Debt is known to cause problems with relationships, work, eating and sleep. Money problems can make people sad, worried and depressed. However, there are solutions to become debt free again. There is no need to remain in a negative situation when there are routes back out of debt. The first stage is to get information on your situation so you can make a decision which option will be best for you.
The sooner you start the process of dealing with debt the quicker you will be able to regain normality. It’s not uncommon for people to tell us that by simply sharing their financial problems with us makes them feel better. By speaking to a debt advisor you are taking positive steps to rectify money worries.
You can call Debt Support Trust on 0800 085 0226. If it’s outwith our opening hours, then why not complete a debt test online. This will give you ideas of appropriate debt solutions which you could be suitable for.
Can’t Sleep At Night Because of Debt
A lack of sleep is a common issue associated with debt, as is problems with relationships. If the debt is the last thing you think about at night and one of the first thoughts you have in the morning, then seek help from a not for profit charity.
You can take steps to improve your financial situation by contacting a debt charity, either via telephone, email or debt analyser.
There isn’t one ideal debt solution, but instead most people are suitable for two or three options. Each debt plan has its positives and negatives and will be administrated slightly differently, but they can all get you back to a debt free life.
Before entering any debt solution, ensure you are making an informed decision by speaking confidentially to a qualified debt advisor. You can speak to Debt Support Trust in confidence on 0800 085 0226. Our friendly advisors are available from Monday to Friday 8am – 7pm. You can also send us an email and ask us to call you back. Our email address is firstname.lastname@example.org.
What Can Our Advice Team Do?
Firstly, we know that taking the initial step is difficult. Most people spend a great deal of time thinking about their debt before getting in touch. So, we know you need accurate advice from supportive people.
We will ask about the debt, what income you have every month and what you have to spend out every month. We can then consider what assets you have (house, car etc) so we can best protect these.
There are a number of different debt solutions you could consider including:
Token Payments: An informal agreement to pay a small amount per week to your debt, usually around £1 per week. The debt will not clear the debt but it will buy you time until your situation improves.
Debt Management: If you can afford at least £100 per month you could enter a debt management plan. You repay all of the debt but it will potentially freeze interest and charges.
IVA: If the debt management plan will take too long you could consider an IVA. Your house is secure in an IVA but you may be asked to release equity. If an equity release is not possible your IVA would last 6 years, instead of 5. You pay what you can afford into the IVA and all interest and charges are frozen.
Trust Deed: A similar solution to the IVA but the Trust Deed is only for Scottish people. It lasts for 4 years and all interest and charges are frozen.
Bankruptcy: There are various routes to go bankrupt across the UK. Before proceeding with bankruptcy get advice as you could be asked to repay money into the bankruptcy for 3 years.
Our advice is based on a not for profit basis and we never share your information with anybody, without your permission. We also don’t register your advice on your credit file – it’s an informal chat about your options.
You can start the process of becoming debt free by completing the debt analyser below.