra expenses are unavoidable.

So why not invest in the help of a highly qualified and experienced team of professionals, who can offer you helpful debt advice and action plans for you to clear your debt and step back into the black and say good bye to all of your money worries and fears.

Being in debt is not fun, nor is it easy to get out of, but with some help from people who are experienced in dealing with all types of debt, you can understand the different options you have and take those first motions to clearing your debt and financial strains, so you can enjoy Christmas and not have to worry.

1. Contact us for initial advice and let’s look at the options
2. If the only option is to Liquidate the company we will compile the paperwork required to get the ball rolling
3. We write to all known creditors. Once creditors receive this letter they will usually stop chasing you for payment
4. If you intend to start trading again in the same line of business we will advice you on how to do that so you don’t get in trouble in the future.
5. Creditors/Shareholder meeting take place. The company is placed in liquidation at this meeting and you have nothing further to do with the business. The liquidator may require you to assist them with further information after this point.
6. Assets are sold to you or a third party. If you are buying the assets back and require funding for their purchase we can introduce you to companies that may finance them. You may also need help with your cashflow, we may be able to assist here as well.

The above is a simple overview of a liquidation and some parts may not apply to all liquidations.

Short term business funding has never been easy to find. If you don’t want lengthy contracts to get over a short term cash flow problem give us a call. We have recently discovered a company that will finance your invoice on a short term contract. The contract is for a total of 6 months, enough time for you to sort out the problem.

If you are looking for a longer term then tailored packages are available.

If your bank is pushing for you to reduce your overdraft then we can help there as well. We will work with you to ensure that you will survive these difficult trading times.

Contact us now to see how we can help with funding for your business.

1. HOW CAN I GET OUT OF DEBT ?

If your debts are causing you stress and worry there are a number of ways to get out of debt. Once you take control of your debt it will give you peace of mind.

The first step is to acknowledge your debts , it is often difficult to admit that you are struggling but once you have taken a realistic look at your debt situation you will find it easier to take a more positive approach.

Start by listing your debts so you have a true picture of what you owe, then write down your income and expenditure. This will enable you to see where your money is being spent each month. Take a long hard look at your spending habits, It is often the small amounts that we spend that go unnoticed and by writing these down you will have a realistic view of how you spend your money and you may realise that some of the money that you spend each day on small items could easily be avoided.

Once you have a true picture of your income and expenditure each month you will be able to see how much money you have left over to pay off your debts, it will also show you where you may be able to make spending cuts.

2. DEBT ADVICE

Once you have a clear picture of your debt, you may wish to seek professional debt advice. A debt advisor will look at your financial statement and give you advice on all the options open to you.

Many debt firms offer free advice and can help negotiate with creditors in order to work out the best scheme for paying off your debt, such as an iva which offers a structured plan of payment to your creditors over a fixed period of time.

3. HOW DO I MANAGE MY DEBT

In order to manage your debt you must first obtain a true picture of your debt together with your income and expenditure. Once you have this information there are a number of steps that can be taken, you can contact your creditors and inform them that you are

Experiencing problems, try and make regular payments to your creditors even if the amount is small, they will see that you are trying to sort out your debt and may even give you some leeway until you sort out a long term repayment strategy.

You can also manage your debt by making cut backs to your outgoings wherever possible. Look at cutting back on food costs, take your lunch to work instead of buying it each day, prepare food from scratch rather than buying ready made meals. Look at your utility suppliers and switch to the cheapest supplier, switch your credit cards to obtain the best interest rate.

Maximise your income, make sure you are paying the right income tax, check whether you are entitled to any benefits such as Child Tax Credit/Working Tax credit, council tax relief and housing benefit . Check with the Dept of Work and Pensions in order to see whether you are entitled to anything.

The most important thing you can do to help you get out of debt is seek advice.