Debt Advice For When You Move

Moving house is an exciting new prospect in anyone’s life, no matter how stressful it can be.

Without a good checklist things can go missed though and it is because of this reason that the total UK personal debt at the end of December 2010 stood at £1,452billion.

Forgotten debts and unpaid bills can build up and due to the fact that your new residence is not noted by the company’s they cannot inform you.

Hidden debt which you are unaware of is extremely important as it will catch you out, discolouring your credit and therefore affecting whether you are given loans or mortgages.

By moving house you can lose track of your arrears and liabilities. For example, the energy provider will write to the address on file but as you’ve moved you wouldn’t even know you owed money.

And if you didn’t know you had a credit card account open, you may be charged a dormancy fee for not using it in a certain amount of time.

Here are some tips;

– Before you move, ring all up all your utility providers and double check that there aren’t any outstanding payments before cancelling them. Don’t be like the 5.5 million households in the UK who are in energy debt.

– Make sure if you owe any arrears that you have informed them of your new address, so your outgoings can continue.

– Don’t shy away from your debts, they will come back to haunt you in later life. Not declaring where you live will only delay the repayments. Eventually you will have to pay them back so be realistic and take them with you.

This is the case for home moves as well as Business Removals.

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