We asked Liam from Manchester to explain his thoughts on asking for advice on managing debt based on his own experience. We helped Liam to manage his debts in a structured plan. The debt management plan enables Liam to pay one monthly payment to one company and some of the interest and charges were even frozen.
If you would like debt help then speak to a debt advice charity. Debt Support Trust has helped thousands of people in the UK with their debt problems. You can call us on 0800 085 0226 to take the first step.
Getting Advice on Debt Management: Liam's Story
I never thought managing debt would be difficult. I'm 29 years old, I own a small car, work full time and live in a rented flat with my wife. So, I decided I wasn't suitable for debt help. My debt was only £7,000 but I just couldn't make the payments.
I figured I was spending too much and decided to sit down, write out my income and expenditure and understand once and for all where all my money was going.
I had balance transferred my debts multiple times before realising I couldn't get any more deals. I was stuck on the current credit card. My minimum payment to my debt each month is about £300. When I reviewed my income and expenditure I realised, that without any "fun money" I only had £150 that I could afford to pay towards my debt each month. I had been borrowing money from friends and family, or adding more to my credit card, in order to meet my payments.
I needed advice on debt.
Advice for the Debt Management Solution
I realised then I had a problem which could only ever get worse. I needed to draw a line in the sand and get help. A company contacted me about a debt management plan and I looked into the solution knowing I needed more advice on debt management.
The debt management plan seemed like a brilliant option. It was flexible and affordable each month and I would be debt free eventually. The interest and charges weren't guaranteed to be frozen, but they would ask. Some of my interest and charges were frozen in the end.
The only problem was that the company were going to charge me a setup fee and a monthly management cost. I worked it out that my debt management plan would take a year longer because of all the fees and charges. So, I looked about for advice on a debt management solution where there were no costs or fees.
Free Advice about Debt Management Solution
The debt management advice from Debt Support Trust was free as they are a charity. I called the free phone number (0800 085 0226) and spoke to an advisor. They took me through all of my options and ensured I got a free debt management plan. They agreed the debt management would be the best option.
I didn't have to pay for any advice on debt management or for the setup of the debt management plan.
I should now be debt free in a little over 4 years!