Bank of America is committed to helping you manage your debt. If you find yourself in financial difficulty the most important thing is to talk to those who you owe money to. If you talk to us we can help you understand your options.
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What should I do if I am in financial difficulty?
First of all understand your financial situation by taking the Money Advice Service health check. Don't bury your head in the sand - your debts won't reduce without your action - they may even increase. Check whether you have insurance in place (such as payment protection insurance or LifestyleProtect). Then ring Bank of America on 0800 783 7592 to talk through your financial problems and we will help you understand your options.
How can I reduce my current spending?
The first step in reducing your current spend is to create a budget and stick to it. Since most bills are paid monthly, we recommend establishing a monthly budget. This simply involves calculating how much you spend each month and comparing it to how much you earn each month. The goal, of course, is to earn more than you spend and continuously look for better ways to reduce or eliminate wasteful spending. In this regard, we offer the following spending tips:
- Set up Direct Debit payments. This will ensure that your regular payments are not late and provide a clearer picture of what you have left over to spend each month.
- Plan your shopping trips. Only go with planned purchases in mind.
- Wait before purchasing. Never make large purchase decisions spontaneously. Wait a few days and weigh your decisions carefully.
- Review your service providers. Check to see if you can reduce your current services. Consider comparing your provider to others to see if you can save money by switching. Learn about Simply Switch.
- Budget for non-regular bills. Set aside money for infrequent bills such as insurance payments, favourite charities or holiday gifts.
- Budget for the unexpected. Set aside money for unexpected expenses like home/car repairs, healthcare or other emergencies. Consider additional insurance protection for you and your family.
Are there any resources available to help me reduce my spending?
There are many solutions available out on the web to help you reduce your household expenses. One example is Simply Switch, a free and impartial comparison service that could help you save money on the following household bills quickly, easily and without hassle:
- Home and mobile phone
When you use Simply Switch you get to see the tariffs from all the providers in your area so that you can make the right choice for you. In the case of changing energy providers, you could also do your part for the environment by increasing energy efficiency. Learn more about Simply Switch.
How can I reduce what I already owe?
Once you develop a monthly budget and start reducing your current spend, consider contacting your lenders and creditors to improve the terms on your debts. It may be possible to either lower your interest rates or negotiate reduced debt settlements.
Visit an impartial website that can provide valuable information on how to save money and assist your financial circumstances.