Care and support

In the long term

Debt repayments can go on for a long time, and creditors will want to be updated regularly, just in case your circumstances have changed.

It is wise to keep your financial statement updated, and if things improve you may be able to offer a higher rate of repayment to your creditors. Always bear in mind however that you do not have to offer increased payments if your situation has not improved!

There may be circumstances in which long-term repayments are not a realistic idea, and it may be better to ask the creditor to consider placing a long-term hold on the account, or to write off the debt. Seek help from an adviser.