Do you want to know how to get out of debt? As it turns out, you’re not alone. Around 11.5 million Brits (which is approximately 22% of the population) are in a similar position in 2023. Being overindebted is uncomfortable. In fact, over one-fifth of adult Brits report having to borrow money or obtain credit to cover the cost of their debts and daily living.
Most overindebted people want to know how to get out of debt fast, and the reality is that the debt solutions on offer aren’t suitable for all situations. Debt solutions and avenues that show you how to get out of debt UK are determined by the type and amount of debt.
If you find yourself frantically searching the internet for info on how to get out of debt with no money and bad credit, you’ve come to the right place. While we can’t magically solve the problems for you, we can help you connect with reputable advisors who can tell you how to get out of debt quickly as possible by presenting you with viable options to consider.
Wanting to find out how to get out of debt is a step in the right direction. It’s a responsible approach to being overindebted. The last thing you want is to give creditors the run-around or ruin your credit score forever.
Below we provide you with more options on which platforms to visit when you want to learn how to get out of debt and provide a few tips and further information.
Best Platforms to Consult with Advisors on How to Get Out of Debt in the UK
- Debt Nurse: Best Place to Speak with a Friendly Advisor When You Want to Get Out of Debt Fast and Want to See if You May Qualify for Help
- Viva Debt Help: Best for Individuals Who Want to Know How to Get Out of Debt UK and Are Actively Searching for Debt Solutions
- 123 Debt Fix: Best Place for Overindebted Individuals Who Need to Know How to Get Out of Debt with No Money and Bad Credit to Speak with Qualified Advisors About Their Options
- Help My Debts Pro: Best for Individuals Who Need a Hand with their Finances to Speak with Friendly Advisors About How to Get Out of Debt Quickly
How to Get Out of Debt Quickly in UK as Possible – Top 5 Ways
How long it takes you to get out of debt depends on the type and size of the debt. Not every option is suited to every person. Want to know how to get out of debt quickly? Here are several options you can consider, to get out of debt quickly as possible.
Speak to a Debt Advisor: Use a Platform Like Debt Nurse to Connect with Qualified and Friendly Advisors
If you want to get out of debt quickly as possible, you can cut through the noise and confusing/conflicting posts on the internet and consult with a debt advisor. Debt advisors you can connect with via the Debt Nurse website, for example, are unbiased and will take a close look at your debt before providing you with a list of potential solutions to consider. Of course, the route you choose to take depends on what suits your situation best. You’re not obligated to accept any of the debt solutions presented to you.
Budget: Spend Time Trimming Down Your Expenses
While scrutinising their budget and expenses, most people find that they’re paying bills and fees that they don’t need to pay anymore. Take the time to print out your latest bank statement and then go through each transaction line for line. Highlight expenses that you no longer need or wish to have in your life.
Perhaps you’re paying for subscriptions that are no longer relevant to you, or you can cancel accounts to services you don’t use all the time (streaming sites, media sites, online services such as design programs, and so on). You could also assess where you’re spending your money and set a stricter budget in those areas. For example, perhaps you eat out often and could cut back on that, or perhaps you drive your car to and from work when public transport or lift sharing might be better. Any money you trim from your expenses can go towards paying off your debt.
Full or Final Settlement: How to Get Out of Debt Fast UK if You Have a Lump Sum
If you have a lump sum, you could ask your creditors if they would accept it and write the debt balance off. If the balance isn’t astronomical, creditors will sometimes be open to it. You could also ask if they offer a final settlement amount. Some creditors may offer a reduced amount if you pay the final lump sum. Of course, this cannot be guaranteed as some creditors may prefer to have set monthly payments until the debt is settled.
Visit Platforms Like 123 Debt Fix: Connect with Platforms That Link You to Qualified, Professional Debt Solution Advisors Who Explain How to Get Yourself Out of Debt
Finding a debt solution advisor to assist you is a little harder than expected. There’s a multitude of companies online offering what they call the “best” deals when you’re desperately searching for info on how to get yourself out of debt. However, the entire process can feel somewhat overwhelming. To save yourself stress, anxiety, and time, you can visit a legitimate and reputable platform like 123 Debt Fix that will take the guesswork out of the process.
