The making of a Debt Free Champion

Last week I was lucky enough to be at conference, one of the sessions was delivered by aLife Coach Nigel Risner, and presented all the Life coach type motivation that you may expect. But one thing that was quite interesting, and potentially transferable to Debt, was an analogy to the sporting world.

Engage Coach Mode

If you think about professional sports people they will have at least one coach, and there will be commentators discussing their performances. Now the role of a coach is to get the best possible performance out of the athlete at future events, and their focus is all about what needs to be achieved to accomplish the best possible sporting goals; its all about the future.

A commentator on the other hand has the primary role to communicate performances to the audience, necessarily in the past, and with the benefit of hindsight. The point being that there is no point being your own commentator and living in the past, it's far better to switch on “Coach Mode” and look to the brightest possible future. Where as a coach may analyse past performances, its only to learn from it and improve future performances.

Do you need a Debt Coach or Commentator?

So, here’s where it gets relevant for those of us in Debt. Think of creditors as the commentators for your race to become debt free, and the free debt advice sector as your coaching bench. Now you can choose who to focus on, it’s your race, and ultimately it’s you who has to get it done, but who is going to get you where you need to be?

When you’re in debt it’s all too easy to dwell on the reasons for your debt and to blame your own shortcomings. You may have other commentators, people you know, who remind you the reasons for you debt. But ultimately the road to clearing your debts is not dependent on any mistake you may or may not have made. When you talk to creditors they will talk to you about what you owe them (all in the past), but can you expect them to solve all your debt worries?

Debt Coaches are free

So to clear your debts, engage Coach mode. Sometimes this might be you yourself, but the best sports people get professional coaches, and whilst they may pay coaches thousands, the good news for you is that the best Debt “Coaches” are free. They're not judgemental they don’t judge the past, and ultimately it’s not going to matter to them where your debt comes from. But they can help you identify the best way forward to get the best possible performance for your current circumstance so that your future can be as bright as possible.

Oi’ Ref

We’ve identified the Coach and the Commentator, but what about the Referee or Umpire? In the case of Debt this would be the government, and regulators such asThe Financial Conduct Authority. Their role is to make sure everyone (including you) play fairly.  In respect of the debt advice process they require Advisers to ask and record the reason/background to the debt. Equally creditors are now mandated under regulation to encourage a way forward for customer debt problems.

A Debt Adviser will listen to you and the reasons for debt as it may enable them to better identify the best way forward. For example if it is due to health or any genuine life problem/income shock, such as divorce/redundancy - this can often build a better picture during creditor negotiations and ultimately help you get out of debt quicker.

So, sure you can learn from the past, and you should listen to what your creditors/commentators are saying. But in the same way a coach may analyse a past race, this is only to help identify how you can improve the future. Take what your creditors are saying, and with your Debt “Coach” identify how that is going to impact your financial future.

What are you waiting for engage “Coach” mode now, before any more of the future becomes the past.

Contact Money Advice Hub for free, independent, impartial debt advice.