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Debt Problems

Being in debt can be a stressful experience and it’s not uncommon for it to put relationships under a lot of strain. However, no debt problem needs to be permanent and there is always a solution available to avoid this nerve-wracking experience.

Do you have a debt problem?

If you answered yes to any of the above questions, then it sounds like you are struggling with debt management and could benefit from some financial advice. However, there are actions you can take which can immediately put you on the right path to a debt-free life.

Getting out of debt

Start by opening those letters you’ve been avoiding and go through your bank statements.

Document exactly what you are spending each month on essentials and bills. Make a note as to how much money you owe and to whom. From here, you have a good starting point by knowing exactly where you stand and how much you are overspending by each month.

In order to reduce your debt, create a budget for yourself based on your calculations. If there are areas in which you can make savings, whether this is through a cheaper energy supplier or simply cutting out that extra take-away each month, adopting money-saving tips will help you to spend less.

Then, look for ways to earn more. Check whether you are entitled to any additional funds with a benefits check-up.

Protecting your assets

Your assets are important, and not just for financial reasons; they are your personal belongings acquired over many years. This is why, when there is the threat of these being taken away, it can be an incredibly distressful experience.

It’s important to know what your rights are in these situations and what the best plan of action is to deal with these problems swiftly. Read our guide to Bailiff Law and what to do when you’re faced with House Repossession for help with debt collections.

Help with debt problems

If you’re struggling, it’s important to remember than you are not alone, and there is help available.

Call Payplan free on 0800 280 2816 or use our Debt Help Form to submit your debt problem online for free Debt advice.

In debt?You're not alone!

Debt is a big worry for many people, as you'll see on our unique UK Debt Map. See how many people Payplan helped near you this year.

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Example IVA

In this typical example, we arranged an IVA for our client who was struggling to repay his debts. His payments are now more affordable!

  • Debt: £20,000
  • Creditors: 3
  • Was paying: £520 per month
  • Now paying: £120 per month
  • Written off: £12,000
View all examples

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