Many people in the UK find themselves in debt at some point, however if you find that repayments are becoming unmanageable there are a number of debt relief options available.

Before you consider more serious options such as Individual Voluntary Arrangements or using Debt Management Companies there are a number of simple steps you can take to help you make the most of your money. Firstly, cut costs. This may sound simple but by examining your outgoings and reducing them right down to the bare essentials can save you valuable pennies when it comes to repayments. Also ensure that you are paying the right taxes and are getting all the benefits you deserve; if not that is probably the reason you are struggling with repayments.

If you still find yourself in trouble there are a number of debt relief solutions. Consolidating your debts by either taking out a large loan to cover it or using Debt Management Companies is a good way to reduce your bills into one simple monthly repayment. It is always advisable to speak to an independent adviser though to ensure that the Debt Management Companies are not charging too much or the loan is more than you can handle.

For more serious debt you may have to consider options such as a Debt Relief Order. This would be advisable for debts of under £15000 and will cover loans, overdrafts and credit card payments, rent and utilities bills among others. This option is good if you have few assets and a low income. Individual Voluntary Agreements are a more serious step for those with debts over £15,000. It is less drastic than declaring bankruptcy and can reduce the amount you need to pay overall. Both of these options need to be set up by an authorised debt specialist.

Whatever your level of debt it is always advisable to speak to an independent specialist before deciding on a course of action. For full debt management services help and advice try debtmanagementservices.org.uk