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What is debt advice?
Debt advice is guidance from a regulated adviser about your options for dealing with money you owe. Good advice reviews your income, expenditure, priority debts and non-priority debts, then explains routes such as budgeting support, Breathing Space, DMPs, DROs, IVAs or bankruptcy. Free advice charities should be your first stop; this directory also helps you find regulated specialists if you need a formal solution.
In England and Wales, personal insolvency solutions include IVAs, bankruptcy and Debt Relief Orders. Different rules apply in Scotland and Northern Ireland.
Reviewed: 1 March 2026 by Editorial Team
In brief
- Clear definition of the solution and who administers it.
- Eligibility depends on debts, assets, income and location in the UK.
- Costs and timescales vary — verify against GOV.UK and a regulated adviser.
- Credit-file impacts typically last up to six years for formal solutions.
- Free debt advice should be considered before committing to any product.
Next steps
Frequently asked questions
- Is debt advice free in the UK?
- Yes. Organisations such as StepChange, National Debtline, Citizens Advice and MoneyHelper provide free debt advice. You do not need to pay for an initial assessment.
- Who regulates debt advice?
- Most consumer credit and debt-counselling activities are regulated by the Financial Conduct Authority (FCA). Insolvency Practitioners are licensed separately for formal insolvency work.
- What is Breathing Space?
- Breathing Space (the Debt Respite Scheme) can give eligible people in England and Wales temporary protection from most creditor contact while they receive advice.
- When should I speak to an Insolvency Practitioner?
- Speak to an IP when a formal solution such as an IVA may be appropriate, or when free advice recommends exploring insolvency options. You can still start with a free adviser.
- Will debt advice affect my credit score?
- Seeking advice itself does not harm your credit score. The solutions you enter afterwards — such as a DMP, IVA or bankruptcy — can appear on your credit file.
- Can this website give me personal advice?
- No. The Insolvency Directory is a directory and referral service. We provide general information and introductions to regulated firms — not personalised debt advice.
Primary source: The Insolvency Service (GOV.UK)