How to get help with debt Debt

Debt problems can feel overwhelming and hopeless at times. But there is always a way to deal with it and you don’t have to go through it alone. While there’s not always a quick solution to debt problems, there are ways to ease the pressure you might be feeling. The first step to achieving this is to ask for help. If you don’t ask for help, it is likely that problems you are experiencing with debt will get worse, resulting in more stress and anxiety on your part.

If you’re looking to get help with debt, this article is designed as a starting point to help you face the issue and get on the road to the right solution. If nothing else, we hope you take away from this the knowledge that you aren’t alone and there is help available to you that is accessible and given freely without judgement.

Step 1: Assess The Situation

Take a minute to stop and assess the situation. Are you unable to pay basic bills from month to month (i.e. mortgage/rent, council tax, household bills)? Or are you able to manage all the essentials but feel under an immense amount of pressure and struggle to pay for things outside of this?

How you approach your situation will depend on how severe the problem is and how soon you need support.

Step 2: Consider Your Options For Support

The next step is to explore the support you can access to help you manage your debt.

If you feel you have reached a crisis point, and you cannot pay essential bills, then there are a number of options open to you. The first option, if you live in Stafford or South Staffordshire, is to speak to one of our Advocates. They will ask you questions about your debts, income and employment and help you in contacting a range of agencies who can support you in easing the financial burden on your shoulders.

These include non-profit debt counsellors, such as our partner Citizens Advice or StepChange, who will act on your behalf to negotiate with creditors and formulate a debt management plan. They can also help you to explore options such as debt relief orders, individual voluntary arrangements or even bankruptcy depending on the severity of the debts you owe. The beauty of being in touch with organisations such as this means that they can help you to understand how to handle the problem and manage it. Much more, they are very experienced in dealing with creditors and they will support you in ensuring all of your rights are adhered to and any course of action is appropriate to your situation.

If your debt is manageable at the moment, it may mean that there are other options for support available to you. For example, at Building Better Opportunities, we can support you in making benefits claims you may be entitled to, drawing up a budget, and helping you to find training opportunities or employment if appropriate.

To find out more about financial advice from us, and how our advocates can support you, contact us today.

Step 3: Don’t Borrow Any More Money

Often, people find themselves in a cycle where they feel they have no other option but to borrow more money to pay off their existing debts. While this may offer a temporary solution to the problem, this can often lead to more severe debt problems causing a spiral of debt that’s difficult to escape.

In seeking advice from individuals in the know about debt management, you can find a route to a manageable solution that most likely doesn’t involve borrowing more money. In some cases, a consolidation loan may be appropriate to move your debts into one place and reduce your monthly outgoings. However, it is important to discuss this with someone who can advise on your individual situation and support you in understanding what is affordable in the long term, rather than just quick fixes.

Get Help With Debt From BBO

At Building Better Opportunities, we’re on hand to help you with your financial situation. We do this every day and we know that while the issue may feel overwhelming or impossible to you, there are manageable routes that will move you out of debt and help you to feel better.

For help and advice, contact us today. You can do so by phone, or through the contact form below. Alternatively, if you would prefer to speak with someone face to face as soon as possible, our Advocates are routinely available at a number of Drop In sessions across the region. In most cases, you do not need an appointment to come and see us, and we will provide you with help and information on the day.