At Debt Support Trust, our advice team know all too well that debt happens for a variety of reasons and that's what's important is getting the correct advice and a plan in place to once again be debt free. The plan could be to negotiate with creditors, which we can help with, or a solution whereby you repay what you can reasonably afford each month. There are positives and negatives to every debt solution, but if you're finding that debt is continuing to grow, and the situation isn't getting easier or better, then speaking to someone can often be helpful.
Debt Support Trust's charity money advisers are available on 0800 085 0226.
Debt Problems Are Uncontrollable
Society tells us that credit is good, but debt is bad. In truth, they are the same thing. Your credit score reflects how creditworthy you are, so when you apply for finance for a car or perhaps are applying for a mortgage, you want a good credit score so you're accepted and can get the best rate of interest. Ultimately, to improve your credit score you need to borrow money and repay the contractual amounts on time.
Debt problems occur when contractual credit agreements are no longer manageable. The reasons debt situations can arise vary, but often it's linked to loss of income, separation or divorce, an over-reliance on credit or an increased cost of living. For instance, a £400 per month repayment to debts could be affordable, however there's a loss of income then it can be very difficult to make the payments. For other people it may be that the debt was manageable with interest free periods, however when these ended the monthly payments increased and became unaffordable.
When a debt problem continues to grow and the amount owed isn't getting better then the best advice is to ask for professional debt advice.
Talking about debt and money worries can help. When we speak to people struggling to manage debt, they often explain that they didn't mean for the situation to get out of control and that if they could go back they would do things differently.
Seeking Debt Advice
Making the first phone call is always the hardest, but we aim to make it as friendly and supportive as possible. Our objective is to ensure you have every available option to consider and more importantly someone who will listen, understand and offer useful advice.
If you would like to speak to a debt adviser you can call 0800 085 0226 or send us an email (firstname.lastname@example.org) with your name and telephone number and we'll arrange to contact you back. We're happy to give advice over the telephone or via email.