Spring clean your finances

Spring clean your finances

Time for not just the traditional House Spring Clean, but how about a Spring Clean of your Finances?

Christmas has been and gone for another year, the commonly known blue and financially draining month of January has passed and Spring is soon upon us. Time for not just the traditional House Spring Clean, but how about a Spring Clean of your Finances?

The run up to Christmas soon arrives and slowly, slowly do you creep into your overdraft and fall into the red? Christmas passes, and coming out of the red is the next task. Time now to get your finances back on track. Ready for the Spring and Summer months of holidays, house repairs and enjoying life!

Simple steps can be taken in a bid to organise your finances. Review your finances regularly, open your Bank Statements, Credit Card Statements and don’t be afraid to challenge any high bills and question your utility bills. You never know, a phone call to your utility provider could potentially save a few pounds helping you keep on top of putting them all important meter readings in. If you have any unopened post mounting, OPEN THEM. It’s time to remove your head from the sand and start getting your finances in order.

If you do have Credit Card bills, Loans or the odd Catalogue from Christmas outstanding, call the Finance Provider or if it is to the stage of a Debt Collection Agency – CALL THEM!! Don’t be afraid of facing up to it. More than ever companies providing finance and Debt Collection Agencies are heavily cultured by the “Treating Customers Fairly Principles”, which is commonly known as TCF.

There are six desired outcomes that the FSA are aiming to achieve by embedding them in businesses’. Please be clear, Debt Collection Agencies are not regulated by the FSA but are regulated by the CSA. They do however follow the principles as agents of their subscribers, subscribers being the original creditor (Finance Provider).

The objective of TCF is to create a fairer and more effective financial industry. One of the six outcomes the FSA are trying to achieve and the most fitting to you, if you are dealing with financial pressures would be the following outcome. “Where consumers receive advice, the advice is suitable and takes account of their circumstances”

This can provide the Consumer, Finance Provider and/or Debt Collection Agency with a mutual understanding to provide a solution that fits all parties. Where the Finance Provider and Debt Collection Agency is receiving repayments against the bill or debt and the consumer has an affordable repayment that is realistic and manageable in order to provide a win, win solution for all parties.

Making repayments is all about being realistic to your financial capabilities, whilst meeting the needs of your creditor, but please be honest with them. Being honest, open and truthful and at all costs staying in regular contact with your Finance Provider, Creditor and/or Debt Collection Agency is a must. If you have a change in circumstances keep all parties informed. Don’t avoid the red letters!

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