If you're feeling overwhelmed by debt, you're not alone. Many people in the UK face financial difficulties. There are services available to help you get back on track and reduce your stress.
Key Steps to Take
Assess your financial situation: Understand your income, expenses, and total debt.
Prioritize debt payments: Pay off high-interest debts first.
Seek professional advice: Financial advisors or debt counselors can guide you.
Explore debt relief options: Debt management plans, individual voluntary arrangements (IVAs), or bankruptcy may be an option.
Debt Relief Options
There are several options to explore when it comes to managing or eliminating debt. Some common methods include:
Debt Management Plan (DMP): A formal plan that reduces monthly payments.
Individual Voluntary Arrangement (IVA): A legally binding agreement to pay off debts over time.
Debt Consolidation: Combining multiple debts into one loan with a lower interest rate.
Bankruptcy: A legal option for when you cannot repay debts, though it can have long-term consequences.
Use this free calculator to help assess your debt situation and explore possible relief options: