How to solve debts now
There are many ways available to solve debts, but knowing exactly which is the right way for you can be tricky. Fortunately, we’ve got a few of the most popular ways to solve debts listed and explained below to make things easier for you.
Popular ways to solve debts
There are many options available that can help you solve debts – such as learning to budget effectively, prioritising debts correctly, and managing your finances in a better way. Some ways to solve debts can be quite simple and require minimal time and effort in setting them up.
In most circumstances, the simplest way to solve debts is by contacting a reputable debt advice provider – like Chiltern.
All of the possible ways for you to get out of debt will be explained by our trained debt advisers, who are experts in helping you to solve debts. That way you can make an informed decision.
We offer many ways to get out of debt, so along with professional solutions (like Debt Management Plans, IVAs and Trust Deeds), your adviser will also help you to budget and prioritise your debts, so that keeping on top of finances is simpler regardless of which option you choose.
With all of our ways to solve debts, the amount you repay will be an affordable and realistic amount for you. Plus, it will be much easier to keep on top of repayments (as there will only be one payment to make that will cover all of your monthly repayments to unsecured balances – like personal loans, overdrafts, store cards and credit card debts).
How does it work?
To demonstrate how we can help you to solve debts, we’ve included a couple of examples of the ways that people have managed to get out of debt with our advice.
Jenny – Jenny had recently been made unemployed and was struggling to keep on top of her loan and credit card repayments. Her household finances had fallen significantly, and her husband’s income wasn’t enough to maintain all of the payments. When Jenny contacted us she needed immediate help, so we quickly contacted the people she owed money to and explained her situation. With our negotiation skills, Jenny only had to pay £175 each month towards her debts – when previously, the minimum she would have been expected to pay was £695. This helped Jenny avoid going further into debt and meant that she was still repaying what she owed. We also helped her to reduce her energy bills and home insurance, so that once she found work again her outgoings were less and she had more of her wages in her pocket each month. Jenny found work again shortly afterwards, and has started to repay the debts again in full without our help, but she was grateful for the help she received: “Thank you for helping me through what was a very difficult situation. I couldn’t have done it without you.”
Helen – Due to medical reasons, Helen had needed to stop working quite abruptly. This meant she hadn’t prepared financially for the drop in income and was now relying on benefits. As a result, Helen was finding it difficult to juggle her existing credit commitments and living expenses, and had turned to one of her credit cards to pay for some of her store card bills. This meant she was robbing Peter to pay Paul, as she was using one debt to repay another. With our free debt advice, Helen lowered some of her essential outgoings (like her mortgage and her gas bills) so she could cope with her monthly payments. We showed Helen how to budget more effectively and she stopped using her credit card for these transactions. This is what she said: “I’d recommend Chiltern to anyone who is struggling with their finances. They helped me out of a tricky situation and showed me how to manage my money better. Thanks.”
For free debt advice and immediate help on how to solve debts, call now on 0800 043 2332.
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Also as one of the largest providers of debt management solutions in the UK, we are able to provide initial advice over the phone without charge, however, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced. View more detailed information on our fees including examples for each product here.
Further Additional Information
The insolvency service has produced a guide for people who are struggling with debt, which outlines each of the available solutions.
If an IVA is not maintained it could lead to bankruptcy.
