In this video, Jacqueline explains what debt is and what to do if you are in debt. Nowadays you can hardly escape it, you would almost think who does not have them? Debts come in all shapes and sizes, but not everyone knows that he or she is in debt. A mortgage or loan from the bank is also a debt. As soon as these costs are paid monthly, there is no problem. But can the costs not be paid and not in the long term? Then problematic debts arise. When you find that you can no longer pay the monthly fixed costs, it is time to get a clear overview of the financial situation.
Make an overview of the income and expenditure. After this you can make a list with all financial obligations and debts. Prioritize your debts. Consider which debt you want to pay off first, making private debts the main priority. Once you have a clear understanding of the financial situation, you can see how much money you have left to pay the other creditors. If you have debts with the tax authorities and do not know exactly how many debts this concerns, you can request information from the tax authorities. They can determine the assessments so that you know your exact debt position. If you feel that you do not understand the financial situation yourself, immediately ask for help. The sooner you ask for help, the faster and better you can be helped. You can ask for help from the municipality. They will forward you to a debt counseling organization. Every year, thousands of entrepreneurs apply for debt assistance. The most common debts are tax debts. Income and sales tax remains a challenge for many entrepreneurs.