Money and debt advice

We know that talking about your money can be very difficult. That’s why we are committed to ensuring that people accessing our services receive easy to understand information and have the support they need, when they need it.

People get in touch for lots of different reasons. Here's some real-life examples:

If any of the above sound familiar, or you've got a different issue that you could do with some advice on, then we are here to help.

We can help

Our Money & Debt Advice team tailor their advice based on your situation. They are not there to judge but to understand your particular circumstances and to help you get back on track.

You'll discuss your current situation, budget and any debts you may have with them, as well as the goals you'd like to achieve when it comes to your money.

These are some things the team might be able to help you with:

What is debt?

Debts include different kinds of money you owe. Common types are credit card debt, personal loans, car finance and mortgages. You may also have unpaid bills for essential services like rent, council tax, and utilities

.Debts fall into two main categories:

1. Priority debts - like unpaid rent and mortgage payments, which need immediate attention.

2. Non-priority debts - such as credit card debt, which might be less urgent but still should be managed.

It's important to know that whether you are making payments on time, or have missed some, as all of these are considered debts. 

Each kind of debt has different terms and conditions which affect how people handle their finances and plan for the future.

Dealing with debt

Having debts can be concerning. However, there are various options available that may help you reduce or eliminate them. 

Below, we outline five common formal debt options that may help in clearing or reducing debts - the right choice for you will depend on your individual circumstances. 

While there are alternative solutions that you might find suit you better, these are the five most popular options. 

All five can have impact on your credit file (A credit file is a detailed record, often called a credit report, of your financial history and behaviour, maintained by credit reference agencies like Experian, Equifax, and TransUnion) and may impact other things such as housing, banking and pensions. 

But, don’t worry if you're not sure. Our Money and Debt Advice team will explain and outline all your options tailored to you and your circumstances, giving you the knowledge to decide what's best for you.

1. Free Debt Management Plan (DMP): A debt management company organises payments to your creditors based on your spare income.
2. Individual Voluntary Arrangement (IVA): An agreement to pay as much as you can toward your debts for a set period (e.g., five years), after which any remaining debt is written off.
3. Bankruptcy: Most debts are eliminated at the end of the bankruptcy process.
4. Debt Relief Order (DRO): Most types of debts are written off after a 12-month period.
5. Administration Order: A county court order that allows you to make a single monthly payment to the court.

Taking the time to understand these options may help you find the best solution for your situation - for more details on each one, see below.

⁺The helpline is open 9am – 4.30pm Monday, Tuesday, Thursday and Friday. Open 10am – 4.30pm on Wednesday. Excludes bank holidays.

Confidential advice is delivered by accredited members of the Institute of Money Advisers (England) or Approved Money Advisers (Scotland).

Some debts like credit cards, loans and car finance is known as Consumer Credit.

Our advice on Consumer Credit & Mortgage debt is authorised and regulated by the Financial Conduct Authority.  

We do not charge for the services we provide including our regulated activity.

For regulated activity you have the right to complain to the Financial Ombudsman free of charge, if you are not satisfied with our response or if we fail to respond to you within eight weeks. Find out more about the Financial Ombudsman Service.

You can find more information about Our Approach to Services and our Terms and Conditions of Service.