Get out of Debt
Non-judgemental, confidential debt advice
Money Advice Direct receive over 10,000 calls and emails each week from worries people with UK debts looking to get out of debt. The majorities of our callers has experienced calls from debt collectors or are just overwhelmed by the spiralling cost of their debt.
If you are one of the many thousands currently trying to get out of debt, then Money Advice Direct has some legally binding and some informal methods to help get you get out of debt and get your life back in monetary order.
The government and the credit industry offer several methods to get you out of debt such as:-
- Debt Management Plans
- Informal Arrangements
- IVA
- Consolidation Loans
- Bankruptcy
- Administration Order
- Trust Deeds
- Sequestrations
- Debt Consolidation
- Debt Solutions
- Debt Help
- Debt Repayment
Please note that whatever option is chosen to get out of debt will take time to resolve the matter in it entirety. Please note that you did not get into this position overnight and it will take some time to get your finances back in order.
Please follow the following top tips provided by Money Advice Direct budgeting team:-
- Actually realising there is a debt problem is the hardest thing to face up to.
- Once you have admitted to yourself you are in debt then the rest is easy.
- It take perseverance to get out debt by learning how to budget properly.
- You need to learn which debt needs to be paid out first.
- If you feel you are going to miss a payment on a debt then let the creditor know. It will look worse of they find out about the missed payment and have to call you.
- If you have lots of debts then get in touch with Money Advice Direct as soon as possible on 0800 074 6918.
- Work out what you priority debts are such as rent, rates and utilities and get then paid first.
- Learn your budget so you know exactly what is coming our of the bank.
- Don’t take out too much cash from the ATM machines. Only get out what you need.
- Understand that you will not get out of debt overnight. It takes time and patience and the right advice.
- Plan you way out of debt
- Avoiding over-commitment
- Managing your money and using credit without getting too deeply into debt
- Understand how to work out a budget to make sure that your income is more than the amount of money you spend
- Learn to dealing with debt problems by establishing priorities, setting a personal budget, talking to creditors and getting impartial and independent advice
- Know which debts to pay off first
- Understand that your bank statements are key information on prioritising debts and what might happen if you ignore your debts
- Read about the ways out of debt
- Learn how to get out of debt by increasing your income, reducing your spending and coming to arrangements with creditors
If you would like any further information and advice about how to get out of debt and the possible ways to get out of debt, please contact The UK Insolvency Helpline bankruptcy team on 0800 074 6918. The service can advise on all aspects of bankruptcy law including the Disadvantages of Bankruptcy, How to File for Bankruptcy, How to Avoid Bankruptcy and the Effects of Bankruptcy.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]