However overwhelming your debt problems can seem, there’s no problem that can’t be solved if you get the right help. The more quickly you face up to your debt issues, the quicker you can get help and stop debt impacting in every area of your life.
What are your debts?
Before you can seek debt help, you need to gather information together on the unsecured debts you have. These could include credit and store cards, personal and short term loans and arrears on council tax and utility bills. It helps to have a copy of any loan agreements, account or reference numbers and contact details for each debt, so find any relevant paperwork, including emails.
If it helps, put the information into a spreadsheet. You can now calculate the current state of your debt and assess which are the priority debts i.e. the ones for which you will suffer the biggest penalties if you don’t make an effort to repay.
Rethink your spending
If you’re serious about sorting out your debt problems, then the first thing you need to do is sort out your budget and change your mindset. Don’t create new debt to solve the problem as that only spirals out of control. Instead, focus on ways of spending less and paying back more.
Deal with your debt problems
The quicker you can deal with your debt problems by getting debt help, the quicker you’ll have them under control. For example, if you know you’re going to default on a payment then talk to your lender immediately so you can work towards a solution.
There are also a range of debt help solutions you can try:
• You can get help from the government thanks to local council emergency support schemes or visit GOV.UK for information on loans and cash advances.
• Check whether you’ve been ‘rate jacked’ by your card provider as there are strict rules regarding APR and existing debts.
• Use an individual voluntary arrangement (IVA) or a debt relief order (DRO) to write off a significant part of your debt.
• Negotiate directly with your creditors.
• Talk to National Debt Help on 0800 002 9051 for free debt counselling and debt advice tailored to your individual need.
We’re here to help
If you’re in debt and you need help, then try our online debt qualifier to see whether you can use an IVA or other form of debt management solution to get your debt issues under control.
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