What is Debt Help?

The idea of getting debt help can seem very scary, especially if you know your finances are a bit of a mess and you are unsure about the true state of your how much debt you owe.

If you feel as though you need to seek debt help, you may be wondering, ‘What is Debt Help?’, and how can help it you. Speaking to a debt advisor is the first step that you need to take. One Advice have a team of expert debt advisors who can offer you debt help in a number of ways.

First we will need to take details of your financial circumstances as this will provide us with the information necessary to suggest a debt solution for you. So we will need to take details of:

  • How much unsecured debt you owe
  • Who your unsecured creditors are
  • How well you are coping with making your debt repayments
  • Your monthly income, including wage and benefits.
  • Your expenditure, including priority debt payments and food bills.

What happens after the initial debt help?

After we have taken details of your current financial situation, we can offer you suggestions on the potential debt solutions which are suitable. Dependant on your circumstances, there could be a number of potential ways for you to tackle your debt through a debt help solution.

What Debt Help is Available?

During the debt help process, the types of debt solutions which you may learn about include:

Debt Management Plans: This type of debt solution would be most recommended to those who are looking for debt help with debts below £10,000. It is an informal creditor agreement where you make one lower monthly payment to your unsecured debt.

IVA: For those seeking debt help to deal with debts over £10,000. This is a formalised agreement with your creditors where you make reduced monthly payments over a typical 60 month period and any unaffordable debt can be written off.

Getting debt help can be the first step for many when getting their financial life back in order, and Harrington Brooks are here to offer you that debt help. For further information and advice about how we can help you with this debt, please contact our debt help team