A Quick Guide to Debt Advice
⏳12 minute read
This quick guide has been developed to help you understand what to expect when you make an appointment for free debt advice. For a more detailed guide, please see our 'Your Debt Advice Journey' guide.
5 Stages to Sort Problem Debt
Stage 1: Explain your financial situation
- Start with your personal household details.
- The types of debt, how & when they started?
- Any emergency debts you have?
- Let your creditors know you are getting help.
Stage 2: Draw up a detailed budget
- Check your income less essential living costs.
- Identify any priority debt you must pay.
- Discuss budgeting & income maximisation tips.
- Consider any essential assets you own.
Stage 3: Find out your debt options
- Discuss any entitlement to charitable help.
- Check your liability for debt.
- Compare formal & informal debt solutions.
- Confirm any eligibility criteria.
Stage 4: Choose a suitable debt solution
- Consider any application fees involved.
- Do you need to protect any essential assets?
- How long will the debt solution last?
- Pick an affordable, maintainable debt solution.
Pleas visit our Debt Options Overview Page.
Stage 5: Organise your future finances
- Make sure you have a basic, safe bank account.
- Set up any debt repayments you need to make.
- Plan for future life events affecting your money.
- Think about budgeting & savings longer term.