Debt and money worries

Debt and money worries

Money worries can quickly spiral into problem debt. Our guide: managing your money [pdf / 1011KB] is full of useful advice on taking control of your finances, so you can get on top of what you owe and make the money you have go further.

I’m in debt – what can I do?

It's essential to get help early if you're having difficulties. Our managing your money guide has information on:

  • working out your personal budget, so you can explain your money problems to the people you owe money to
  • deciding which debts to deal with first
  • making repayment offers that you can afford, 
  • and what action creditors can take.

The Money advice service has an electronic budget planner which can help list all the income and expenses for your household, and when you've added up all the figures, you'll see if you have any money left over to pay your debts. You can show the budget sheet to the people you owe money to, this will help to agree a way of paying them back.

Who else can I ask for advice and help?

If you’ve been refused a bank account, or you can’t get credit, then a credit union may be able to help. Credit Unions provide savings and loans, and they are a much better alternative to illegal money lenders, doorstep lending companies or payday loans. Find your nearest credit union

Other websites that offer free debt advice:

What do the government’s benefit changes mean for me?

The government passed a new Welfare Reform Act in 2012, and many of the changes to benefits will start in April 2013. Millions of people will be affected, so it’s important you get to grips now with what this could mean for you and your household. We will support you in every way we can – visit our benefits and welfare changes page for all the latest information.

Loan sharks

Loan sharks are illegal money lenders who are not licenced by the Office of Fair Trading. They usually come across as friendly at first, but charge very high interest rates that people cannot keep up with.

You’re under no obligation to repay illegal lenders, and you should report them. If you know about a loan shark talk to the National Illegal Money Lending Team.

Are you struggling to pay your rent? It’s very important that you contact us as soon as possible.