Your finances

Managing debt and borrowing

There are simple steps you can take to create your plan to manage your debts or borrowing.

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    Debt and borrowing overview

    Living with cancer can bring extra expenses. Learn how to manage your debts using a clear step-by-step process.

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    Step 1: Increase your income

    Increasing your income is the first step to managing your debts. Check your entitlement to benefits and insurance payouts.

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    Step 2: Reduce your expenses

    Once you have made sure you have as much money coming in as possible, there are ways you can reduce your expenses.

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    Step 3: Create a financial statement

    Creating a simple financial statement will give you a clear idea of your disposable income.

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    Step 4: Deal with priority debts

    Prioritise your debts can help you see which debts you should pay first. A debt organisation can help you with this.

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    Step 5: Deal with non-priority debts

    Once you have made arrangements to pay your priority debts, you can start to think about your non-priority debts.

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    Other options for dealing with debts

    If you can’t pay back your non-priority debts in a reasonable time, speak to a debt advice agency straight away.

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    Debts you leave behind

    If you have debts when you die, it reduces the value of your estate. This means your beneficiaries will receive less money.