Dealing
with a debt problem
Seek specialist advice, for example from a Citizens
Advice Bureau whose address and telephone number are in the telephone directory. Debt
problems can be complex and many things have to be taken into account.
What to do first
Before seeing an adviser assemble your papers (court papers and letters, bills and
credit agreements and details of your income).
If you have to wait for an appointment it may be
useful for you to tell creditors that you have contacted an adviser for help. Most
creditors welcome the involvement of a specialist adviser. They may be willing to hold off
action to enable an agreement to be reached.
Helpful
organisations
Citizens Advice Bureaux. Citizens Advice
Bureaux are able to deal with money advice and debt problems. If it is a very complicated
case they will usually be able to refer the person to a money advice specialist. This may
be a solicitor or insolvency practitioner.
Money Advice Centres and Law Centres. Help is
also available from Money Advice Centres or Law Centres.
The addresses and telephone numbers of local CABx,
Money Advice Centres and Law Centres can be found in the telephone directory.
Money Advice Association. The Money Advice
Association can also give details of the nearest adviser for people living in England and
Wales. The telephone number is: 01476 594970.
Money Advice Scotland. Money Advice Scotland
can give details of the nearest adviser for people living in Scotland. The telephone
number is:
0141 572 0237
National Debt Line. The National Debt Line
can give free information to people living in England and Wales. It also provides an
information pack dealing with debt.
The line is available on Monday and Thursday from
10 to 4 and on Tuesday and Wednesday from 2 to 7. The National Debtline telephone number
is: 0121 359 8501.
If advice is
not available
If someone with a debt cannot get help from a
specialist organisation and is trying to solve the problem her/himself, s/he should:-
- work out her/his net income and outgoings to see how
much is left to pay off the debts
- deal with priority debts first. These are debts
which, if unpaid, have serious repercussions.
- get in touch with the creditors straight away to see
if they would be prepared to accept smaller payments over a longer period
- check whether s/he is claiming all the benefits and
tax relief s/he may be entitled to.
Someone with a debt should seek advice before
borrowing to pay off debts, for example from a Citizens Advice Bureau whose address and
telephone number are in the telephone directory. This is because these loans are usually
very expensive. They could also be secured against the person's home which s/he could lose
if s/he is not able to make the repayments.
Useful Links
Adviceguide gives basic
advice and information on your rights.
Citizens Advice
Bureaux
Council
tax arrears
Credit
- types of credit
Credit
problems
Debt
- seeking help
Electricity
arrears
figure out the real cost of credit
card debt
Gas
arrears
Small
claims
Bank Addresses
- Abbey
National
- Bank
of Ireland (6)
- Bank
of Scotland@
- Bank of Wales
Plc - providing corporate and personal banking services to Wales, the United Kingdom
and Jersey.
- BankNet Electronic
Banking Service
- Barclays
Bank (12)
- Capital Bank
plc
- CharityCard
- provides tax-effective ways to donate to charity through a specific account and check
card.
- Co-operative
Bank (6)
- First Trust Bank
- offering wide range of banking services including mortgages, easing and international
trade services.
- Grindlays
- Halifax
(2)
- Hamilton Direct Bank
- HSBC
(2)
- HSBC
Holdings plc (6)
- Lloyds
TSB (4)
- National
Westminster Bank (2)
- Nationwide
Building Society - offers a broad range of financial services. This is also the
official site of the Nationwide Football League, including team pages, results, fixtures,
and news.
- NatWest
Group@
- Royal
Bank of Scotland@
- Standard Bank
London - specialising in resource banking, emerging markets, trade finance and African
banking.
- Standard
Chartered Bank - international banking corporation which focuses its activities on
Asia, Africa and the Middle East.
- Standard
Life Bank - Standard Life Bank was launched on 5 January 1998 and attracted over £2
billion in deposits in just over a year
- Teachers'
Building Society
- TSB Bank -
banking information, financial guidance for students, TSB athletics rankings.
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