Debt problems affect everyone differently. For some people it's a debilitating problem which results in lack of sleep, increased anxiety and a fear to open the post or answer the telephone. But, for other people, it's much more easily managed.
One of the reasons debt affects people differently is that debt problems can vary - a problem for one person may be easily resolved by another.
At Debt Support Trust, our charity helps people around the UK that want to resolve their worrying debt issues. We listen and provide advice in complete confidence. Our goal is to give you every option that you're applicable for and we can explain why some debt solutions may not be suitable for you.
Tailored Advice is Vital
Advice which is specific to your situation is imperative. The wrong advice and you can find that your debt solution is negatively impacting on your future, instead of making the problem better.
We spoke to somebody recently about their husband's bankruptcy. They were advised by a friend to go bankrupt - because that's the route they took and it was the best decision of their life.
For some people, bankruptcy is an excellent debt solution which will enable them to rectify their troublesome debts while continuing to live. However, in this instance it was the wrong advice from their friend.
The couple owned a property with over £100,000 worth of equity and the couple were both in employment with an excellent monthly salary. In bankruptcy, you are obligated to pay what you can reasonably afford in an income payment order and any assets will be realised for the benefit of creditors. In short, the couple would have to raise money from their house to pay a fair percentage to the bankruptcy.
The original debt was £27,000. With the bankruptcy fees and charges the debt rose significantly. In circumstances like this we can provide advice on how to negotiate with your trustee, however, had we spoken to the couple beforehand we would never have recommended bankruptcy.
This highlights the need for tailored debt advice specific to your personal and financial situation. We can help with debt problems by providing confidential advice and in this set of circumstances we would have recommended a number of alternative options, which were not bankruptcy.
Getting Help With Debt
Our research from when we speak to people in debt suggests people spend an average of one year worrying about debt before taking action and seeking advice.
"The hardest part is talking about the problem. My friends and family don't know about my financial problems, but I know I need help".
Our debt advice charity is on hand to listen and advise you, in confidence, on the best routes to resolve your debt problems. We'll provide you with every option, along with the positives and negatives, so you are empowered to make the decision.
Debt Support Trust helps people around the UK between Monday - Friday 8am - 7pm or you can get debt help via our debt analyser 24 hours a day, seven days a week.