Who Needs Debt Advice?

 

One out of six adults in the UK struggle with the money that they owe and are considered to have problem debt.

 

One clear sign that you’re over-indebted is that you find managing your household bills and debt repayments a heavy burden.

 

A second clear sign of over-indebtedness is that you have missed debt or bill payments in three (or more) of the past six months

 

If you’re finding your debt a heavy burden, or if you have missed some payments recently, you’ll benefit from receiving debt advice.

 

What is Debt Advice?

 

The first stage of debt advice is talking to an adviser about your financial situation.

 

Your debt adviser will ask you questions about your income, your debts, and your household bills and expenses.

 

The second stage is the recommendation of a solution by your adviser.

 

An adviser might be able to help you to increase your income (or reduce spending) so that you can manage financially again.

 

If your situation is a little more serious your debt adviser will recommend that you use a debt solution. The purpose of a debt solution is to regain control now and to clear your debts in the future.

 

When to Get Advice

 

If you’re struggling with money it’s important to get expert debt advice as soon as possible.

 

Many people delay getting advice because they feel stressed and helpless. This is unhelpful because debt problems tend to get worse over time.

 

The sooner you get debt advice the faster you’ll be able to put your debt worries behind you.

 

It’s never too late to get advice, so reach out for help even if your situation has become really bad already.

 

Where to Get Advice

 

Bright Oak is an authorised provider of debt advice and we’d be very pleased to help you.

 

If you’d like us to help you with your debts please get in touch. All of our debt advisers are friendly, experienced, and professionally qualified. The service we provide is confidential and discreet.

 

You can find contact information for other national and local debt advisory services on our other sources of debt help page.

 

Some agencies offer face-to-face debt advice, but this option is largely on hold currently as a result of Covid-19. Most debt advice is currently being delivered by telephone and email.

 

Why Get Debt Advice?

 

You have a choice of debt advice services to help you.

 

Firms like Bright Oak provide advice by phone. We can show you ways to manage your debts better. We can provide (or refer you to) suitable debt solutions if they will help. We work with people who live in all parts of the UK.

 

Several national free-to-client debt advice services exist. You can access them by calling the Money Advice Service.

 

Local advice services are available. They may provide face-to-face advice, which can be useful. Citizens Advice is the best known. You can access local services by first calling the Money Advice Service.

 

How to Get Advice

 

It’s a good idea to do a little preparation before you contact a debt adviser. They’re going to ask you about your income, expenditure, debts, and assets.

 

Your bank statement should contain the income and household bills information you need.

 

Make a list of your debts. If you can’t remember every debt you can sign-up for a free credit report to fill in the gaps.

 

Homeowners can get a free property valuation using Zoopla and free vehicle valuations are available from Parkers.

 

The final step is to contact a debt advice service. Some organisations may have an adviser ready to speak with you there and then. Other services may arrange a convenient appointment to speak with you.

 

About Bright Oak

 

We’ve provided debt advice and debt management plans since 2007.

 

Our company is authorised and regulated by the Financial Conduct Authority to provide debt counselling services.

 

All of our debt advisers are experienced and professionally qualified.

 

We provide advice to customers in all parts of the UK from our offices in South Wales. We can also assist you if you have relocated abroad with UK debt.

 

 

Author: Andrew Graveson

Qualified Debt Adviser & Bright Oak’s Founder

 

Page Last Updated: 26/07/2020

 

 

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