How many people struggle with debt in the UK?

According to recent data, How many people struggle with debt in the UK? The Money Advice Service (MAS) estimates that 8.3 million people in the UK struggle with debt. The Citizens Advice Bureau (CAB) reported that in 2019/2020, debt was the most common issue dealt with by their clients, with 2.7 million debt problems dealt with in that period.

The charity StepChange reported that in 2020, they helped over 600,000 people with debt problems, a significant increase from 2019.

Additionally, The Money Charity reported that the total amount of consumer credit debt in the UK (excluding mortgages) was £72.7 billion in September 2020.

These numbers are likely to be underestimated as many people are not seeking help or need to be aware of the available help.

It’s important to note that the sources mentioned are reputable organisations in the UK that provide free and impartial advice on debt management and financial difficulty. You can also find more information on the UK government’s website.

It is difficult to provide an exact number of How many people struggle with debt in the UK? as reported by debt charities, as it can vary depending on the source and the time period being considered. However, some estimates from reputable sources can give a general idea of the relative popularity of different debt solutions each year:

IVA (Individual Voluntary Arrangement): According to the Insolvency Service, there were around 57,000 IVAs in England and Wales in Q3 2020 and this number fluctuates each year.
Debt Management Plan (DMP): The Money Advice Trust, a UK debt charity, estimates that there were around 710,000 DMPs in the UK in 2019 and this number can change each year.
Debt Relief Order (DRO): The Insolvency Service states that there were around 11,000 DROs in England and Wales in Q3 2020 and this number can change each year.
Bankruptcy: The Insolvency Service indicates that there were approximately 14,000 bankruptcies in England and Wales in Q3 2020, and this number can change each year.

How many people struggle with debt in the UK? Please note that these are just estimates of how many people struggle with debt in the UK?, and the numbers may change depending on the time period and the source of the data. Also, it’s important to keep in mind that these numbers can fluctuate each year and might not be accurate for the current year.

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Which Debt Plans apply to you?

We assess your circumstances based on your individual circumstances and will assess for all available debt advice solutions.

Please find below a list of debt solutions we will evaluate for:

Debt Management Plan (DMP) – Information on a debt management plan
Individual Voluntary Arrangement (IVA) – Information on an IVA
Debt Relief Order (DRO) – information on a DRO
Bankruptcy – information on Bankruptcy

If you have used our online application form, we will contact you to run through your income and outgoings and discuss your options so you can make an informed choice. At Debt Support Direct, we offer all statutory debt solutions in England, Scotland, Wales, and Northern Ireland so that you can choose the debt solution tailored to you and your circumstances.

If you have an attachment of benefits and have chosen the debt solution that you feel is the most appropriate, there will be some paperwork to fill in to put the debt solution programme in place.

Our debt advice is free, non-judgmental, and friendly, so if you are struggling with debt, speak to one of our experienced debt experts for a confidential chat on 0161 549 9848.

Free and impartial money advice is available from the Money Helper, an organisation set up by the Government for people in debt.

Important Information

Debt Support Direct does not administer any debt solutions; we will assess your debts, circumstances and affordability and signpost you to an organisation or charity that can set up and help the debt plan you decide suits your circumstances.

All debt solutions should be very carefully considered. Some providers may charge fees if a solution is taken; if applicable, these will be outlined during your consultation.

Your ability to obtain further credit in the short term will likely be affected, which may also be the case over the medium to long term. Calls from mobile phones and other networks may be charged to our free phone number.

The Financial Conduct Authority regulates Ruby Holdings Limited, trading as Debt Support Direct. We can offer debt advice for both formal and informal solutions. All debt solutions must be carefully considered, and you must take independent advice.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper on 0800 138 7777 or visiting moneyhelper.org.uk

Here are some links to UK debt charities that can provide help and advice on managing debt:

Please carefully read the information on these websites to understand what services they offer and if they would fit your needs. Reaching out for help as soon as you start having difficulties managing your debts is important. These organisations can help you understand your options and work with you to develop a plan to get back on track.