If you're tackling your debts, it's hard to know whether you're doing everything you can (and basically doing OK on your own) or you really need some professional help.
Exactly when you should seek debt advice depends on your personality, not just your financial situation. Some people will seek debt advice as soon as they feel their finances are starting to get out of control, while others won't take any action until they're on the verge of bankruptcy.
So when would it be 'too early' to seek debt advice?
In short, it is never too early to seek debt advice. In fact, the sooner you deal with your financial problems, the easier it should be to address them. If all you need are a few 'pointers' about managing your money, so much the better!
So, if you have any doubts about managing your debts, you should seek professional debt advice as soon as possible. A professional debt adviser should be able to help you figure out a reasonable, affordable way you can address your debt problems.
For example, if you have fallen behind on your mortgage payments, a debt adviser may be able to offer you tips on how to 'free up' some extra money from your monthly budget, so you can pay off your arrears as quickly as possible.
By ignoring your problems and hoping they will go away, you're running the risk that they'll just get worse and worse.
And when would it be 'too late' to seek debt advice?
Likewise, it is never too late to seek debt advice. Your debts would probably have been easier to clear if you had addressed them earlier on, but you may still have several options, even if you've reached the point where you're worried about being declared bankrupt - or losing your home.
When you seek debt advice, your debt adviser may be able to suggest a specific debt solution, such as a debt management plan or an IVA (Individual Voluntary Arrangement), to help you clear your debts and regain control of your finances.
