If you’re struggling to make ends meet, it can be a sign that your financial situation has taken a turn for the worse. Financial difficulties can come with a cost; in fact, they often do. A Licensed Insolvency Trustee (LIT) offers invaluable assistance to people whose debts have gotten out of control and threaten to take them down with them. To discover whether you qualify for the services of a LIT, read these 5 signs that indicate you need the help of one.
1. You’re constantly paying overdraft fees
If you’re only barely scraping by every month, you’re probably having trouble keeping up with bills like utilities, phone plans, and your rent or mortgage. If you’re frequently being charged overdraft fees and other penalties for insufficient funds, you’re likely in dire need of assistance.
Being in debt is stressful and debilitating, and financial difficulties often cause people to miss vital payments. To make matters worse, not missing a payment when you have insufficient funds only leads to more debts. Trustees can help to negotiate lower fees and penalties with your creditors on your behalf and put an end to the constant stress of being in the red.
2. Your credit rating is significantly below what it once was
Trustees can negotiate with your creditors and help you set up a repayment plan that works for you. If your credit rating is very low, it will be difficult for you to obtain a loan or line of credit, making it difficult for you to make necessary repairs to your home or car, purchase new furniture and appliances, or even find a job.
If you’re struggling with debt and need a new car, for instance, a bad credit rating means you’re unlikely to get a loan. A trustee can help you get your financial life back on track so that you can have a better chance at obtaining financing in the future. A higher credit rating will also make it easier and less expensive for you to borrow money in the future.
3. You frequently fall behind on payments for essential services
If you are frequently late on payments like your utility bill, cable bill, or cellular phone plan, it’s likely that you’re struggling to make ends meet. If you’re having trouble keeping up with your mortgage or rent payments, you’re likely headed toward eviction or foreclosure. If you are behind on payments for essential services, like water and electricity, you could face having those services disconnected.
If you’re receiving letters from your service providers concerning service interruption, contact a Licensed Insolvency Trustee that offers urgent services. A trustee can either assist you in setting up a payment plan to catch up on your debts and ensure that you aren’t cut off from essential services, or can help you come up with a solution to your debts such as debt consolidation, bankruptcy, or consumer proposal.
4. You have little to no cash left over each month.
If you’re having a hard time covering the basics, like food, shelter, childcare, and transportation, you may be struggling with debt. Those that do struggle with debt typically don’t have much money left over each month after covering all their expenses. In many cases, people who are in debt are forced to make sacrifices in other areas, like foregoing a cell phone plan or Internet access. Otherwise, they’ll only dig themselves deeper into debt.
If you have little to no cash left over each month, take that as a sign that you need immediate assistance in dealing with your debts. A trustee can help you reorganize your budget so that you stay on top of your debts. If budget reorganization isn’t cutting it, they can help you find a more suitable solution.
5. You’ve tried to pay off your debt on your own, but you keep failing
Nothing feels worse than thinking you have a great budget set up, only to see your efforts get swallowed up by unexpected expenses. If you can relate, that’s likely a sign that you’re dealing with too much debt. If you don’t have the means of setting money aside for unexpected expenses, contact a licensed insolvency trustee (LIT).
If you’ve tried to tackle your debt on your own but have been unsuccessful, it’s time to seek professional help. If you’re having trouble keeping up with your debt repayment plan, or if you don’t have a debt repayment plan in place, you need assistance immediately. A trustee can take over from where you left off, and help you make significant progress toward becoming debt-free.
If any of these problems sound familiar, it’s time to seek the help of a Licensed Insolvency Trustee. Many people who struggle with money also have problems keeping a roof over their head or putting food on the table. Fortunately, there are professionals out there who specialize in helping those with money troubles get back on track. If you’re in debt, don’t wait until it’s too late. Talk to a Licensed Insolvency Trustee today.