Where Can I Go For Free Debt Advice?

Jane Wardle

Written by Jane Wardle on December 10, 2018

Updated June 10, 2019

Couple getting free debt advice

Finding yourself in financial difficulty can be tough, particularly if you’re unsure where to look for help. In almost all cases of debt, the problem itself can be solved. It may take longer for some people, but there is always a way of ensuring that you get to grips with your debt. Debt not only affects the amount of money you have on a monthly basis but can also seriously affect your happiness and lifestyle if you don’t get a firm hold on it quickly enough.

Nobody asks to find themselves in debt, and the situations behind debt can range from spending beyond your means through credit sources or else unfortunate changes in circumstances, such as a close bereavement or else a job loss, to give a few examples. Getting a firm hand on your spending as quickly as possible is key to controlling your debt, but there are a number of things you can do to make sure you are being given the right advice to support you.

Getting advice about how to manage your debts can help you, first of all, to prioritise your debts and ensure that the more important payments are being made. It will enable you to make a realistic budget that will leave you in a comfortable state after you’ve made a repayment. It allows you to communicate with your credits and acts as a way of paying off your debts efficiently.

I’m in debt should I pay for financial advice to help me find a solution?

Get out of debt

While there are companies out there who will offer sound financial advice for a small fee, paying for advice that will lead you out of debt isn’t necessarily a good idea. Financial advice can be costly and can ultimately lead to you being even further in debt, in extreme circumstances. There are lots of companies out there who are qualified in giving good financial advice to people who are in debt – the vast majority of these free.

You should not have to pay for good financial advice, particularly when there are so many free services out there for people to take advantage of. Services such as the ones provided by PayPlan, the National Debtline and Citizens Advice are secure online services that provide you with immediate advice that is personalised to your individual circumstances. Advisers will take you through the number of options available to you as well as ensuring that you receive clear, comprehensive advice.

If, on the other hand, you want to speak to an adviser face to face about your worries, rather than online or on the phone then there are likely a number of local services near you that you can take advantage of.

DMPs

Debt advisors can help you come up with a debt management plan, an agreement with you and your creditors on how you will go about paying back the money you owe them. Debt Management Plans are usually put in place when you only have the means to pay a small amount back each month or else your debt problems will be rectified in a few months, and you’ll be able to make repayments then. Money is paid over to the debt management company, and they share the money between your creditors based on the agreement they have made with them.

How can a debt advisor help you?

Once you’ve found a financial or debt adviser, it’s important to understand what exactly they can help you with and what is beyond their job description. Naturally, debt advisers are not able to make payments towards your debt on your behalf, but they do have other fantastic uses that can significantly help you take control of your debt.

A good debt advisor will not judge you or your situation- they aren’t there to make you feel bad about things or to judge your previous financial decisions. They will be happy to discuss any difficulties you are having with your finances and in controlling your debt, no matter how big or small the issue may seem to you.

An advisor will be able to provide you with advice on how to manage your debt, even if your income isn’t all that much and suggest different ways of dealing with the financial issues that you might previously have not thought about doing.

If you find yourself in serious financial difficulty and cannot repay your debts, you may be able to apply to be made bankrupt. Your application will be looked at by an independent adjudicator, and they will make the decision over whether you should be made bankrupt or not. If bankruptcy is granted, your assets will be used to pay off your debts.

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