As the cost of living continues to rise, it’s no surprise that more and more people are struggling with debt. Every situation is different, so it’s worth reading our latest article to understand the variety of options available that you could use to tackle your debts.
Talk To Your Creditors
Before you explore any debt solutions it’s important to talk to your creditors. You might be able to come to an agreement with them to pay off your debts, or get more time to work out your situation. If you don’t feel like you can talk to your creditors directly, or they won’t agree to your offers, you can get debt advice to see your options.
How Do I Get Help With My Debts?
The First Step: Gather All Your Debt Information
Work out how much you owe to your creditors. You should be able to see this in any of the letters you’ve received from them. If you can’t find the exact information don’t worry, a rough figure of how much you owe will be fine. When you use our online debt advice tool, you should be able to connect to your credit file in a few clicks and it will automatically gather your debts.
The Second Step: Have All Your Income & Spending Details To Hand
Look at your income and spending details. The quickest way to do this is by checking your banking to see all your bills and income in one place. When you speak to a debt advisor or use our online tool we will request this information from you. We ask for this so we can create a budget for you and see how much you can pay towards your debts, and how much you will have left at the end of the month to live comfortably.
The Third Step: Get Debt Advice
Before you make any big decisions, it’s worth getting debt advice to understand your options. It’s free to get advice and won’t harm your credit score. You can start online anytime using our online debt advice tool. If you’d prefer, you can speak to the friendly and experienced debt advisors at Angel Advance. You can also contact our team via email or WhatsApp.
Priority Debts
If you’re struggling to manage all of your payments to your household bills and your debts, it’s important that you know which ones you need to prioritise, and which ones are less important.
It’s important to stay up to date with the following:
- Mortgage, rent or loans secured on your property
- Council tax
- Utilities such as gas and electric
- Magistrates court fines
- Maintenance payable to an ex-partner or child
- Income tax or VAT arrears
- TV licence
If you’ve fallen behind with your priority bills, you should contact us straight away. You should also contact the providers and let them know that you’re getting help with your debts from us, and ask them to give you some time to get a solution in place.
Breathing Space
Breathing space offers individuals legal protection from creditors for up to 60 days for those trapped in problem debt. This includes pausing enforcement action, stopping creditor contact and freezing interest and charges on debts. It’s available to anyone with problem debt in England and Wales. To see if you are eligible, get debt advice using our online tool or you can book an appointment. It’s a good option if you need some time to focus on making the right decision. It’s not a payment holiday and should be used to get a debt solution in place whilst creditors cannot contact you.
Different Options You May Qualify For:
Different debt solutions can affect your life in different ways. Getting debt advice online or speaking to an expert advisor is the best way to understand what the best option is for your individual circumstances.
