Debt Support Trust is a UK registered debt advice charity providing telephone and internet based advice. We're helping people who have realised they have debt problems, need advice but don't know where to turn. Well, this is stage 1 and you've come to the correct place.
In Debt What Can I Do?
The first bit of advice to anyone in debt is to seek professional, qualified and free debt advice. We always recommend a not for profit charity who will provide honest debt advice but will also care about your situation. No one suggests doing anything instantly, but have a look at what options are available.
What would you rather do? Do you prefer to see someone face to face or would you rather speak over the telephone to someone? The choice is entirely up to you. If you prefer face to face it may take slightly longer but we would always recommend the Citizens Advice Bureau.
I'm in debt... Help!
When you have made the decision we would recommend you gather as much information as possible before making the telephone call i.e. what you earn each month after tax and deductions, what you spend each month (rent/ mortgage, food, electricity etc) and how much you owe (credit cards etc). This information is essential to understanding your debt problem and to provide you with accurate debt advice.
If you decide you wish telephone debt advice remember, you are not alone, don't feel overwhelmed with shame as telephone debt advice charities like Debt Support Trust speak to many people in situations just like yours. Debt advisors are highly trained to take details and help you along the way. All information provided is confidential. If you do decide to seek debt help over the telephone your advisor will always only be a voice to you, never a face.
When you call the money advisor will ask you to make a password. This is so only you can access the information and nobody else without you giving authority. They will then take your contact details, phone numbers, addresses etc at this stage. The advisor will ask what is the best method to contact you.
I'm In Debt, What Should I Do?
Do you have any assets in your name (or jointly owned)? This may seem intrusive but it is necessary so the correct debt advice is given. Your assets can include a car, house and any holidays homes you may have.
The next stage is your income. This is the total amount you have coming into the home each month including any benefits. At this stage the advisor will talk you through your monthly expenditure mortgage/rent, gas, electricity; all the bills that have to be paid on a monthly basis in order to keep the home running.
I'm In Debt: My Creditors
It is at the end you give the list of everyone you owe money to. This can be as long or short as is necessary but must include every one you owe money too ie overdraft, store card, catalogue, credit card, personal loan, payday loans etc.
Once you have given all this information it is now possible to discuss suitable debt solutions. It may be that the debt advisor can advise you of ways of saving money in areas they feel you are overspending. There is also a possibility you are not getting all the benefits you are entitled to so you will be advised on this.
I'm In Debt, What Solutions Exist?
If you have recently lost your job but are actively seeking work a debt charity will advise you to negotiate with your creditors and pay a token payment for the next 6 months. A telephone debt charity like Debt Support Trust can provide advice on freezing interest and charges and we can help you achieve this. All options vary depending on your circumstances.
There are many other options that you may be suitable for such as debt management, debt arranagement scheme or an IVA. You would need to discuss the entire pros and cons with the debt advisor in order to receive tailored and accurate debt advice. When you have made your decision which way you would like to proceed, the advisor will give you all the options and discuss what to do next.
A friendly debt advisor is always only a phone call away. If you do need any further advice always remember you are not alone. You can call Debt Support Trust on 0800 085 0226 or complete a debt test below.