A Quick Guide to Debt Advice
Overview
Overview
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.
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.
Take a look through the 5 stages below which explain the process your debt adviser will go through with you.
Take a look through the 5 stages below which explain the process your debt adviser will go through with you.
You can also print our handy infograph and our fact sheet.
You can also print our handy infograph and our fact sheet.
Stage 1: Explain your financial situation
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
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
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
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.
Pleas visit our Debt Options Overview Page.
Stage 5: Organise your future finances
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.
