News: Spring clean your family finances says expert Paul
Leading financial expert and insolvency practitioner Paul Moorhead, says people should think about spring cleaning their finances if they want to be cash healthy in time for summer.
Established in RiDO's Moorgate Crofts business centre in Rotherham, Paul leads a team at Moorhead Savage offering high quality, professional, impartial and ethical help and debt advice to both companies and individuals.
"This is a good time of the year for people to take a detailed look at their finances," says Paul.
"Although there are now very real signs of financial recovery in the air many families are still suffering the effects of recession and need to resolve those issues before looking forward to a financially secure future.
"People who perhaps lost their jobs in the past few years will have possibly spent their redundancy payment and now be eating into their savings and it's at this point that things can get tough.
"Even people who have found work might be finding that they are not earning as much as they used to and they are having to live on much less.
"And if they built up debt during their time without a job, that can be one more problem they don't want to tackle."
If it seems like too much of the household income is going on debt repayment, though, Paul says now is the time to act and seek professional advice.
"There are mechanisms available to reduce the amount you are paying, helping you to keep on top of the debt while at the same time leaving you enough to live on," Paul added.
"The truth is that debt is never a problem until it becomes unaffordable but when that happens it is vital to seek the right support.
"Bankruptcy does not need to be only solution and by seeking prompt advice you can find the right solution for your particular circumstances."
Moorhead Savage website
Images: Moorhead Savage
Established in RiDO's Moorgate Crofts business centre in Rotherham, Paul leads a team at Moorhead Savage offering high quality, professional, impartial and ethical help and debt advice to both companies and individuals.
"This is a good time of the year for people to take a detailed look at their finances," says Paul.
"Although there are now very real signs of financial recovery in the air many families are still suffering the effects of recession and need to resolve those issues before looking forward to a financially secure future.
"People who perhaps lost their jobs in the past few years will have possibly spent their redundancy payment and now be eating into their savings and it's at this point that things can get tough.
"Even people who have found work might be finding that they are not earning as much as they used to and they are having to live on much less.
"And if they built up debt during their time without a job, that can be one more problem they don't want to tackle."
If it seems like too much of the household income is going on debt repayment, though, Paul says now is the time to act and seek professional advice.
"There are mechanisms available to reduce the amount you are paying, helping you to keep on top of the debt while at the same time leaving you enough to live on," Paul added.
"The truth is that debt is never a problem until it becomes unaffordable but when that happens it is vital to seek the right support.
"Bankruptcy does not need to be only solution and by seeking prompt advice you can find the right solution for your particular circumstances."
Moorhead Savage website
Images: Moorhead Savage
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