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In debt? Don't know where to start?

Sunday, 12th February 2017

Do you need to get help with your debts but don’t know where to start?

If this is you then the DebtWizard bespoke five point guide should get you on your way and may save you thousands of pounds in unnecessary fees.

  1. Stay calm, stop borrowing to get yourself out of debt and do something about your situation - Start by working out what income you have and what you owe.   List all of your debts, including joint ones.  Identify priority monthly payments such as mortgage, rent, council tax and energy providers etc.  Once those are paid, work out how much you can afford to pay to non-priority debts such as store & credit cards, personal loans, bank overdrafts and payday loans etc.
  2. Make contact with your creditors and explain your situation - You can put forward details of what repayments you can afford or, if you need extra help, tell them that you are going to seek formal debt advice. Make sure the debt advisor is authorised by the FCA and speak to two or three before choosing your debt option. A list of the not for profit organisations that can help you free of charge is available on the DebtWizard website.
  3. Get Debt Advice - There are a number of options available to help you deal with debt and you can get professional advice to help you decide which is the right one for you.  A summary of each of the options is here  Debt Solutions Explained & Debt Solutions Comparison Table  You should not have to pay for the advice.  You can find regulated advisers who will give you initial advice free of charge or refer to the list of not for profit organisations on as above. 
  4. Think twice before paying fees up front - If a Debt Management Plan is the way forward for you ask if there are any upfront and monthly fees.  If there are, who pays them, is it you or the creditors? As well as the list of not for profit organisations that don’t charge, the DebtWizard website also contains a Fee Saving Debt Calculator which shows how much you could save by using a firm that doesn’t charge. If you are thinking about proposing an IVA, check whether the Insolvency Practitioner requires an up-front fee.  Not all of them do, fees can be paid out of your monthly contributions and so will effectively be paid by creditors.
  5. Take control - Make sure you understand what you are told or read.  Make notes of meetings and conversations and ask the debt adviser to explain again if you do not understand. Then do your own research on your debt options.  Review your situation every six months to see if anything has changed, in particular debt options, and take action.

REMEMBER, it is not a crime to be in debt - always insist that you are treated with respect.


What we have to offer at DebtWizard

  • Free unbiased advice
  • A vibrant IVA and debt help forum
  • A list of the debt solutions available
  • Our bespoke list of the not for profit debt advice agencies
  • A bankrupt application fact sheet to help you with the new on-line procedure






For no nonsense advice just submit the short form and Mike or one of his team will get back to you.

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