All you have to do is visit the platform, follow the prompts to answer a few short questions, and based on the information, you’ll be contacted by a third-party debt solution advisor who can provide you with further information and guidance. Conveniently, the advisor will contact you.
Debt Management Plan: Learn How to Get Out of Debt on a Low Income and Pay Back Smaller Monthly Instalments
With the help of a debt management plan provider, you can pay back your outstanding debts at a more affordable rate. Your debt management provider will contact your creditors on your behalf and request reductions as far as possible. Then, when the debt management plan is in place, you will pay a specified amount over to your debt management plan provider each month. They will act as the go-between, ensuring that each creditor receives the correct amount. IVA Debt management plans are best suited to non-priority debts such as personal loans, credit cards, store cards, and overdrafts.
One of the Best Ways to Write Off Your Debt – How to Get Out of Debt on a Low Income
Getting out of debt will require you to choose a debt solution that works best for you. This could be a formal debt solution, individual voluntary arrangement, debt relief order, or debt management plan. The type of debt you’re in will determine the course of action available to you. For instance, mortgage debt would require a different debt solution to smaller credit card debt, personal loans, HMRC, or council debt (just examples).
It’s best to consider the types of debt you’re in and the various debt solutions available before you select the right debt solution to help you get out of debt on a low income.
How to Get Out of Debt When You Are Broke: Different Types of Debts
The first step to deciding how to get out of debt when you are broke is to understand the type of debt that you’re in. Below is a brief list of the various most common types of debt in the UK. You may be struggling with these debts, too.
Telephone Bill Arrears
If you’re missing telephone bill payments, chances are that your service will be cut off, allowing only calls to emergency services. If you don’t make arrangements to pay off the outstanding bill and bring your bills up to date, you may find that your service provider charges a fee for each month that the bill is outstanding. Of course, adding debt to an already dire debt situation is not a good idea. It’s important to make arrangements to settle your debt as soon as you can to avoid this.
Council Tax Debt
Your local council will charge you council tax annually. The amount required is set in place by the local council. The tax covers local services such as police services, fire services, maintenance of parks and sports centre, collection and disposal of rubbish, library and education services, street light maintenance, cleaning and maintenance of roads, record keeping (deaths, births, marriages, local elections), and environmental health.
The first thing you need to know about council debt when you’re trying to figure out how to get out of debt when you’re broke is that council tax is considered a priority debt. In short, this means that it’s a debt that takes priority over other debts like your personal loan or credit card. Missing a council tax payment puts you in arrears and requires the council to be advised immediately. You may be able to reduce your council tax arrears by talking to the consultants, but if you can’t, you’ll need to work out a plan to pay the debt off. A debt advisor could assist you with understanding your options and setting this in place.
Falling Behind on Your Car Hire Purchase Deal
Losing your car due to failed payments on your hire purchase contract can negatively impact your life in several ways. First of all, you won’t have a car to get around (to and from work, kids to and from school) and you may get a bad mark on your credit score, limiting your vehicle hire, rental, or purchase options in the future.
His Majesty’s Revenue and Customs debts include NI (National Insurance), Vat, and Income Tax (PAYE) are categorised as priority debts. Again, this means they should be paid before all other debts, and the consequences of not paying them are very serious.
If you don’t make arrangements, enforcement action can be taken to get the money you own. HMRC can instigate a direct recovery of debts to have the owed funds directly taken from your building society or bank account. Acquiring your possessions to sell to defray costs is another option. This process incurs fees.
Ignoring your HMRC debt is certainly advised against, and by chatting with a professional and qualified debt solution advisor, you can find a solution to pay off the debt and avoid the uncomfortable consequences.
Failing to pay your mortgage instalments can have dire consequences, the biggest of which will be being without a home. Most mortgage companies won’t immediately seek eviction action when you miss your first payment, but if you keep missing payments, you may find that they seek to repossess the property or evict you in due course. In general, you can miss up to 3 payments with most mortgage providers before they take action – this is entirely dependent on the mortgage provider. Of course, consistently missing payments may negatively impact your credit score and limit your future options for buying property. If you’re falling behind on your mortgage arrears and see no way of catching up, seeking out a debt solution may be in your best interests.
