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5 point guide on how to get out of debt

Saturday, 26th August 2017

Do you need help with your debts but don’t know where to start?

If this is you then the DebtWizard bespoke five point guide 'how to get out of debt' should get you on your way and may save you thousands of pounds in unnecessary fees.

  1. Stay calm, stop borrowing to get yourself out of debt and do something about your situation - Start by working out what income you have and what you owe. List all of your debts, including joint ones. Identify priority monthly payments such as mortgage, rent, council tax and energy providers etc. Once those are paid, work out how much you can afford to pay to non-priority debts such as store & credit cards, personal loans, bank overdrafts and payday loans etc.
  2. Where to get debt advice - You can contact your creditors and put forward details of what repayments you feel you can afford or, if you are unsure and need extra help, tell your creditors you are going to seek formal debt advice. Make sure the debt advisor to speak with is authorised by the FCA and speak to two or three before choosing your debt option. A list of the not for profit organisations that can help you free of charge is available on the DebtWizard website where to get debt help
  3. Debt Solutions/Options - There are a number of options available to help you deal with your debt and you can get professional advice to help you decide which is the right one for you. A summary of each of the options is here Debt Solutions Explained & Debt Solutions Comparison Table You should not have to pay for the advice. You can find regulated advisers who will give you initial advice free of charge or refer to the list of not for profit organisations on as above.
  4. Fees - Who will pay the fees, you or the creditors? - If a Debt Management Plan is the way forward for you ask if there are any upfront and monthly fees. If there are, ask who pays them, is it you or the creditors? As well as the list of not for profit organisations that don’t charge, the DebtWizard website also contains a Fee Saving Debt Calculator which estimates how much you could save by using a firm that doesn’t charge fees. If you are thinking about proposing an IVA, check whether the IVA firm or the Insolvency Practitioner (IP) requires an up-front fee. Not all of them do, fees can be paid out of your monthly contributions and so will effectively be paid by your creditors.
  5. How to take control - Make sure you understand what you are told or read. Make notes of meetings and conversations and ask the debt adviser to explain again if you do not understand. Then do your own research on your debt options. Review your situation every six months to see if anything has changed, in particular your debt options, and take action. Don't be bullied into making payments to banks, credit card providers or debt collectors you know you can no longer afford. Read up on the following FCA Debt Collection Guidelines which will help you understand your consumer rights, see section 'CONC 7.3 Treatment of customers in default or arrears (including repossessions): lenders, owners and debt collectors

What we have to offer at DebtWizard

  • Free unbiased advice
  • A vibrant IVA and debt help forum
  • A list of the debt solutions available
  • Our bespoke list of the not for profit debt advice agencies
  • A bankrupt application fact sheet to help you with the new on-line procedure.

REMEMBER, it is not a crime to be in debt - always insist that you are treated with respect.










For no nonsense advice just submit the short form and Mike or one of his team will get back to you.

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