Debt advice in Newport

Newport debt helpline service

Please note that Money Advice Direct Debt Advice Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

Newport is a city in the South East corner of Wales. Newport is a city and a principle area of Wales.

According to Money Advice Directs regional debt advice team the current financial climate in Newport, South Wales is having an enormous effect on the region’s families. According to a survey covering South Wales there has been a significant increase in the number of families and small businesses contacting the contacting the 24 hour debt advice team for advice on levels of debt incurred on Credit cards, store cards and personal unsecured loans.

The National debt advice team covering Newport is now dealing with an average of 3000 cases of severe debt, including property repossessions every month, an increase of 25 % each quarter. The debt advice team warns that residents of Newport, South Wales are at particular risk as they face the prospect of meeting rising household costs on an average salary of £1000 per month.

Huge rise in individuals in Newport filing for bankruptcy

The number of people going bankrupt in Newport has soared in the last two years. The increase was caused increase in reliance on store card and credit card borrowing. According to ongoing that for first nine months of last year there were over 15000 personal insolvencies. Within this total there were 10,000 bankruptcies and around 5000 IVA cases voluntary according Money Advice Direct.

Housing debt in Newport, South Wales

Many people living in Newport, South Wales who borrowed based on 100% mortgages are finding themselves unable to remortgage and are struggling to find extra payments to meet variable rates. When they are already struggling financially, this can lead to arrears and repossession proceedings. Money Advice Direct mortgage arrears service has managed to renegotiate repayments and stop repossession for an average of five households every month in Newport, South Wales.

Debt Advice in Newport, South Wales

As recession rushes in towards Gwent, family finances may be affected. To this end Money Advice Direct are working very closely  with residents of Newport, South Wales to avoid the worst the credit crunch has to offer. The next year is likely to be the most financially unpleasant most will experience in their lives, so it’s crucial to change attitudes and actions to prepare. Job losses, pay cuts and overtime freezes are likely to happen to some.

How to deal with and clear personal in Newport, South Wales

If you live in Newport, South Wales and you're in debt and you are finding it hard to cope, it's important to deal with the problem straight away - the longer you ignore your debts, the worse the situation becomes.

• Consider an IVA to clear personal debts over £17000 (subject to terms and conditions and creditor approval)– An IVA is a scheme to write off all the debts you can’t afford. Stop all creditor action and contact. One affordable monthly payment. An IVA Prevents or stop legal action - including bankruptcy. Read more about the IVA here.
• Consider a Debt Management Plan to clear personal debts over £1000 (subject to terms and conditions and creditor approval)- A debt management plan could be the ideal way of turning your loan, credit card, store card and overdraft payments into one affordable, single monthly payment, helping you pay off your debts – and get on with your life. To apply for a Debt Management Plan click here.
• Consider filing Bankruptcy to clear personal debts over £1000 - Bankruptcy is a court order that you can apply for if you're in debt. It may be the best way for you to free yourself from excessive debts that you simply cannot pay by sharing out any assets you have among your creditors. Read more about Bankruptcy
• Make a list of everything you owe - The first job is to sort out exactly what you owe, and to whom you owe it (your creditors). You then need to put these debts in order of importance. The most important ('priority') debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.
• Priority debts - Priority debts are things such as mortgage repayments, rent, taxes and payments ordered by the courts: if you don't sort these out, there's a possibility you could lose your home or go to prison.
• Non-priority debts - Non-priority debts include credit card payments, bank loans, catalogue repayments and money you've borrowed from family or friends. You can't ignore these, but you don't need to deal with them as a first priority.
• Which debts to pay off first Work out a personal budget - To find out what debt repayments you can afford, work out a weekly or monthly budget to see what you need to live on. It's important to be realistic and honest with yourself.
• Help with personal budgets - Once you know what you can afford, you can talk to your creditors about your situation and what you're going to do about it. Offer to pay each debt off in a way you can afford - it's important not to offer to pay more than you can afford, and not to assume you'll be able to pay more in the future.
• Communicate with the creditors - It's important to follow up a phone call with a letter confirming what you said and agreed. You may have little or nothing left to offer your non-priority creditors. You should still talk to them, explaining the situation; you may be able to tell them that you will pay them back at some point in the future - but don't make promises you can't keep.

Don't know where to go for debt help in Gwent, South Wales?

Don't bury your head in the sand, instead contact Money Advice Direct on 0800 074 6918 to get access to 24 hour debt advice to help you get debt free (subject to terms and conditions).

Please note that the Bankruptcy-Insolvency.co.uk Debt Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

This is a list of offical cities within the United Kingdom covered by Money Advice Direct.  

• Aberdeen
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List of counties covered by Money Advice Direct

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