Credit Card Debt
The average person in the UK has a total credit card debt of £1,600 at any given time. If you have outstanding credit card debt, it’s because you haven’t been making your credit card payments. If you don’t pay your credit card debt, you can expect to pay late fees and be charged additional interest for missed payments.
Continued missed payments could result in receiving a notice of default from the credit provider, damaging your credit score. It’s damaging because the notice may appear on your credit record for around 6 years. You could also be expected to pay debt collection fees if the credit provider hands the account over to a debt collection business.
Ensuring that your credit card payments are met is essential to avoid getting into more debt. If you can’t keep up with your payments, you can seek ways to service the debt, such as taking out a debt consolidation loan, individual voluntary arrangement, or debt relief order.
If you feel as if you’ve run out of options, stop and take a breath. There are ways that you can reduce your debt and settle the outstanding amount. You simply have to find a debt solution that’s best suited to you. Whether you choose to tighten up your financial budget or visit a platform to connect with qualified and friendly debt solution advisors, the most important thing is to take action and not let debt take over your life. Acting as soon as possible is in your best interests.
How to Get Out of Debt with No Money in the UK?
If you have no free cash flow each month to service your debt, you may think you’re out of options. Chatting with a qualified debt solution advisor will give you options to get out of debt with no money. Common options include IVA, a debt relief order, or a debt management plan.
How to Get Out of Debt with Bad Credit?
If you have bad credit, you may think there are no options to get out of debt. If you inquire how to get out of debt with bad credit, you will be presented with the most common debt solution options. One popular debt solution is debt consolidation which entails taking out a loan to cover your existing debts. The loan term is usually lengthy, making the monthly installments fairly low and affordable. But can you get such a loan with bad credit? Yes, you can, especially if you have the help of a debt solution advisor on your side. That said, other debt solutions you will be offered include individual voluntary arrangements, debt relief orders, and debt management plans.
How Do I Find Out How to Get Out of Debt Fast with No Money?
It can be challenging to plan a route out of debt when you’re stressed, overwhelmed, and panicking about how to pay the bills. Hunting the internet for quick fixes may take up hours of your time. You may even find yourself trawling blogs and websites for financial advice. When you put it all together, it can seem confusing. The best way to find out how to get out of debt fast with no money is to speak with a professional debt solution advisor.
There’s no one size fits all approach to debt solutions, and a debt advisor can hear your unique situation, look over your mounting debts, and provide you with a few of the best possible debt solutions for you to consider. Platforms such as Debt Nurse, 123 Debt Fix, Viva Debt Help, and Help My Debts Pro capture your particulars and then pass your details on to qualified, accredited, and transparent third-party debt solution providers. You’ll be contacted by a professional in the industry who will help you understand how debt works, what you can do to pay it down, and if you have any options to write the debt off.
How to Get Myself Out of Debt – What Are the Best Solutions?
Getting yourself out of debt will take planning and dedication to the plan you set in place. Unless you have a lump sum to pay off the debt, settling it may take time. Some of the most common debt solutions include IVA (individual voluntary arrangement), DRO (debt relief order), DMP (debt management plan), or a debt consolidation loan. A good way to determine which route is best for you is to consult with a debt solution advisor on the various options. Asking questions and understanding each option before making a decision can help you make the best financial decision for you.
Is the Debt Solution I Apply for Guaranteed to Be Approved?
Not all debt solution plans are ideal for all situations. This is why consulting with a professional is recommended. Finding a solution that suits your situation is best.
Disclaimer: All debt solutions should be very carefully considered. The websites advertised in this paid promotion do not provide debt advice. If you complete the form and provide permission to be referred, they will pass your details onto a regulated debt advice solution provider. All the partners they use are regulated by the Financial Conduct Authority to provide debt counselling. The websites advertised work exclusively with trusted debt solution providers. If you proceed with one of their solution options, they may receive a fee for introducing you to them. The websites advertised are lead generation companies who pass your details onto third parties in order to help you with your debt solution.
The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.