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Addressing your debts

When we speak to clients, they often say that making that first step to contact us is the hardest, but once they have, they start to feel like a weight has been lifted from their shoulders.

There’s also a lot of support out there if you’re struggling with your mental health – and it’s important to know that you’re not alone.

We know that debt and mental health problems often come hand-in-hand, but that the two things can exist independently too. 

When you contact us for help with your debts, and disclose you are also struggling with your mental health in some way, we can signpost you to our network of fantastic charities and support partners who will provide you with any further support you might need.

Committing to becoming debt-free

As part of a debt advice session, your adviser will discuss your situation with you to fully understand your circumstances, before recommending the most suitable debt solution. There are several different solutions out there – and it’s definitely not a ‘one-size-fits-all’ approach.

With living costs rising, your adviser can discuss with you any concerns that you might have about elements of your budget and ensure enough money is set aside for your essential expenditure following recommended guidelines.

If, after this process, it’s recommended that a managed solution will be the best option, we can start the set-up straightaway. You just need to tell us you’re ready to proceed and we’ll be there to help.  Remember, the sooner you commit to a plan, the sooner you’ll be on the road to becoming debt-free.

It’s important that the budget your adviser works on with you is something you feel is realistically affordable for your needs and lifestyle, in-line with Standard Financial Statement (SFS) guidelines. Your adviser will work with you to fully understand your circumstances and commitments so we can create a budget that fits you and all your needs. They can give guidance to help reach an amount you feel you can realistically afford to pay towards your debts, whilst still being able to pay for all of your other necessities. 

Only when you agree that the amount suggested is affordable will your adviser proceed to provide you with your options – and it’s completely up to you if you decide to go ahead.

The importance of a sustainable debt solution

It’s important that your debt solution is not only right for you now, but something you feel is sustainable for the future and something that will be manageable for you until your debts are paid off.

But, as we know, in life we can experience unexpected changes in circumstance. Whilst you may choose to go ahead with a solution, if something happens in your life that makes this no longer the best solution for you, we will review your budget and change course if needed to get you on a better path.

If it is decided that you’d be better off moving to a different solution at this point, your adviser will fully explain what this will involve and re-confirm when you can expect to be debt-free.

If you’re interested in learning more about making the most out of your budget and maximising your income, our Financial Wellbeing Hub is here to help.

If you’re struggling with debt repayments and want to get on top of your finances, remember you can contact us over freephone, email or via our Live Chat service.

For more support and advice

If you need support with your mental health or another concern, our referral partners are here to help:

  • GamCare – if you’re experiencing gambling issues
  • Bipolar UK – if you suffer with bipolar and need some extra support
  • Samaritans – if something’s troubling you, they’re here to listen 24 hours a day, 7 days a week
  • Refuge/Broxtowe Women’s Project – if you’re suffering from domestic abuse, contact these trusted organisations for further support

You can find more on the organisations we work with here.

Read the rest of our ‘What you could be entitled to’ series: