How do I get help if I’m in debt?
Dealing with debt can be tough because it keeps growing over time with added interest. That’s why it’s smart to ask for help sooner rather than later, before it becomes too much to handle.
Lots of people have debt, so don’t feel embarrassed to talk about it. There are plenty of organisations that offer free, impartial and confidential debt advice. Just be careful of places that charge fees, as they may not provide impartial advice.
Debt support organisations
Here are a few UK organisations that could help:
National Debtline – Offers telephone and online support and self-help packs for those who have priority debts. They also offer a range of fact sheets on debt topics including bailiff action and debt management plans.
Step Change – Offers telephone and online support for those who have non-priority debts.
Payplan – Offers free debt management plans and debt consolidation advice to help people become debt-free.
Christians Against Poverty – Provides money courses aiming to empower people to gain control of their finances and prevent debt.
Citizens Advice Bureau – Offers telephone and online support, along with specialist face-to-face support but this service often has long waiting times.
Money Helper – Joins up money and pension guidance from three government backed providers (Money Advice Service, Pension Wise, The Pensions Advisory Service) into one website with a range of information on managing debt including bankruptcy, dealing with court fines, help with bills and ways to pay off debt.
Now let’s delve into three tips for accessing debt support.
Three top tips
Understand your debts
The first step is to take stock of all your debts, including credit cards, loans, and any other outstanding payments. Once you have a clear picture of your debts, it’ll be easier for a support organisation to help you explore the various debt solutions available. This article on ‘What debts should I pay first?’ might be helpful.
Seek professional advice
Reach out to one of the organisations above – sooner rather than later. They will help you understand the pros and cons of each debt solution, assess your eligibility, and guide you through the application process.
They can also negotiate with creditors on your behalf, helping to alleviate some of the stress associated with managing debt.
By seeking professional advice, you can make informed decisions about the best course of action for your financial future.
Take action and stay committed
Once you’ve chosen a debt solution that aligns with your needs and circumstances, it’s crucial to take action and stay committed to your repayment plan.
This may involve making regular payments towards your debts, adhering to the terms of your agreement, and budgeting effectively to ensure you can meet your financial obligations.
Staying disciplined and focused on your financial goals can be challenging, but remember that every payment brings you one step closer to financial freedom.
Consider setting small milestones along the way to track your progress and celebrate your achievements. And don’t hesitate to reach out for support again if you encounter any obstacles or setbacks along the journey.
Dealing with debt can feel like an uphill battle, but it’s essential to remember that you’re not alone. By understanding your debts, seeking professional advice, and taking decisive action, you can regain control of your finances and work towards a brighter financial future. Don’t let debt hold you back – take the first step towards financial freedom today.
