Sue Forrest at 1st Stop Debt Solutions

We sat down with Sue Forrest at 1st Stop Debt Solutions who offers us her best advice to those struggling with debt...   

1) Firstly, what does 1^st Stop Debt Solutions do?

We advise clients suffering financial hardship through our debt management department. I am a qualified debt advisor and offer advice to clients with debts. I can advise on Bankruptcy, help them through a debt management plan, or pass them to the appropriate firms if an IVA is the best advice and option for them. 

2) What’s the best advice you can give to consumers to minimise the chances of them getting into debt?

My best advice is simple – if you can’t afford something then don’t buy it! If you have a credit card, never fall into the trap of making cash withdrawals on the card.

3) What characteristics would mean that someone qualifies for help from your company?

We help anybody who is struggling with debts – anyone who is unable to pay their debts as and when they fall due or has assets that are less than their liabilities are technically insolvent. We can help initially with the advice stage and then direct them to who is most appropriate to help them out.

4) How straightforward is the procedure?

It is extremely straightforward.

5) What is the most common reason for people getting into debt?

I think that because we live in such a ‘buy now pay later’ culture, getting into debt is far too easy. One of the main problems is that if you have credit and pay on time, more and more offers of credit will fall through your letterbox. In many cases, this will spiral out of control very quickly. 

6) How long have you worked for 1^st Stop Debt Solutions and what did you do before?

I have only been at 1^st Stop for two months. Prior to that I worked for a firm of insolvency practitioners for 13 years. I am an insolvency technician and qualified to advise individuals and Directors of Limited Companies. One of my roles in my previous position was to investigate the conduct of directors’ in insolvency cases and prepare a Report for submission to the relevant authority. 

7) How can people minimise their monthly costs?

Basically, the key is to shop around for cheaper options. Look for utility providers that offer the best deals and don’t just go for the first option. If you have a credit card, look at lenders who offer 0% balance transfers. 

8) With so many people in debt do you think more needs to be done to encourage people to take a better approach to managing their finances?

Absolutely. I have very strong views about young people especially, getting into debt. When I worked at my last firm we contacted Secondary Schools offering to go in and give advice to pupils in their final year about how to manage their finances generally. I believe that educating young people about debts and the detrimental effect they can have is very important. 

9) Do you think more people are facing up to their financial problems?

Yes, I think they probably are. There are so many more debt solution providers out there now, who have really helped to stop debt from becoming such a taboo subject. People are more aware that there is nothing to be ashamed of. 

10) Do you expect the financial situation to improve in the coming months?

No I don’t, I think that with the current climate, things are probably going to get steadily worse before they get better.