Get free advice from a specialist debt charity
For help with a debt problem - call our featured debt charity
Debt Advice Foundation on 0800 644 6089 or visit their website.
Debt help & advice
Debt advice in the UK has become a vital service as unemployment and redundancy have increased during the recession. People of all ages sometimes need to access help and unbiased, non-judgmental debt advice in these difficult days. Instead of fretting about money problems and enduring sleepless nights of worry, doesn't it make sense to talk to someone who can ease your anxieties and offer practical help and suggestions?
A range of debt solutions are available and there are usually ways to deal with money problems - however serious they may appear to you.
By taking debt advice, UK families, couples and individuals can often find the best route for them to a debt-free future.
Your possible options may include:
- Debt management and consolidation - organising all the money you owe into one affordable monthly payment
- IVAs or Individual Voluntary Arrangements - writing off the debts you can't afford and creating a payment plan over a fixed period enabling people to be debt-free, usually within 5 years
- Debt Relief Order A debt relief order or DRO as it is also known, is for people without any material assets. It is an insolvency process for people with less than £15k of unsecured debt, aren't a home owner and have less than £50 in disposable income per month.
- Bankruptcy - when you can't afford your debts and want to make a fresh start, bankruptcy will write off MOST of your debts, but it is advertised and entered on a public register
- Scottish Trust Deeds- A Scottish Trust Deed is available to residents of Scotland and is a voluntary agreement and allows you to repay only what you can realistically afford, (this is the amount you have left over after your living costs have been accounted for).
Good debt advisors will be able to help you to find the best solution for your family circumstances and provide expert advice based on experience - for example, whether you can continue to work professionally, how your future credit rating will be affected and how your creditors will respond.
Students and young people can be burdened by debt due to student loans, difficulties finding work and credit card or store card debt.
Families can struggle to cope when job redundancy makes it impossible to meet monthly bills or the needs of growing children are too much of a financial burden.
Over 55s are increasingly facing debt problems as savings, pensions and investments have taken a hit in recent years and many still have mortgages to pay and rising costs to meet, at the same time as their income or earning potential is declining.
If you have a question about a specific topic such as:
then you might find the answer in our Ask An Expert section.
UK debt charities that we recommend