What to do when an unexpected bill hits you
When money is already tight, and you’re suddenly hit with an unexpected bill, it can be difficult to know what to do next. Do you take out a loan and potentially plunge yourself further into debt? Do you sell your worldly belongings in a bid to make some quick cash? Do you take on more hours at work? At the end of the day, it all depends on the size of your bill and the deadline by which you must pay it. No matter what specific situation you find yourself in, however, one thing you should always do is remain calm.
Something else that you should do is take expert financial advice as and when it is provided. To find such assistance, be sure to read on.
Enter into A (Re)Payment Plan
The worst thing you can do when an unexpected bill arrives is to ignore the problem. Burying your head in the sand isn’t going to make the situation go away — if anything, it’ll just make things worse.
Instead of ignoring your plight and praying that it will go away, face it head-on and actively enter yourself into a payment or repayment plan. Whether you can afford to pay back £100 a week or £1 a month, simply making an effort in this instance will show that you are committed to the task of paying back everything that you owe.
Negotiate Yourself Some Time
The more time you are afforded to pay off your bill, the more control you will have over your finances. You must, then, be willing to negotiate with the person/company that has hit you with your unexpected bill, even if this means going against every fibre of your being!
In order to be an effective negotiator, you should:
• Never be afraid to straight up ask for what you want
• Actively listen to what the other party has to say
• Aim high — it can’t hurt!
• Show the other party that their needs will be met
• Above all else, be confident, and believe in your negotiating ability
Explore All of Your Financing Options
Regardless of your financial history or your credit score, there will always be a number of financing options out there. It’s important that you explore all of these options, as doing so might just see you unearth the financial assistance that you need to pay off your unexpected bill.
One option that you will always have available to you is car leasing. As stated at carcashpoint.co.uk, taking this route will see you secure a logbook loan on your vehicle, and it will provide you with cash upfront that must then be paid back over an extended period of time.
When emergencies strike, and you’re faced with an unexpected bill, it’s important that you put the above advice into practice as soon as you can. The quicker you take action, the better chance you will have of remaining financially afloat.
