Blog

Stigma & Debt - 2 Peas in a Poor Pod

Oct 06 2011

Back in the day 'when I was a lad & all that jazz' people who didn't repay their debts were sent to Debtor Prison.  The introduction of The Debtor's Act of 1869 abolished imprisonment for debt if you were unable to pay, however those better off amongst us who just refused to cough up could still be incarcerated for up to 6 weeks. 

Nearly 150 years ago later, the stigma attached to debt in still alive & kicking.  No one's going to break through your door, pick up your best china and stand in your garden trying to sell it to your neighbours.  Also, C/o Tommy Sheridan, the controversial Act of Poinding & Warrant Sale was abolished in 2001. 

 

The biggest problem we have in relation to Debt & the Stigma of Debt, is the fear of the unknown.  To the untrained eye, Sequestration does sounds like a big bad word & some people can't even pronouce it.  I once tool a call from a lovely old man who was in fear for his life after receiving a letter threatening 'Warrant for Execution'. 

Let's take you through the process, just so you know what to expect;-

*   Sit down with a bar of Galaxy & prepare an income and expenditure, then

*   Sit down with a glass of wine, if you need it, and note down all your creditors & how much you owe them, then

*   Take a deep breath & pick up the phone.  If you'd rather we call you, go through the 'contact us' link on our website. 

*   We'll go over all your figures & see what Debt Management/Relief option is best for you based on your surplus income, level of debt & any assets you have. 

*   If you decide to go ahead, we can arrange for someone to come out & meet with you to go over all your options again, face to face & to complete all necessary paperwork.  Remember.... initial advice is free so if you decide it's not for you then that''s fine too. 

So, why do people leave it so long before seeking help?

A lot of people think as soon as they pick up the phone to speak to a debt advisor, they will be made to feel like a scolded boy scout.  This means, they hang off & hang off, burying their ostrich necks in the sand until they are forced to seek help.  Naturally facing your debt worries head on is a daunting task, however you need to remember 2 main points. 

(1)   No one is going to judge you.  Debt isn't a crime (not anymore anyway!) & think how much better you'll feel once you've taken the first step in dealing with it. 

(2)   We're just like you!!  Plesant, easy going people who just happen to be skilled in providing expert debt advice.  People tend to think the 'old school solicitor type' will be waiting behind the door to reprimand them.  It's not the case & we'll hold your hand every step of the way. 

One final thought, 'Debt & Stigma' is an anagram of 'Badge Fit Most' so remember,  most people have some sort of debt & if you find yourself unable to meet your contractual liabilities as & when they fall due, we're here to help. 

 

Nicola Standen 

top

Latest News