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What is Debt Advice?

Top Tips for getting Debt Advice

Make sure you are getting debt advice you can trust.

1. Check they are approved – Check the FCA register online and see if the company is listed, remember councils are not on the register but provide trustworthy advice.

2. Check what they say â€“ Make sure there are choices available in the debt advice given.

3. Check it’s honest â€“ Check that companies are what they say, by checking the web address, logos and that the advice is free!

4. Check your details are safe â€“ Ask companies are how they are keeping your personal details safe.

Find Trusted Debt Advice here

Try the Debt Test

If you feel like you are falling into debt, or are struggling with your existing debts, you are not alone. One of the first steps is to answer 5 easy questions below to see the support available for your circumstance.

 

Managing your Debt

  • Work out which debts to deal with first

    ‘Priority debts’ are debts that can cause you particularly serious problems if you don’t do anything about them. You need to work out which of your debts are priority debts and deal with them first.

Visit Citizens Advice

  • Breathing Space

    If your debt worries are effecting your mental health and wellbeing, Breathing Space can give you 60 days of respite and time to deal with your debts.

Visit Money Helper

Debt Relief Order

Find out about debt relief orders when you are struggling with debt.

1. A DRO will freeze your debt repayments and interest â€“ It will be frozen for 12 months. And if you financial situation doesn’t change over that time, the debt will be written off.

2. You can have up to ÂŁ50,000 of debt.

3. You have to apply through an approved debt adviser â€“ Here is a list of approved debt advisers.

4. Many kinds of debts can be included in a DRO– Including credit cards, rent and utility arrears and buy now pay later.

Find more information about Debt Relief Orders

Talk to your creditor

If you’ve been caught off guard by higher bills and you’re worried about missing a payment, letting your creditor (any organisation you owe money to, for example, your landlord, utilities or council) know and having early conversations with them is the best first step to resolving your money issues and avoid falling into problem debt.

Visit Money Helper for more information
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Loan Sharks

  • Loan Sharks

    Loan sharks are money lenders that don’t have legal authorisation. They often charge extremely high rates of interest and may take other illegal action to collect money, such as threatening violence. Find out more on the Money Helper website.

Visit Money Helper

  • Reporting Loan Sharks

    If you’re worried about loan sharks yourself or on behalf of someone else, contact Stop Loan Sharks. You can call them 24/7 on 0300 555 2222; Or start a Live Chat on their website.

Visit Stop Loan Sharks

Maximise your Income

Maximise your income by checking what benefits you’re entitled to. £19 billion in benefits go unclaimed every year. Try our easy to use benefits checker today.

Visit the Benefits page here