Most people have been struggling for years to manage their debt and find ways to resolve their financial problems, however when the situation becomes too severe debt help from a debt charity is required.
If you are struggling with your debt we strongly recommend you seek debt advice as quickly as you can; the sooner you seek advice the more solutions there may be available to you.
Charities that can help are:
StepChange: 0800 138 1111
Debt Advice Foundation: 0800 043 40 50
Citizens Advice Bureau: 0808 223 1133
National Debtline: 0808 808 4000
How to Get Debt Free
The correct debt solution to resolve your debt problem will depend on your financial and personal situation. There are several debt solutions however some take into account assets, like your house, so an advisor would have to explain the risks of these solutions.
In the first instance any debt advice charity will need to know how much money you have coming in to your household, how much you have going out and what is your total amount of unsecured debt. They will also want to know about any assets you may have, such as a car or house.
Options To Resolve Debt Problems
There are many different ways to become debt free. Some of these may include:
- You may be entitled to some benefits which you are not currently receiving.
- You may be advised to cut back on certain expenditure, therefore giving you more available income to pay your debts.
- Your circumstances may be short term and negotiating with your creditors is the best option.
- You may be best suited for a Debt Management Plan.
- You may be suited for an Individual Voluntary Arrangement (IVA) or a Protected Trust Deed in Scotland.
- Bankruptcy may be the best option and a qualified adviser would explain the pros and cons of this debt solution.
Support From Money Advisers
You can get debt advice from many different organisations. A selection of charities that offer not for profit advice is below:
StepChange: 0800 138 1111
Debt Advice Foundation: 0800 043 40 50
Citizens Advice Bureau: 0808 223 1133
National Debtline: 0808 808 4000
More often than not, becoming debt free is not a quick fix. It can take years, depending on your circumstances. The benefit of receiving debt advice from a charity is that you are making the decision to act on your debt problem to find a way out of debt.