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Free debt advice tips help and support to manage personal debt better in the UK.   Free help and advice on dealing with your debt in the UK.

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What options do you have to improve your lifestyle and try to reduce the stress of debt?   This will depend on the amount of money you have access to each month and the assets you have accrued to date.

People you owe money to (creditors) may accept a debt management plan so the get their money back eventually, or get at least some of their money back.   You can formalise with your creditors how you will pay them over a long agreed period.   Your debt management solution options will depend on the amount of money and assets you have, and how you present your case to your creditors.

You can pay your debts in instalments by setting up:

  • a debt management plan which is an agreement with your creditors managed by a financial company
  • an Administration Order when you’ve had a county court judgment CCJ or a High Court judgment HCJ against you for debts under £5000
  • an Individual Voluntary Arrangement IVA which is managed by an insolvency practitioner

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You can apply for Debt Relief Order or Bankruptcy Order if you can not pay your debts because you don’t have enough money or assets you can sell.

In Scotland you can arrange a Debt Payment Programme from the Debt Arrangement Scheme.

You may also have the option of reaching an informal agreement with your creditors.

You can apply to make yourself bankrupt if you can’t pay your debts.

Thoroughly research if there are other ways you can deal with your debts first before you apply for bankruptcy.

Your application for bankruptcy will be looked at by someone who works for the Insolvency Service called an ‘adjudicator’.   They’ll decide if you should be made bankrupt.

Ideas For Improving Your Debt Position

  1. Do not delay tackling debt
  2. Contact a debt management expert who can provide advice for free
  3. Implement the advice you are given to improve your lifestyle
  4. Work out an achievable monthly, or preferably weekly, budget you think you can stick to. This requires you to write down all the money that goes out your house over the budget period and all the money that comes in. Work out what debt you can afford to repay each month ie over and above your net amount left at end of month or week.
  5. Calculate how much you owe and to which organisations. Do not hide debt.  Write down the contact details of these organisations so you can contact them later should you need to.
  6. Don’t take on any more debt. You need to work on the debt you have already accrued, so try not to dig yourself into a deeper hole. What extra debt you get needs to be part of your personal debt management plan not to go off on one.
  7. Find places online and locally where you can save money on day to day expenditure and luxury purchases. You can save money on your outgoings and this means you don’t need to earn more to pay off debt.
  8. Earn more! Not easy however many employers have had it too easy for too long.   Many employers underpay their employees because they can. Check what other employers value your skills and experience at. You might not need to change jobs (and changing jobs can hurt your credit rating so you need to be sure its the right move for you), as you could always go back to your employer and ask for a pay rise on the basis of your job offer.
  9. Switch you suppliers of mortgage credit card energy insurance etc in a controlled plan. How much you will save may depend on when you last switched. Those that have not switched supplier could save thousands per year across all bills, but most could save at least a little by switching.
  10. Monitor your spending to make sure you are not overspending and that your debt management plans are working.

Not dealing with money problems will become worse than difficulty of dealing with debt now

Dealing with money problems can be difficult and many procrastinate until it is even worse. The longer you sit on your hands doing nothing the further into the hole you will fall and the harder it will be to climb out.

Your creditors will not go away on their own so neither will the heavy burden of debt.   Owing money can seem unreal. That is why it used to be called the never never. However it will become very real sooner or later.

Take a grip of reality now and get free help to tackle your debt and try to improve your long term lifestyle.

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10th January 2017 StepChange Debt Charity

Offer free debt advice to overcome debt problems. They have debt advisors in the UK to help people out of a hole and don’t charge a fee.

Their Debt Advisors can quickly analyse complex money problems and recommend solutions.   They support and advise clients on the best solution for their circumstances.

Get help with an objective and realistic approach to solving your money problems in the UK from StepChange Debt Charity.

9th January 2017 UK Unsecured Household Debt Record Of £13,000 Each

The TUC says personal unsecured debt (excludes mortgages) has risen to a new high per person in UK, of £13,000 each.   UK central government is not a good leader in terms of debt with the country’s own debt mountain growing worse by the second, but personal debt has risen to a new high according to TUC research.

Get help if you are struggling with loans, credit and debt, cause the problem won’t go away on it’s own.   Speak to someone today to start the process of recovery with your own personal debt solution specific to your circumstances.

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