How to lower the chance of debt issues
It’s very common to get into debt nowadays. The cost of living crisis has made it much harder to live comfortably without having to borrow.
But there are some things you can do to avoid getting into or worsening your debt:
- Keep a budget plan: Sticking to a regular budget can help you avoid overspending and stay in control of your finances.
- Build a rainy-day fund: Saving a little when you can means you'll have something to fall back on during tougher times.
How to deal with debt
If you're dealing with debt struggles, here's what you can do to navigate your way through it:
- Work out what you owe - before speaking to anyone about your debt, it’s best to calculate what you owe and who you owe.
- Talk to a debt advisor - if you don’t know how to handle your debt, you can talk to a debt advisor who can help you with different things like talking to creditors to work out a repayment plan.
- Directly contact your creditors - if you want to handle things on your own, you can get in touch with your creditors directly to discuss a new repayment plan that better suits your financial situation.
How we can help
If you think you'll miss a payment, don't worry - there's support available.
Reaching out early can help us find a solution for you, such as changing your payment schedule or looking for extra support.
We can help walk you through how missed payments are handled and the steps to take to resolve them.
Understanding the process of what happens if you miss a payment can help to prevent any further financial difficulty.
Find out more about how to get in touch with us at the bottom of this page.
Independent support and advice
You can also check out some other online resources for debt struggles:
Contact us
There are different ways you can contact us to find out more about the support available:
If you have hearing or speech difficulties, you can use the national text relay service, Relay UK, to act on your behalf. Everything is completely confidential, including the details you share for identification and verification questions.
More support
Head to our Help and support hub to find more resources or check out the links below.
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Find supportCost of living support
The cost-of-living increase can affect us all. If you’re feeling anxious or worried about your finances, our resources will hopefully make you feel less alone.
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