3. Debt Advice Guide
Debt Advice Guide
This quick guide helps 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.
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.
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.
3: Find out your debt options
Discuss entitlement to benefits and or charitable help.
Check your liability for debt.
Consider interventions and or possible debt solutions.
Will a formal Standard Breathing Space help?
4: Need a debt solution?
Do you need to protect any essential assets?
Pick an affordable, maintainable debt solution.
How long will the debt solution last?
Consider any application fees involved.
5: Organise future finances
Get a basic, safe bank account.
Set up debt repayments if needed and cancel old plans.
Plan for future life events affecting your money.
Think about budgeting & savings longer term.