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3. Debt advice

Before you apply, you will need to speak to your existing lender to discuss your financial situation.

You will also need to speak to a free debt advice provider so that they can review your situation and provide you with a debt solution plan.

There are a range of free debt advice agencies available, and the scheme works closely with PayPlan. You can speak to PayPlan or you can use any free debt advice agency.

Money Helper website provides other options to find free debt advice service.

The debt agency will produce a personal debt solution plan that will provide:

  • information about any debt solutions they think are right for you and how to set these up
  • a monthly budget plan so you know what you have to spend
  • advice on dealing with the people you owe money to
  • ways you can increase your income or reduce your spending
  • what would happen if you did not pay your debts
  • details of organisations they work with, if you need further support

When you apply, you need to provide a copy of the debt recommendation plan and your budget assessment. You will not be able to proceed without this information.