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Debt Advice for Debt Reduction

Debt reduction solutions and debt negotiation advice is becoming more important now that average UK household debt (exc. mortgages) is over £7,000 and growing fast.

What is meant by "Debt"? Typically it means unsecured debt (i.e. not mortgages & secured loans): credit cards store cards catalogues personal loans overdrafts, etc

Do you have a debt problem? If you can answer "yes" to any of these questions then you have a debt problem - and the more questions you answer "yes" to, the bigger the problem you have. The important thing is that you recognise you have a problem and face up to it - it won't go away. On the other hand don't panic. Help is available. Have you received a court summons about a debt? Have you received a letter about bailiffs visiting your home? Are you paying the minimum or less on any of your credit cards each month? Do you struggle to find the money to pay your bills on time? Has a debt collection agency contacted you about an unpaid bill? Are you paying late fees? Are you using credit to live on? The options you have to solve your debt problems depend largely to how deeply in debt you are.

Debt Reduction Solutions - how bad has your debt problem got?
1. Temporary Debt Problems		Key Actions
If your debts are modest in relation to your net monthly income then you can probably manage to turn the situation round yourself - the key is to set a budget, to economise and to stop spending on things you want but don't need. You could also turn to using only cash - cutting up your credit cards means you can only spend when you have the cash. Focus on paying off your debts as fast as you can. Look to lower the cost of any debt you have - debt consolidation loans can help here, and if you have a mortgage look to remortgage at a lower rate.		Set a budget (you must not spend more than you earn) - economise wherever you can. There are many ways to quickly reduce your household bills - see left hand column. Generate extra income, if you can. Spend only cash - don't use credit cards. Consolidate expensive debt (e.g. credit cards) into a single lower rate loan If you have a mortgage look to remortgage to a lower rate (remortgaging is the biggest single money-saving activity possible) Having reduced your monthly expenditure to below your income you can start to pay off your debts.
2. Chronic Debt Problems		Options
If your debts are more significant and you answered "yes" to a number of the questions above then the actions suggested for the modest level of debt may not be sufficient to solve your debt problem. You will need to take other positive actions towards debt reduction. A chronic debt situation is if there is no prospect of your surplus of income over expenditure ever being large enough to reduce your debts.		Don't panic! You can still take control of the situations. Your options are as follows: Debt Management Plans Individual Voluntary Arrangements (IVAs) [England/Wales] Protected Trust Deed [Scotland] Bankruptcy [England/Wales] Sequestration [Scotland]

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