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Dealing With Debt

5 Things You Should Know

5 Things You Should Know

1. There are sources of free debt advice and services.

You can find out more by contacting the Money Advice Service on https://www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice or 0300 500 5000 (8-8 Monday to Friday, 9-1 on Saturday).

2. You should have been advised on all the options for dealing with your debt.

Our Advisers will explain all the options that are open to you (e.g. Bankruptcy, Debt Relief Order, Individual Voluntary Arrangement, Debt Management Plan, self-management, refinancing) The advantages and disadvantages of each will be discussed with you so that you can make an informed choice. 

3. You will know the estimated total cost to you of the arrangement and the time it will take for your debts to be paid.

Our advisers will provide you with this information. Any money you pay to cover your fees will not be used to repay your debts. There should never be a situation where more money is being used to pay fees than your creditors.

4. Your provider will go through a full and accurate budgeting process with you.

This is vital to make sure that the payments you are asked to make are affordable for yourself and fair to your creditors.

5. If you are not happy with the service you receive, you can complain.

You should refer such complaints to the provider in the first instance to enable them to put things right. If you are still not happy with the outcome, you can complain to the Financial Ombudsman Service which is an independent service who will look into your complaint and can award you compensation if they decide in your favour. Our complaint policy can be found on our website.

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The Money Advice Service

The Money Advice Service are an independent service, set up by government to help people make the most of their money, they give free, unbiased money advice to everyone across the UK – online, over the phone and face to face.

The Money Advice Service