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How do I get out of Debt? - The Debt Advice Service
  • Person climbing out of a hole metaphor for climbing out of debt

    How do I get out of Debt?

    “How do I get out of debt?” The Debt Advice Service have heard this question plenty of times, and whilst there is rarely a ‘one size fits all’ answer, there is an answer for everyone, no matter how bleak their situation might seem. The following questions might seem quite generalised, but they hopefully shed some light on the options available to people struggling with debt.

    “How do I get out of debt?”

    For most people struggling with debt, the desire to get out of debt as quickly as possible might seem like the be all and end all. Patience and clarity are just as important though, as a well thought through plan can help get someone out of debt eventually, If not immediately.

    “Will I need to pay off my debt?”

    There are a number of different options available to people struggling with debt. If you’re wondering if you’ll need to pay off your debt, the answer is likely to be ‘yes’ although there are a variety of options which may reduce the amount you have to pay back. You can read about some of those options at:

    https://thedebtadviceservice.co.uk/what-is-the-right-debt-solution-for-you/

    “Can I clear debt?”

    If you’re looking to clear debt, there are options available such as bankruptcy, but it’s always important to work out whether something like this is best for you as there can be short and long term implications. Find out more about bankruptcy at:

    https://thedebtadviceservice.co.uk/bankruptcy/

    “How do I lower my debt?”

    If you want to lower your debt, making regular agreed payments is by far the best way to achieve this, but you might want to consider an Individual Voluntary Agreement, whereby you pay one affordable monthly repayment for a fixed term, after which time all remaining debt is written off.

    We hope those questions and answers are helpful, and now here’s a little more detail about who we are and what we do…

    Help with debt

    Getting help with debt is the first step to getting out of debt. The Debt Advice Service has helped many people with their debt problems. See for yourself on our review page here:

    https://thedebtadviceservice.co.uk/reviews/

    Debt help

    Realistic and relatable debt help is what we provide. The terminology can be daunting and the debt relief industry can be confusing. The Debt Advice Service is looking to change that, by talking about things openly and honestly, in a jargon free way.

    Write off debt

    We can help people write off debt, in the way that best fits their own individual circumstances. To write off debt involves careful consideration of many different things. Fortunately, at the Debt Advice Service, we’re abreast of the latest industry information and are able to provide impartial support to those we speak to.

    Individual Voluntary Agreement

    Want to find out more about an Individual Voluntary Agreement. You can read all about it at:

    https://thedebtadviceservice.co.uk/individual-voluntary-agreement-iva/

    How to apply for an IVA

    The first step is working out whether or not you qualify. You’ll need a minimum of circa £6,000 of unsecured debt from at least two lenders. These could be credit cards, loans, catalogues, store cards etc. You must be struggling to meet current repayments. Not everyone qualifies, but you can read about all the things you need to know about an IVA on our blog at:

    https://thedebtadviceservice.co.uk/2021/05/25/things-to-know-about-an-iva/

    Credit card debt

    One of the biggest debt problems in the UK is unquestionably credit card debt. A credit card is a useful tool, only if you can afford to make the repayments. Read all about credit card debt on our blog at:

    https://thedebtadviceservice.co.uk/2021/08/16/credit-card-debt-part-1/

    and:

    https://thedebtadviceservice.co.uk/2021/08/20/credit-card-debt-part-2/

    Help with debt problems

    The Debt Advice Service can offer people help with debt problems in a judgement free, unbiased manner, the kind of which can be hard to find. Once people speak to us, we hope that they can move forward with more positivity and most importantly, with a plan.

    Help with bailiffs

    Worrying about a visit from bailiffs can be a preoccupation for anyone living with debt. Hiding from letters and phone calls is one way to make a worrying situation worse though, and there are solutions which can put a stop to visits from bailiffs. One such solution is a Debt Management Plan, and you can learn more about those at:

    https://thedebtadviceservice.co.uk/debt-management-plan/

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    Lucy R.
    Lucy R.14-11-2020
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    “Always there at the end of the phone if I have any concerns, they’ve really put my mind at ease. Can’t rate them enough. Finally on the road to being debt free. Thank you guys!”
    George
    George18-06-2020
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    “I feel so much better about my debts and life has now started to get put back into perspective, so thank you very much for everything you have done!”
    Judi
    Judi15-01-2021
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    “The entire experience was carried out online and via telephone calls….it was as clear as day. I wish I was bold enough years ago. I can’t recommend you enough.”
    Ty
    Ty17-01-2021
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    “An absolutely excellent service. The representatives on the phone were more than polite and friendly, they made me feel so comfortable making a decision.”
    Amanda
    Amanda20-01-2021
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    “I can’t recommend enough, they are so understanding, non-judgmental and helpful. Finally had a good night’s sleep and can see a light at the end of the tunnel.”
    Loretta
    Loretta01-03-2021
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    “Very professional and helpful. Lifted a weight from my shoulders. Thank you.”

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    We will not charge you a fee for providing you with information to help you decide on an appropriate debt solution. However, if you subsequently enter into debt solution process we may receive payment from the provider for information that we have given to you in advance and/or for assisting you in gathering necessary documentation to begin your chosen solution. Any such fees will be explained in detail by the provider before commencing your chosen debt solution.

    Contact us today | Get on track to a debt-free life

    No one should have to deal with financial troubles alone. Whether you’re looking to resolve your financial struggle once and for all or just want to ease the burden by talking things through, we can offer you information and assistance on how best to proceed. Get in touch today to take the first step towards a better financial future. See if you qualify.