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The first and most obvious is the Citizens' Advice Bureau. Their service is free and good ones can be an absolute mine of information although be aware that they may vary from area to area. They are registered charities and rely on volunteers to operate and, since they are funded mainly by local authority grants, business, charitable trusts and individual donations, some are funded more than others. You can find a number for your local office on their website or in your local telephone book.
The second is the Consumer Credit Counselling Service. This is also a registered charity but is funded mainly by much of the financial services industry and business community. Again, the service is free and, unlike the CAB, deals exclusively with debt problems. The CCCS can send self-help packs, arrange counselling sessions over the phone (call 0800 138 1111), or face-to-face in certain areas, and negotiate with creditors on your behalf. Fools who have reported back on their dealings with them are complimentary about the service they offer. It's worth noting that the organisations who directly sponsor the CCCS are more likely to be sympathetic to clients who are in difficulty and who want to set up a debt management programme.
Another service is National Debtline which is a telephone helpline funded by the Money Advice Trust with contributions from the Government. You can call them confidentially on 0800 808 4000 or use the excellent collection of information packs available on their website to work out your own debt management plan.
You may feel on the basis of what you read elsewhere on these pages that you can deal with the relevant creditors yourself. But those of you who are in a serious muddle, or who need help with motivation, will probably find it useful to make an appointment, either with the CAB or the CCCS. Between you, you can devise a strategy on the best way to move forward and bear in mind that your adviser will have done this with hundreds of people, some of them in a much worse position than you are. There will be no condemnation, no judgement made and you may find, with their help, that things are a little brighter than you first thought.
They will also ask you the right questions to make sure you are collecting any benefits you are entitled to and will help you compose letters to your creditors. And, if you find yourself really up the creek, some will even go with you to any court hearings you may be facing. Don't be afraid to use them - it's what they're there for!
Finally, it takes a bit of effort to get out of debt but when you succeed in doing so, the feeling of exhilaration is indescribable. Once you've made it to the Land of Solvency, you'll need to use that new spring in your step to start providing for your financial future. And for Fools, that means considering investing in the stock market. However, don't even think about doing this until you are free and clear of your debts!
When you are finally free of debt, try and get into the habit of saving regularly. After all, the money that was servicing your debts is now available for such things and, by now, you'll know how easy it is to set up a direct debit or a standing order. The 10 Steps to Investing Foolishly are linked below, and will give you an ideal starting place for the next part of your journey. Well done, and good luck, Fool.
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The Fool School series of articles is taking a short break for Christmas and the New Year. It will return on January 6. Happy holidays!