Before you apply for a short term loan, it’s important to ask yourself whether borrowing money is the right thing in your situation. It can often be helpful to seek debt advice too.

Lenders mostly recognise that having financial difficulties can be very stressful. That’s why we want you to make sure you are confident that taking out a loan is the most sensible option for you.

We would recommend if there was another way to pay for something, such as reducing your expenses and saving for it, that you use this option. If you want to apply for a loan to cover some other debts, we would advise you consider other options such as seeking help with debts. You can contact organisations such as Step Change for free.

All debt problems can be resolved as long as you don’t bury your head in the sand. It is easy to spiral into more and more debt very quickly, so take the step to resolving your debt problems sooner rather than later.

You can get free and impartial debt advice from StepChange Debt Charity by calling 0800 138 1111 or going to www.stepchange.org.

Martin Lewis on Debt Problems

The video above from Martin Lewis will offer some advice on how to take control of your debt difficulties today.

Copyright for this video is owned by Money Saving Expert. For more information on dealing with your debts from Money Saving Expert please visit: Money Saving Expert: Debt Problems

Other Financial Third Parties

There are several other debt advice organisations you can approach if you’re struggling with your finances. Seeking help and advice can often be the first step to becoming debt free, so even if you’re not particularly comfortable with talking about your financial situation, it can be a good choice in the long run.

Most agencies that offer debt advice are completely impartial, and will keep everything you say confidential. Many offer free services too, so you don’t have to worry about spending additional money to get yourself out of debt.

PayPlan is a free debt management service, similar to Step Change. They can simply offer you advice, or help you set up a debt management plan or insolvency arrangement. You can reach them on freephone 0800 280 2816 or chat to an advisor online.

Another good third party to approach if you’re seeking debt advice is the Citizens Advice Bureau. They can help with various financial issues, as well as things like applying for benefits and legal advice. Their website offers loads of helpful information and guidance, or you can contact them by calling 0800 144 8848 in England or 0800 702 2020 in Wales.