This is a tricky question as there are so many debt solutions out there available to you! The best way of knowing what is the right debt solution for you is to firstly work out how much you owe. Once you have that total figure written down you can then start to evaluate your options.

Now the debt solution that is right for you will vary depending on your debt. For example if you are only about £500 in debt you will not need a serious debt solution like an IVA or to declare yourself bankrupt! With £500 worth of debt it will be best for you to start working out a budget and sticking to it! By doing this you will see your debts start to disappear.

Which debt solutions can be used for large debts?

If your debts are significantly larger than £500 and you need a more precise debt solution, then getting professional debt advice is the best step forward. Debt agencies can tell you all about debt solution options for you, normally completely free of charge.

If you have debts up to £15,000 then you could qualify for a debt solution known as an IVA. An IVA is a individual voluntary arrangement that helps organise your debts so that they are technically consolidated into one monthly payment to your creditors and a percentage of your total debt is written off after 5 years. This debt solution is a very popular and successful way of dealing with large amounts of debt but you must get professional advice before getting one!

Ultimately you will know if your debt solution is working for you as your debts will decrease over time and you will be comfortably replaying them.