The word 'debt' can mean different things to different people. On the surface, debt relates to owing money. However, everyone's debts are different.
Debt help is available from many financial organisations, but what form could that debt help actually take?
Debt advice
Debt advice can range from help understanding different types of debt to answers to questions such as "What does CCJ stand for?" and "What is a default notice?"
People tend to seek debt advice when they believe their finances are (getting) out of control. If you're worried about your finances, the right debt advice could help you regain control. And it might - or might not - lead to a debt solution that's designed to help you tackle your money problems.
Debt solutions
If you do choose to seek professional debt advice, your debt adviser might suggest a debt solution. Each debt solution is different, but they may offer similar benefits - for example, they may involve combining your monthly payments into one (lower) monthly sum which will be shared amongst your creditors according to the amount you owe each of them (this is called a pro rata payment).
There are several debt solutions that may be right for you: for example, a debt consolidation loan, an IVA (Individual Voluntary Arrangement) or a debt management plan.
The right debt adviser will know which debt solution, if any, is appropriate.
Address the problem sooner rather than later
You should aim to address your debt problems sooner rather than later. In general, the sooner you seek professional debt advice, the more options you may have to become debt free.
