Debt Advice
Here are some things you should consider if you find that you are in debt:
1.Don’t bury your head in the sand
Your debt will not go away. You must tackle the problem before it escalates out of control.
2.Talk
Debt is stressful so it is important to tell someone. If you cannot tell a member of your family there are a number of charities that can help you cope: from counselling to debt management.
3.Prioritize
Sit down and prioritise your debts. For example, meeting repayments on essential services like your mortgage/ rent and utility bills should be your fist priority. If you are paying off a range of credit and store cards you should pay off those with the highest rate of interest first.
4.Change
Switch the balance of credit card to one that charges a lower rate of interest. Shop around and avoid ‘consolidation’ companies- you may pay more than you expect.
5.Don’t panic
Despite what you may think many companies are sympathetic to people that cannot afford repayments. Recovering debt can be expensive so they are often willing to work out an agreement.
6.Help
There are a number of free advice agencies to help you manage your debts:
Advice UK: the network of the Federation of Information & Advice Centers can be contacted on 020 7407 4070.
Citizens' Advice Bureau: the largest provider of free impartial and holistic debt and money advice in the UK. For your nearest bureau see your local phone book or visit www.citizensadvice.org.uk - see related external links below.
Consumer Credit Counselling Service: a charity funded by the financial services industry specializing in debt management plans. Call 0800 138 1111 or visit their website which can be found in the related external links below.
Debt Support Trust is a not for profit debt charity (SC041902) with trained, friendly debt advisors ready to advise you on your available debt solutions.
National Debtline: a free phone-based information and advice service. Call 0808 808 4000 or visit their website which can be found in the related external links below.
Payplan: recommended by some Trade Unions. Call 0800 085 4298. Payplan offer a full range of debt solutions including free Debt Management plans (DMPs) and Individual Voluntary Arrangements (IVAs). Free debt advice on credit card bills, personal loan arrears and what to do if you get behind with the gas or electricity bills
The Directgov website holds lots of information on debt, please visit or visit their website which can be found in the related external links below.
The Money Advice Association: gives details of your nearest advisor on 0141 572 0237 or visit their website which can be found in the related external links below.
The UK Insolvency Helpline is a national helpline for people with debt problems in England, Scotland, Ireland and Wales. The service has existed since 1987 and was set up in conjuncion with the credit industry. Contact on 0800 074 6918 or visit the website on www.insolvencyhelpline.co.uk (see related external links below) or email info@insolvencyhelpline.co.uk