Notice of defaults: everything you need to know
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Most of us have felt 'obliged' to spend money in certain social situations - even though we may not really be able to afford it. For many, this is just a mild annoyance - but for people struggling with debt it can be a real worry.
The act of buying 'rounds' in the pub is pretty much a British institution. But have you ever felt like you have to get a round in, even when you don't really have the money for it? If so, you're not alone. 70% of us have felt obliged to buy a round of drinks we couldn't really afford - according to new research by Debt Advisory Centre.
This sense of social obligation isn't just confined to the bar, though. We found that 76% of adults in the UK have avoided a range of social situations because of the potential cost. This includes:
• Meals out with friends (54% of those people)
• Nights out in a bar/the pub (49% of them)
• A work night out (47%)
• Shopping with friends (33%)
• Hen/stag dos (27%)
• Weddings (22%)
For most, avoiding the odd social situation here and there is a sacrifice we're happy to make - for the sake of our bank balances. However, if you're consistently turning down invites because of the state of your finances, it can become more of a problem.
If you're in this situation because of your debts, it's important to talk to a specialist debt adviser right away. Use the form below to contact a member of the team at Debt Advisory Centre - who will listen to your situation and suggest some potential solutions to bring your debts under control.
Debt can lead to social isolation
Trying to avoid rounds at the pub and meals with friends can sound trivial - but if it's something you're constantly living with, it can be anything but.
For one, you can miss important events in your friends' lives - like weddings. If you repeatedly turn down invitations to social occasions, invites can dry up altogether. Nobody wants to end up in a situation where the only phone calls they receive are from their lenders.
At Debt Advisory Centre, we understand that debt doesn't just affect your finances - it can affect all areas of your life. But don't worry: there are debt solutions that could help.
The right debt solution could reduce the amount you pay towards your debts to a manageable level each month. It could also freeze interest and charges - and some solutions also prevent your lenders from taking any legal action.
Of course, during a debt solution you won't have lots of money to spend on socialising, since you'll be expected to do what you can to repay your debts.
However, you should have enough to keep up with your important monthly costs, like your mortgage payments and utility bills, without worrying how you'll put food on the table. And once your debt solution has reached a successful conclusion, you should be free to enjoy your life without avoiding invites from your friends so you can make your debt payments. You might even be able to say 'drinks are on me!'
Find out more about our debt solutions - and their pros and cons - or use the form above to get in touch with us.
by Christine WalshBack to blog home