For those facing debt problems, what you actually need is calm, professional advice, and not the unhelpful debt myths which can circulate both on the internet and in everyday life. It can sometimes feel that life is gradually moving beyond your control, and when you have dependents this feeling can be amplified. Some of the common debt myths simply aggravate this feeling and can lead you into unhelpful ‘blind alleys’. By law, in the UK, there are a variety of genuine debt options to put an end to your problems and every case can be calmly resolved.

Myth One: People who owe money they can’t pay back must ‘go bankrupt’

The Truth: In fact, there are a number of legal routes out of problematic debt and it’s not true that bankruptcy is inevitable every time. To put it bluntly, it is simply not the only legally recognised way to end unmanageable debt. Some other legally recognised solutions include individual arrangements with creditors; informal Debt Management Plans; and IVAs (or Trust Deeds for Scottish residents).

It is true however that in some cases, bankruptcy (or sequestration in Scotland) may be the most appropriate route - but again, this will not be true for everyone. No matter what your situation, it is vital to gain calm professional advice to explain how you can legally conduct your affairs. This support is the start of your journey towards ending your debts for good. And afterwards, you can get support to carefully rebuild your credit score.

Myth Two: Your debt problems will be made public - ‘everyone’ will know

The Truth: There are many types of debt problem, and therefore many types of debt solutions. Some can be legally managed on a relatively private basis. This includes Debt Management Plans and IVAs (or Trust Deeds in Scotland).

Myth Three: You’re going to have to live on a drastically low budget until you’ve repaid everything in full

The Truth: Since there are legally recognised debt options, there are correspondingly rules within each one designed to make absolutely sure your reasonable living expenses are met. Then and only then should any money be set aside for the institutions, people or organisations you owe money to. Some solutions are able to create a schedule of fixed monthly repayments for a certain fixed time period. For IVAs or (Trust Deeds in Scotland), if you have kept to the applicable terms and conditions, the debts covered are written off at the end - even if they weren’t repaid in full. At the end of these solutions you can walk away into a debt free future.

These three common debt myths shouldn’t stand in your way of taking expert professional advice to help you end your debt problems, There are always safe, legally recognised debt options to put an end to debts which you can no longer manage. Instead of finding yourself unduly worried by myths about debt, speak to an independent, impartial debt advisor to find out which solution is best in your unique set of circumstances.