Debt and money worries

Money worries can quickly spiral into problem debt. This page gives information about managing debt, making the most of your money and getting more support with your finances.

Our managing your money guide is full of useful advice on taking control of your finances, so you can get on top of what you owe and make the money you have go further.

I’m in debt – what can I do?

It's essential to get help early if you're having difficulties. The managing your money guide will help you: 

  • work out a personal budget, and use it to explain your financial situation to creditors
  • decide which debts to deal with first
  • make repayment offers that you can afford.

Our budget planner and the making a budget article includes hints and tips that will help you get a clearer picture of what you’ve got left to spend each month, given your income and outgoings. The making a budget article also gives extra guidance on how to create a monthly budget and has ideas on how you can cut your expenses and rethink your approach to spending.

Who else can I ask for advice and help?

If you’ve been refused a bank account, or you can’t get credit, then a credit union may be able to help. Credit unions provide savings and loans and are a much better alternative to illegal money lenders, doorstep lending companies or payday loans. Find your nearest credit union.

Other websites that offer free debt advice:

Avoid loan sharks

Loan sharks are illegal money lenders who aren’t licensed by the Office of Fair Trading. They usually come across as friendly at first, but charge very high interest rates that people can’t keep up with.

You’re under no obligation to repay illegal lenders, and you should report them. If you know about a loan shark, talk to the National Illegal Money Lending Team.

Other Sovereign support

Are you struggling to pay your rent? It’s very important that you contact us as soon as possible. If you need help with managing your money or claiming welfare benefits, our tenancy support advisors are here to help.

We also have an employment and training service, which can provide you with free, personalised support, including:

  • Job searching, CV writing and interview techniques
  • Finding local job clubs and other agencies that can help you
  • Becoming self-employed or starting up your own business
  • Looking for work if you have a disability
  • Getting back to work if you’re unemployed
  • Apprenticeships, training and qualifications
  • Accessing grants to support learning or job opportunities
  • Career planning
  • Moving your career forward if you’re already in work
  • Looking for work if you have a criminal record

Take a look at our tenancy and employment article for more information.