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As part of our Corporate Social Responsibility, CavanaghKelly continues to provide support, guidance and training to Rural Support staff, mentors and volunteers. This has been particularly focused on specialist financial issues which increasing numbers of Rural Support callers currently find themselves facing.

One of the main challenges facing callers to the Rural Support helpline is debt and financial pressures. Dealing with debt can be stressful and as demand letters arrive, it can feel like the pressure is mounting. It can often seem like there is no way out but talking to a friend, Rural Support mentor or seeking professional support can help. Often when people come to Rural Support or CavanaghKelly they are reassured to find that they do have options and having someone to help work through financial difficulties can help ease the burden of dealing with debt alone.

The first step in dealing with debt is to understand the cause and how the debt has built up:

• Was there an unforeseen fall in your income?
• Are you overspending?
• How many creditors you have and how much is owed to each?

Some key steps

When dealing with debt it’s important to keep in contact with your creditors. Don’t ignore phone calls or letters – tell them you are getting help and don’t over promise. Most people will be understanding if you’re honest with them. If you’re worried about contacting your creditors ask someone for help.

How can Rural Support help?

Rural Support’s trained volunteers and highly experienced mentors provide support both face-to-face or via a confidential helpline. They will help to analyse your current farm business position, identify options and explore possible ways forward. Assistance is available on business finance and debt, succession planning concerns, physical and mental health issues, farming paperwork, technical and enterprise issues and many other issues. If you do require assistance or are experiencing a challenging period, you are encouraged to contact Rural Support as early as possible so that options can be explored. There are no fees to clients associated with Rural Support services.

How can CavanaghKelly help?

CavanaghKelly have a specialised team of advisors who can provide clear and concise advice specific to your needs. Whatever the problem we are here to help relieve the pressure and to find the solution to put your financial difficulties behind you. Once the causes of the debt have been established and any initial pressure from creditors relieved, the next step is to look at how the debt will be dealt with. The CavanaghKelly team can help.

We will review:

This will help guide you towards a solution. There are several options available including:

CavanaghKelly offers a free consultation to discuss any of your requirements.

What's next?

No matter your level of debt, provided you have a willingness to engage with your mentor, advisor and creditors there is always a solution. You must be prepared to make the required lifestyle changes; whether it be selling an asset or reducing your expenditure, acknowledging the need to change is often the first step.

You can contact Rural Support or CavanaghKelly at the below details.

Contact details:

Rural Support: Confidential helpline 0845 606 7 607 (Open 8am to 11pm, seven days a week; voicemail and support options available at all other times). www.ruralsupport.org.uk

• Your monthly income and expenditure
• Your assets and liabilities
• Any financial support available from family or friends
  • Informal offer to creditors
  • Individual Voluntary Arrangement
  • Bankruptcy