If debt is a problem for you and you're in debt to a point where you have no idea where to turn, then getting debt and money advice is essential. Understanding your financial problem can give you the first step towards becoming debt free again.
You can get debt help by calling 0800 085 0226.
Debt Support Trust is a registered not for profit charity and our advice is completely confidential. The help we provide people in debt is designed to guide them towards potential debt solutions, but in the end it will always be your decision.
Where to seek help when In debt?
There are many places to seek debt help, including debt charities and for profit debt companies. We're explaining the differences so you can make an informed decision on how to progress.
Organisations which provide not for profit debt advice do so, usually, with grants and donations. There are two types of debt advice with charities, face to face or telephone.
Telephone: A telephone based charity will give you instant debt help. You can pick up the telephone at a suitable time for you and receive debt advice. The telephone advisor will be friendly and support you with every aspect of your debts. You can expect to receive complete debt advice within 15 - 25 mins, however this can be quicker depending on the complexity of your situation.
Face to face: You can also seek debt help face to face via a local money advisor. They would provide the same service as the telephone advice, but you would set up an appointment to meet and discuss your debt problems.
For profit companies: Other organisations providing debt advice do so with the intention of making a profit. This can sometimes mean there is a fee to pay for the advice.
Solutions to Debt
There are solutions to debt which meet every financial situation. You may even have two or three options to choose from. The solutions available when you're in debt depend on your personal and financial situation.
Debt solutions available include:
Debt management plans: An agreement to pay one monthly payment to one company who will manage your debt.
Debt arrangement schemes: A formal agreement to pay one monthly payment in Scotland and have all your interest and charges frozen.
IVAs: Usually a 5 year solution to repay what you can afford. Any remaining debt is written off.
Trust Deeds: A Scottish debt solution to repay what you can reasonably afford towards your debt each month. At the end of the solution any remaining debt, interest and charges is written off.
Bankruptcy: A debt solution which will last for one year, although you could be asked to pay into the solution for 3 years.
All of the above debt solutions have their own positives and negatives and these should be explained before you enter any debt solution.
In Debt Help
When you're in debt it's imperative that a debt advisor is both knowledgable and supportive. At Debt Support Trust our debt advice team care about getting you back out of debt. If you want help to resolve your debt problems and wish to speak to a telephone debt advice charity, then Debt Support Trust is here for you.
Call our advice charity now on 0800 085 0226 and we will help with honest and practical advice when in debt.