When you start to address debt problems, it can be difficult to know where to start. You may be receiving telephone calls and letters from creditors that sound very demanding and threatening. Age UK have a very helpful factsheet available on the subject – here’s their intro to the sheet and a link to download a copy:
The first thing is not to panic.
The factsheet explains the process of debt advice, from the first steps of gathering up paperwork and unopened bills, through reaching an agreement with your creditors or other appropriate solutions. Age UK would always advise you to seek free independent regulated debt advice and to ensure you address the stages shown below:
- contact the Money Advice Service or another organisation in the factsheet for free debt advice
- get organised
- deal with any emergencies
- confirm what debts you are liable for
- work out a realistic budget
- find out if you are entitled to any extra money
- decide your strategy for dealing with your debt.