Get out of serious debt with the right formal debt solution

This guide is for anyone in England or Wales whose debts have grown beyond what they can repay by cutting back, and who is being told about debt management plans, IVAs, Debt Relief Orders or bankruptcy. The wrong choice can cost thousands in fees, put your home at risk or tie you into years of payments that eventually fail. It builds on the smaller guides about sorting priority debts and preparing for an advice appointment, and goes deeper into how to choose and live with a formal solution. By the end you will have a full debt snapshot, a filled-in comparison of your options and the questions to put to any provider before you sign. It is general information, not personal advice: use a free, regulated debt adviser to confirm your choice. Scotland and Northern Ireland have different solutions.

What is inside

• Full step-by-step method9 detailed steps with decision points
• Ready-to-use templatesDebt and asset snapshot · Option comparison table for my situation · Email asking a provider to put everything in writing
• Timed action plan8 stages from “Day 1” to “At the end”
• Costly mistakes to avoid4 traps and what to do instead
• Complete checklist12 items to tick off
• Insider tips and fixes4 tips and 4 common problems solved

Step by step

1. Start with free, regulated debt advice, not an advert

   Book an appointment with a free debt advice service such as Citizens Advice, National Debtline or another free provider found through MoneyHelper's debt advice locator; these advisers are authorised by the Financial Conduct Authority or exempt, and charge nothing for advice or for setting up most solutions. If a firm contacts you first, advertises 'government-backed' debt write-off schemes on social media, or pushes you towards one product within one call, treat that as a warning sign and stop. If anyone asks for an upfront fee before giving advice, walk away. Ask the adviser at the start: 'Will you look at every option, including a Debt Relief Order and bankruptcy, and give me your recommendation in writing?' Keep paying your priority bills, such as rent or mortgage, council tax and energy, while you wait for the appointment.