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How to get help with your debt

If you’re struggling with debt, get independent guidance from a charity or non-profit organisation. Dealing with your money troubles can feel overwhelming, but debt advisors can help you see your options clearly, help you put things in perspective and support you to plan your path for the future. So the sooner you act the better.
  • Use an online debt tool

    StepChange offer and online debt tool called, Debt Remedy. It's anonymous, takes 20 minutes and will recommend the best debt solution: You might want to use the tool to help assess your situation before getting further advice.

     

  • Get expert help

    The charity or non-profit will assign you a debt advisor who can provide you with impartial information and advice. They won’t judge and what you tell them is strictly confidential. Once your advisor understands your situation, they’ll talk you through your options.
  • Understand your options

    There are lots of debt management solutions designed to help you solve your debt problems. But you should get independent advice on what type is right for you.

    • Debt management plan is an informally negotiated agreement between you and your creditors. If you’re struggling to pay your arrears, a debt management plan could help you reduce your monthly payments to an amount you can manage. Individual voluntary arrangement. An individual voluntary arrangement (IVA) is a formal debt solution to pay back debts over a period of time. It’s a formal, legal debt solution approved by the court that your creditors have to stick to. An IVA is a form of insolvency, but it’s different to bankruptcy.
    • A debt relief order (DRO) is a way to have your debts written off if you have a relatively low level of debt (£1,000 or less) and have few assets (property and possessions). In the UK, a DRO is a simpler, cheaper alternative to bankruptcy.
    • Bankruptcy is a legal status that usually lasts for a year and affects your credit history for six years. When you’re bankrupt, your financial assets and excess income are used to pay off your whereabouts. At the ends ofthe bankruptcy period, most of your debts are cancelled. Going bankrupt is one option fearing your debts and making a fresh start, but it can have serious consequences.
  • Check your contract

    If your career is in banking, you might be worried that entering into a debt management solution could prove a red mark against you, or even cost you your job. This may be true if you’re working in a regulated role, in which case it’s worth checking your contract, or speaking to your line manager or someone in HR.

TIP: Use a charity or non-profit for guidance so you're not paying debt-advice fees on top of your repayments. 

More support

  • Debt

    Being in debt can feel overwhelming, but with a plan and a little help you can find a route out. Use this guide to find out why you should take action on your debt.
  • Financial Resilience Check

    Take a couple of minutes to help yourself understand whether your finances are sound now and for the future.
  • Our support services

    The Bank Workers Charity exists to support current and former bank employees. Find out more about the services and support we provide.