Where to find debt advice
Being in debt can be a stressful experience, but if you're in debt there are organisations that can help you to make a plan.
The National Debtline have a three-step-guide which offers useful advice and information on how to improve your financial situation.
There are several free and confidential debt advice services that you can contact:
- Debt Free London has a free helpline which you can access via phone, Whatsapp or video chat. The line is open weekdays 10am-5pm. Call 0800 808 5700 to speak to a London debt adviser.
- Debt advice can also be accessed online or by phone from StepChange, Christians Against Poverty or National Debtline.
- If you would like face-to-face advice, visit Debt Free London or contact your local Citizens Advice branch.
- Debt Free Advice also have a Youtube channel with webinars on Debt related issues.
Debt advice services can help you to manage your finances through budgeting advice and, if you are eligible, by helping you to access a debt solution. Debt solutions refer to the range of options that exist to help people manage their debts. They include things like Bankruptcy, Debt Management Plans or Individual Voluntary Arrangements. Find out detailed information on debt solutions and who is eligible to apply.
Before applying for a debt solution, make sure you're receiving as much financial support as is available to you or taking steps to reduce your outgoings.
A breathing space from debt
If you’re struggling to keep up with debt repayments, you may be able to access a 60-day period of protection during which your creditors can’t add interest or fees to your debts and can’t take enforcement action, known as a "Breathing Space". The Breathing Space is a Government scheme which can ease some of the pressures of dealing with debts and give you time to access debt advice or improve your financial situation by accessing benefits or financial support.
It’s important to note that a Breathing Space is not a payment holiday and you will need to continue making repayments on your debts in this time. Breathing Space doesn't directly affect your credit score, but if you miss payments these will be recorded on your credit file as normal.
To access Breathing Space you will need to go through a debt advice service, such as Debt Free London, who can check whether you are eligible and apply to the scheme on your behalf.
The National Debtline has further information on Breathing Space and details on eligibility.