In this episode, Loraine delivers a step-by-step guide to dealing with debt, offering practical advice and strategies for managing debt and budgeting effectively. Drawing from her experience working in money advice at the Citizens Advice Bureau, Loraine introduces the PIES acronym (Prioritise, Income, Expenditure, Share) as a method to help individuals navigate their financial challenges. She discusses prioritizing expenses, increasing income through various means, identifying non-priority expenses, and sharing available income with creditors. Loraine also touches on coerced debts and the importance of seeking support from organizations like Surviving Economic Abuse and Citizens Advice Bureau. 

KEY TAKEAWAYS

• Start by identifying and prioritizing your essential expenses such as rent, mortgage, utilities, and food allowance.

• Explore various ways to boost your income, including claiming entitled benefits, checking tax codes, selling unused items, or renting out a spare room.

• Create a budget and allocate available income to non-priority debts using a pro rata calculation to negotiate reduced payments with creditors.

• If you've been coerced into financial agreements, seek assistance from organizations like Surviving Economic Abuse or Citizens Advice Bureau.

• Consider joining a private support community like "Success with Lorraine" on Facebook for women aged 40+ to connect, heal, and grow from trauma to transformation.

BEST MOMENTS

"If you've got mortgage arrears or rent arrears and things, then you do really need to speak to a professional and seek help."

"Now, letters are the easiest form. Obviously, it keeps a record of everything that's going on."

"It's domestic abuse and more banks and credit card companies are becoming informed about this."

"So if you phone in or you're writing and you're in that situation of coerced debts, I would ask them if they have a vulnerable customer support."

Zero Cost, NO Commitment, Safe Space - https://successwithloraine.com/free-group/

Podcast Episode 1: https://youtu.be/Tqsl9bNB09w?si=HYKs2OUO9JT14QN4
Three Ds in relationship endings: https://youtu.be/rruk-FzmLLU?si=XvB33_v6FPAkRVGR Will the real victim please stand up: https://youtu.be/nwNZN1JqD0k?si=DzscJ7lt8mU9Ow4X

HOST BIO

Loraine is a blogger, digital creator, and author.
A former Property Management business owner spent a decade in HMO and family rentals before moving to Spain in 2016 with dreams of becoming fully retired and living in Spain with her partner, but that dream shattered in September 2020. 

Loraine explains how she has now experienced the three D's in relationship endings. Divorce, death of a partner and now discard, the abrupt termination of a relationship. 

Currently working on rebuilding her life whilst living with three overlapping litigations post-separation including the threat of precarious eviction by a former partner.