Nearly 80% of people struggling financially who have used debt advice would recommend it, says the FCA

The UK financial regulator (Financial Conduct Authority, FCA), has this month raised awareness of the benefits of seeking debt advice sooner rather than later.

Over 40% of people in debt, and who were struggling, ignored their lender’s calls and letters because they were ashamed.

It's easy to feel ashamed but if you're in debt and feel like you’re unable to cope, you needn’t be ashamed or worried. Help is available.

Missing debt repayments, running out of money each month, feeling unable to cope, avoiding overdue payment letters, putting off to another day

Do any of these sound familiar? If yes, and you’re in financial difficulty, then the FCA are urging you to do these two things as soon as possible:

1. Contact your lender(s) - UK banks and credit lenders are obliged to give you help and support that takes into account your personal circumstances. They can agree to reduce or stop payments for a period of time to help you.
2. Contact MoneyHelper (a financial help service backed by the UK government) - check out our news article on MoneyHelper. They have a free phone number 0800 138 7777, so they’re just one call away to offering you free and impartial help.

Research commissioned by the FCA showed that 70% of borrowers who sought debt advice found it to be more helpful than they had originally anticipated.

The current cost of living crisis has led to more and more people getting in to debt and struggling to cope. We all need help in life. If you're struggling, there’s no judgement in why or how you got to where you are.

The single most important thing is to face it, take action now and make that call. 

Picking up the phone to your lenders and to a free debt helpline today are the first steps in the right direction. 

Remember - you never need to pay for debt advice

Free help is always available.

Here are three debt advice charities you can call:

StepChange Debt Charity

stepchange.org.uk

0800 138 1111

Debt Advice Foundation

debtadvicefoundation.org

0800 622 61 51

Citizens Advice

citizensadvice.org.uk

0800 240 4420