The NCA Money & Debt Team; We need to start talking about debt
We have seen a profound increase in the amount of people struggling with debt in the past year. As people struggle to meet the increasing cost of affording basic necessities such as food and utilities, they are forced to make tough decisions which ultimately put pressure on all other areas of their lives.
This isn’t just a problem faced by the economically vulnerable either. As things progress we see more and more middle income households seek our support, and due to the stigmatization around talking about our financial issues, we can assume that there are yet more households who are struggling in silence.
The Stigma around Debt
Debt has become an unavoidable reality, yet the stigma attached to talking about it has made it difficult to address. People often feel ashamed or embarrassed to admit that they are struggling financially and this stigma only serves to perpetuate the problem by preventing people from seeking help and support.
One of the driving beliefs behind the stigma is the belief that debt is a personal failing, and that those who are in debt have somehow made poor choices or are not responsible with their finances. However, this is not the case, and as the cost of living continues to push household incomes to their limits, even the most financially responsible will find themselves in increasingly desperate situations.
It is important to break down this stigma surrounding debt and encourage open and honest conversations about financial struggles. This can be done by educating people about the realities of debt and the various resources available to help manage it (see below). It is important to approach the issue with empathy and understanding, rather than judgment and shame.
Our Money & Debt Team
Our debt team consists of highly trained and experienced debt and money advisers who have been hugely successful in writing off over £1.1m of debt for the people of Norfolk since April 2022. They are members of your local communities, trained by us to deliver a service that is both effective, compassionate and understanding of the different financial situations that people may find themselves in.
Dealing with debt can be stressful, but it's important to remember that you're not alone. There are resources available to help you manage your debt, including our debt advice services and our online debt and money advice. With a little bit of planning and support, you can overcome your debt struggles and regain control of your finances.
Below is a list of options our team can advise for and cover:
Moratorium
Direct Deductions from Benefit
Token payments
Pro rata payments
Remission/write off
Section 13A(1)(c) Local Government Finance Act 1992
Realising assets
Trust Funds/Charities
Complaint/challenge
Variation (rent/mortgage possession/return of goods orders)
Variation of CCJ
Time Order (TO)
Debt Management Plan (DMP)
Full and Final Settlement (FFS)
Voluntary Charge
Debt Consolidation
Formal Debt Solutions
Administration Order (AO)
Breathing Space – DRS (Debt Respite Scheme)
Debt Relief Order (DRO)
Individual Voluntary Arrangement (IVA)
Bankruptcy (BR)
If you need assistance with any of the options listed above, don’t hesitate to reach out to us. You can get in contact with our Debt & Money advisers using our online email advice form.
