The most common question asked at our charity by the people we help is “How do I become debt free?”. 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.
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.
At Debt Support Trust nobody will judge you; we offer a friendly voice at the other end of the telephone. Many of the Debt Support Trust volunteers have experienced their own financial hardships and are aware of how easy it is to get caught up in the spiral of debt.
Once a volunteer has gathered the information they will arrange for a debt advisor to give you a call. The debt advice for each person varies from person to person because it is tailored to your circumstances.
Get Out Of Debt
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. (We will advise you how to do this and give you the information needed).
- You may be best suited for a Debt Management Plan. This is an informal arrangement and we would advise you of all the pros and cons when entering a Debt Management Plan.
- You may be suited for an Individual Voluntary Arrangement (IVA). We would advise you off all the pros and cons of this debt solution.
- Bankruptcy may be the best option and we would explain the pros and cons of this debt solution and how best to go about it. There are various routes to go Bankrupt so we would explain which is best for you.
Through completing a 15 minute questionnaire with Debt Support Trust we can help you determine which debt solutions are most suited to you.
If you wish to find out more about how to become debt free call 0800 085 0226 and speak to one of our friendly debt advisors.
Getting Debt Advice
You can get debt advice from many different organisations. Debt Support Trust is a telephone and internet based debt advice charity. You can call us on 0800 085 0226. All information is 100% confidential.
If you would prefer face to face advice we recommend making an appointment with your local citizens advice bureau. The bureau have volunteers and advisors who can talk you through your options.
Becoming Debt Free
More often than not, becoming debt free is not a quick fix. It can take years to become debt free, 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.
You can telephone Debt Support Trust on 0800 085 0226 or complete a debt analyser to start the process of resolving your debt problem.