How to choose a debt solution Need a National Debtline research shows that more than 75% of people found Do first break? it easy to choose a debt solution. This section explains the types of debt solutions available and what to think about when choosing one. We have divided debt solutions into three categories. 1. Informal solutions. These solutions do not usually affect any assets that you own and are generally easier to leave than other solutions. Most do not charge a fee. 2. Formal solutions. These usually deal with your debts within a set amount of time. They may affect assets that you own (including your home). They also include fees. If you need help with the fees, check whether there are any charitable grants that could help. See Help from charitable grants on page 39. 3. Using assets. These solutions are only available if you have a lump sum of money available or assets, such as equity in your home, a pension fund or goods to sell. They may include fees you have to pay. Everyone's circumstances are different, so the best solution for you depends on your circumstances. Write down your answers to these questions. It will help you to decide which solution is best for you. How much debt do you owe? Do you have priority debt, non-priority debt or both? What does your budget show you have left over to pay your creditors? See Box 31 of Your full budget. Some debt solutions include a fee. Will you be able to pay this? Do you have assets, such as equity in your home or a car that you own? Page 70