Debt: Seeking support
DebtLearn what to do when debt feels hard to manage, including how to get organised and where to find support.
Transcript
If you feel that your credit repayments are or may become unmanageable, try not to panic. If you are finding it difficult to manage, the earlier you seek help, the better. Before you seek support, take a little time to get prepared. Make a note of what you owe, your account details and your current monthly payments. Write down your income and expenses so you can show what you can realistically afford.
If something has changed, like losing hours at work or a big rise in bills, speak with your lender. They might be able to assist in reviewing your repayment plan. They may offer solutions like lower interest rates, reduced payments or temporary payment plans.
Lenders are usually open to payment plans or temporary breathing space if you’re honest and upfront. You don’t need to have all the answers, but showing that you’ve thought it through will help. And remember to keep a record of who you spoke to and what was agreed.
If you need more help, there are free organisations you can turn to. StepChange, Money Helper, National Debtline and Citizens Advice all offer confidential support and can guide you through your options.
You don’t have to face debt alone, trusted help is out there.
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Debt: Seeking support
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