Debt charities you can turn to in times of need
Published Mon, Jun 3, 2013 Updated Tue, Feb 16, 2021
Sadly, some individuals and families will find themselves with debt problems that can seem insurmountable at some time or another. Debt can be a lonely and stressful situation, leading to emotional issues such as depression and relationship breakdowns as well as the financial problems it brings.
If you’re reading this article whilst nodding your head, help is at hand. There are a number of debt charities in the UK that have been set up specifically to help people in your situation. Not only will they offer you emotional support, they will also provide expert advice on ways to structure your debt so that you can begin to dig yourself out of the red and head back towards the black.
Here are some of the most prominent debt charities operating in Britain:
This organisation has a three-step approach to helping households tackle debt problems. First of all it will learn more about you by asking you about your income, debts, outgoings, lifestyle and so on to get a full picture of your situation. Secondly it will help you to develop a monthly budget that is affordable yet realistic. Thirdly, they’ll advise the best way to tackle your debts, whether individually or as a consolidation loan, and they’ll help you to set up a repayment scheme that you can stick to.
Anonymous advice is available via the organisation’s website, plus it offers daily telephone advice on clearing your debts.
This UK-wide telephone helpline specialises in offering both self-help for those in debt and also assistance with establishing debt management plans. Although initial communication is over the phone, National Debtline has a number of information packs available to callers in order them to help gain control of their debt repayment schemes.
Although it is a general information source for rights and regulations, Citizens Advice Bureau has a section on its website dedicated to highlighting debt issues and offering solutions. The page include YouTube videos from people that have used its services explaining how Citizens Advice helped them to become debt-free.
This charity is dedicated to educating people on the importance of understanding personal finance. In addition to fighting for better consumer rights and improved financial knowledge, it has online advice for those in debt to help them sort out their money issues.
The Money Charity very much takes a long-term, preventative roll focused on helping people to become more financially savvy and stop them falling into debt in the first place.
For those of you worried about tackling debts on your own, the Debt Advice Foundation supports you through the process of setting up better financial arrangements with creditors for your personal circumstances. It offers free, impartial advice to those people struggling with their outstanding balances and can recommend a debt solution scheme that suits your lifestyle.
Another registered charity that helps people confront and manage their debts. Their focus is on providing immediate emotional support and advice to consumers, whilst putting a structured process in place to ensure long-term financial stability.
You’ve probably have heard of the FSA before as they are an independent organisation charged with making sure that all financial services and products are run in a fair and consumer-friendly manner. The website has a number of general and topical advice articles and discussions on the subject of debt.
Turning to a debt advice organisation or charity might seem daunting but it could be the first step towards eradicating debt from your life. Whilst juggling numerous repayments or understanding interest rates might be confusing to you, these charities employ experts in the field of finance who are well used to dealing with situations like yours. This means they are in the best position to offer you independent advice on how to clear your debts.
Also, unlike some debt consolidation loan firms or debt solutions companies, they don’t have a financial interest in helping you – they are there purely to give you guidance. Commercial firms on the other hand may steer you towards using their services or opting for products that will benefit them financially.
Above all else, a problem shared is a problem halved. Offloading your worries to someone who really knows what they’re talking about and can offer you practical steps to work towards will be a massive weight off your mind, helping to lower your stress levels and give you hope for the future.