Whether it’s prioritising debts, making a budget, negotiating with creditors, or exploring legal options, getting advice from the right places is crucial. With the right steps in place, you could lower or eliminate your debt and take control of your finances.
What does a debt adviser do?
A debt adviser can help with prioritising your debts, assessing your income and expenses, and work with you to formulate a budget tailored to your needs. Moreover, some debt advisers can negotiate with landlords, lenders, and other companies on your behalf. If you need extra support, they can also offer information about “breathing space,” which is a scheme that temporarily pauses payment demands while you seek debt advice.
Where to find free debt advice
There are several charities offering free debt advice services, and they all provide a range of support options, including online tools, self-help resources, chat services, and telephone helplines. The following organisations are reputable sources of free debt advice:
- National Debtline - Helpline: 0808 808 4000
- StepChange Debt Charity - Helpline: 0800 138 1111
- Debt Advice Foundation - Helpline: 0800 043 40 50
Beware of fees
It’s always wise to be cautious when you’re looking at debt companies that charge fees. Despite offering claims of free debt advice, many of these companies will charge you for further services.
Getting legal help
If your home is at risk because of debt-related issues, you may be eligible for free legal assistance if you have a low income. Civil Legal Advice can arrange an appointment with a local solicitor who may be able to offer guidance and support.
Addressing your debt
Dealing with debt may not be painless, but taking proactive steps early on can lead to more manageable solutions. The first step is assessing the severity of your situation. Are you struggling to pay for essential expenses? Are your debts exceeding your annual take-home pay?
Get help from the right places to start the process of managing your debt. Regardless of the severity of your debt, there is always a road to resolution.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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