Debt Help UK: How to Get Out of Debt and Reclaim Your Financial Freedom

If you find yourself burdened with a substantial amount of debt, there are several actions you can take to become debt-free.

Debt Help UK: How to Get Out of Debt and Reclaim Your Financial Freedom

Struggling with debt can be overwhelming, but getting help doesn’t have to be.

Having excessive debt can lead to financial difficulties in multiple ways. It can mean you struggle to make ends meet or damage your credit score. Excessive debt can have a knock-on effect which can make it harder to obtain loans such as mortgages or car finance.

If you find yourself burdened with a substantial amount of debt, there are several actions you can take to become debt-free.

9 Effective Strategies to Eliminate Your Debts

  • Are you overwhelmed with debt and looking for ways to escape it?

We have 9 effective strategies which will surely help you be debt free. From budgeting tips to understanding your rights, learn the steps necessary to reduce or eliminate your debt.

1. Debt Shifting: A Proven Way to Manage Your Debt

Debt shifting is an effective financial strategy to reduce your debt payments. By shifting the terms of your debt, you can save money and decrease your monthly repayments. You can leverage debt shifting to create a budget-friendly plan that meets your needs.

You can negotiate with your creditors to get lower interest rates or extend debt repayment periods through debt shifting. This makes keeping up with your repayment schedule easier and helps you eliminate your debts.

MyMoneyOffice works with you every step of the way so that a plan tailored to your needs can be crafted. This way, you can finally be free from debt and start planning for a brighter future.

2. Calculate Your Debts: Taking the First Steps

Calculating your debts is essential to get out of debt and managing your finances. Knowing how much you owe will allow you to calculate accurate payments and create an effective budget plan.

This is often one of the first steps towards becoming debt free. Calculating your debts can give you a better understanding of your current financial situation and the options available for debt reduction. If you feel you’re in a position to do this task, here are the steps we recommend:

  • Write down all your debts.

If you have a credit card – look at your credit card balances, also check your personal loans, car finance loans (HP, PCP, or Lease), student debt, mortgage arrears, and any other debts.

If you aren’t sure exactly what you owe, check your credit report for free to get a clear view of your debts, including any in collections. Keep in mind that your lender will have the most up-to-date information on your balances.

Now you have all of your debts noted down in one place, it is much easier to digest. Time to move on to the next step.

  • Record the payment information for each debt.

Next to each debt, record the interest rate, any interest charges, minimum monthly payments, and the payment due date.

Then the final step.

  • Calculate your total minimum monthly payment.

With your debts are now written down, you can calculate the absolute minimum payments.

This will help you find out the absolute minimum amount you need to pay every month. Therefore, helping you stay on top of your debt payments.

We understand that taking this first step can be difficult. Sometimes it is not entirely possible to gather all of this information effectively.

We can help guide you throughout the process to ensure that all your debts are paid off efficiently.

3. Prioritise Your Debts: A Crucial Element of Debt Help UK

Prioritising your debts is important to become debt free.

You can organise your debts according to interest rates, repayment terms, and balances and then rank them from most to least urgent.

Paying off debts with the highest interest rate first is key. Increase the payment amounts into your high-interest debts. It can help speed up the time it takes to pay off your debt drastically.

Here’s how you can prioritise your debts:

  • Create a list of all your debts with their respective interest rates, repayment terms, and balances (Point 2).
  • Rank your debts from the highest interest rate to the lowest.
  • First, pay off the debt at the top of the list (the one with the highest interest rate).
  • Make additional payments to the second-highest interest-rate debt until it is paid off completely.
  • Repeat each debt on your list until all have been fully repaid.

We know that tackling high-interest-rate debts can be difficult. So we provide tailored strategies to help you prioritise and pay back what’s most pressing first.

With our help, you can finally be on track to becoming debt free!

4. Inform Your Creditors: A Simple Tactic for Debt Help UK

If you’re looking for debt help UK, informing your creditors is a simple tactic that can be beneficial. It can make a huge difference and it is not too time-consuming.

Reach out to them and explain your current financial situation. Most creditors understand that people can fall into difficult situations and will work with you on repayment plans.

Negotiating better terms can help make paying back what you owe easier without becoming overwhelmed by large payments.

This technique is something that can really help with any stress and anxiety that is associated with debt.

5. Finding Extra Money

Finding extra money can be a simple and effective solution to going debt free. Scrutinise your budget and look for areas where you can cut back or reallocate funds.

Here are some effective ways to find extra money:

  • Look for areas where you can cut back on spending. This could mean cutting back on outgoings like dining out or retail purchases.
  • Find a side hustle that could complement your main income. (Platforms like Upwork or Fiverr are great for offering your skills as an online service. You could get set up as an online freelancer very easily.)
  • Refinance a mortgage or take out a secured loan.
  • Access government schemes like grants and tax credits.


Debt helps

6. Grants and Benefits: Your Key to Debt Help UK

Grants and benefits can help those struggling with debt. For example, government grants cover essential costs such as energy bills.

Similarly, benefits are available for low-income or unemployed people. These can help with expenses like heating, food, and clothing costs, making it easier to pay off debts.

mymoneyoffice can help you understand grants and benefits better. We can also work with you to find out which you might be able to benefit from using our Solution Finder.

7. Use Your Savings: A Smart Move

If you have savings from a time before, using those to help with debt can be a smart move.

It can provide a useful boost in cash flow and reduce the amount of interest you pay on existing debts.

However, ensuring that using your savings will not put you in a worse financial position is also very important.

It’s always worth exploring other options, such as government grants, refinancing debt, or talking to a debt advisor first.

8. Severe Debt in the UK: Here’s What You Need to Know

If you are in severe debt, it’s important to act quickly.

Firstly, make sure you know all the options available to you and fully understand your commitments and obligations.

  • Speak to a professional for free advice on debt solutions, grants, and benefits.
  • Contact creditors before missed payments and negotiate arrangements.
  • Explore other options, such as government grants and refinancing debt.
  • Ask for help – there are resources available in difficult situations.


9. Get Support: Your Ultimate Solution for Debt Help (UK)

If you’re struggling with debt in the UK, don’t worry – plenty of options and support are available.

A professional can provide advice on how to get out of debt. They are most aware of the best debt solutions, grants, and benefits. Therefore they can provide tailored advice on your debt situation.

Following a debt management plan or IVA could be a possibility.

Whichever method you decide on, once you find yourself slowly paying off your debt, you feel much less burdened.


Debt can be a heavy burden that many people in the UK face. But with the right help and support, you can get out of debt and reclaim your financial freedom.

By following the above-mentioned strategies, you will find paying off debt a much simpler process!

The Money Advice Service is a free and impartial organisation, created by the Government, with the goal of providing debt counselling, debt adjusting and credit information services to those in need. Individuals can get professional free advice on how to manage their financial burdens by visiting