Debt advice 

Money is such a taboo subject, but it shouldn’t be. We often find it difficult or embarrassing to talk
about our finances, and this needs to change. According to a study released in August 2020, the
average debt per adult in the UK is £31,798.

Borpays was founded is to help you, and we understand that there are people out there who are
really struggling with debt, and don’t want to talk about it. There are also people who are unaware
there are charities and services out there who can help. A few years ago, Seb, one of our directors,
found himself in what he thought was an impossible situation financially that he thought he would
never get out of, here’s what he had to say;

“When I was younger I got into a lot of debt. I had just moved into my first flat, I had a job where I
was just about earning enough to live, had no savings, and was living month to month. Then one day
the company I worked for went into administration, and just like that I was out of a job with no
redundancy payment. It took me 2 weeks to find a new job, and it was a further 4 weeks before I
received my first paycheque. In the meantime I found myself in a void with no money in my account
and bills to pay, and as I was too embarrassed to talk about money to anyone, I took out a payday
loan to cover me until my next paycheque.

At this time, payday loan companies were charging an extortionate amount of APR for the smallest of
loans, so by the time I paid that loan back, I needed to take out another one because I was short for
the month. Within 9 months of the first loan, I was over £11,000 in debt with 5 different payday loan
companies, and had defaulted on 3 of these loans. It got to the point where I stopped answering my
phone all together because of all of the collection agencies trying to get hold of me. I couldn’t sleep,
lost my appetite, and very rarely even left the house. As soon as money went into my bank, it was
gone again, there was even a 2 week period I lived without any electricity because I couldn’t afford
to put any on my electric key.

Eventually someone I worked with spotted a change in my behaviour, and after much persuading,
managed to get me to talk about my problem. It was at this time I first learned about Step Change, a
free UK debt charity. After contacting them, they helped me make a plan of action for my financial
difficulties. After 4 long years, a lot of hard work and the support of Step Change, I managed to get
myself debt free.

Why am I telling you this? Because sometimes it takes someone sharing their story for you to realise
that you’re not alone. If you are struggling financially, don’t suffer alone, there are people who can
help you, and there is no shame in asking for help”
Below are 4 Debt help services based in the UK who have been handpicked by us. They are all
reliable, trustworthy and free.

*Disclaimer, Borpays is not a financial advice service, nor are we financial advisors. We can only
recommend based off of previous experiences. Borpays is not designed to give you financial freedom
or replace any income.