Debt problems usually start because of an unexpected change in circumstances. For instance, divorce, separation, loss of job or an over reliance on credit brought about over time. Whatever the reason for requiring debt advice, we are here to provide free and confidential debt help.
Our debt advice section is designed to list options which can help you with your debt problems. If you would like more information about the debt solutions please visit our How Can We Help section.
There is a difference between unsecured and secured credit. Unsecured credit includes personal loans, credit cards, store cards etc. This credit is not guaranteed against any of your assets (like a house or car).
A secured loan, like a mortgage, is protected against your asset. If you default on a secured loan you could lose your asset and be liable for any costs. However, unsecured debt is different.
Our qualified debt advisors and friendly volunteers help with your debt problems by providing debt advice specific to you.
If you have a debt problem then debt advice can help. Often getting a different perspective of the problem from professional advisors can make all the difference. We always recommend speaking to a debt advice charity, such as Debt Support Trust, or for face to face advice, we recommend visiting your local Citizens Advice Bureau.
For immediate debt advice you can complete a debt analyser today by clicking the link "Take The Debt Test".
There are obvious benefits from receiving debt advice from our debt advice charity. When you call us we answer over 99% of all calls within 20 seconds. This means you can get immediate debt advice from our money advisors today.
For telephone debt advice from Debt Support Trust you can call us free on 0800 085 0226. If you are calling from a mobile please let us know and we will call you back.
Debt Support Trust help people across the UK, whether you live in England, Wales, Scotland or Northern Ireland. Debt solutions in England, Wales and Northern Ireland are different to those in Scotland.
You can read about your best debt solution by reading the short captions below and clicking through for more information about each debt solution.
Debt Management Plan is an informal solution which enables you to repay all of your debt but over a longer than agreed period of time. In many instances you may be able to get your interest and charges frozen. The informal nature of a debt management plan means either you or your creditors can stop the solution at any stage.
An Individual Voluntary Arrangement (IVA) enables you to repay an affordable amount towards your debt each month for 5 years. There is strict criteria to be accepted for an IVA. To enter an IVA your debt level should be above £8,000.
Bankruptcy can be the right debt solution for some people. In many instances people entering bankruptcy will have to make a contribution towards their bankruptcy for 3 years. This is why receiving professional debt help is important to review your options. You may also qualify for the Debt Relief Order route to bankruptcy.
The Debt Arrangement Scheme is a Scottish debt solution which allows you to repay all of the debt you owe and freeze interest and charges. You must be able to repay your debt over an appropriate period of time.
A Protected Trust Deed is a formal debt solution which allows you to repay what you can afford typically over a 48 month period. At the end of the solution any remaining debt is cleared. There is specific criteria to be suitable for a Protected Trust Deed such as unsecured debt of at least £5,000.
Sequestration / Bankruptcy in Scotland is different to England, Wales and Northern Ireland. There are various routes to make yourself bankrupt including the Minimal Asset Process and Certificate of Sequestration route.
The correct debt solution for you will depend on multiple factors, for instance
- How will the debt solution affect your credit rating?
- How long do you want to be repaying your debt?
- Do you want a formal or informal debt solution?
- Will the debt solution impact your job?
- Could the debt solution impact on your assets like your house or car
- Are you able to contribute anything towards your debt solution?
A qualified debt advisor can provide debt advice based on your financial situation and personal circumstances. You can get debt advice from Debt Support Trust by telephoning 0800 085 0226.
Get debt help by completing our debt analyser today.
We have written some special features below. You can read this debt advice for more specific information about debt.