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FINANCIAL GOALS

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Goals >> clearing debt >> i want to clear my debts

Whether you owe a lot or a little it is possible to clear your debts; all you need is willpower, determination & a plan. We explain exactly what you need to do to pay off your debts asap.

Step 1 -- Set your intention




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a	Do: Commit yourself to clearing your debts



b	Do: Get support

Step 2 -- Work out your monthly income




a	Find out: How much do I get paid?



b	Find out: How much do I earn from other jobs?



c	Find out: How much do I earn from overtime?



d	Find out: How much do I earn in bonuses?



e	Find out: How much do I earn in interest or dividends from savings and investments?



f	Find out: How much do I receive in tax credits or benefits?



g	Find out: What's my average monthly income?

Step 3 -- Work out what you spend each month




a	Do: Get all of your paperwork together



b	Work out: How much do I spend on compulsory expenses?



c	Work out: How much do I spend on essentials?



d	Work out: How much do I spend on luxuries?



e	Work out: How much do I spend each month?

Step 4 -- Work out whether you can afford to repay your debts




a	Work out: How much do I owe to creditors?



b	Work out: Can I afford to keep up repayments on all my debts?



c	Decide: Do I need to cut back?



d	Do: Contact lenders if you're struggling with repayments

Step 5 -- Consider using savings to clear debt




a	Find out: How much do I have in savings accounts?



b	Find out: Am I paying more interest on my debt than I'm earning on my savings?



c	Decide: Should I use my savings to clear debt?



d	Work out: How much of my savings should I put towards my debts?

Step 6 -- Get lower interest rates on your debts




a	Do: Check your credit report



b	Do: Speak to your lenders



c	Decide: Should I arrange a low rate credit card balance transfer?



d	Find out: Can I cut my interest repayments using a credit card I already have?



e	Decide: Should I consolidate my debts?



f	Consider: Could I pay a lower interest rate by using a low rate personal loan?



g	Work out: How much have I saved in interest payments?

Step 7 -- Create a payment schedule




a	Work out: How much can I afford to pay off my debts each month?



b	Do: Split your repayments between your debts



c	Work out: How long will it be until I'm debt free?



d	Decide: What's the best way for me to make repayments?

Step 8 -- Find out about your options if your debt is becoming unmanageable




a	Consider: Should I get a debt relief order?



b	Consider: Should I get a debt management plan?



c	Consider: Should I get an IVA?



d	Consider: Should I consider personal bankruptcy?

Step 9 -- Focus on paying off your debts




a	Do: Keep a spending diary



b	Do: Start working to a careful budget



c	Consider: Can I spend less without noticing a difference?



d	Consider: How can I earn extra money?



e	Do: Keep track of your progress

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