If you've decided to try and get out of debt on your own, you'll need to look over your financial situation before you do anything else.

Looking over your budget

Here's how to work out how much you can afford to put towards your debts each month:

• Look at how much you earn. Don't forget to include any benefits and other payments you receive.

• Then figure out how much you spend on your 'essentials'. This includes costs like your rent/mortgage, bills, food shopping, fuel, Council Tax, etc. You should never compromise on these costs in order to pay your unsecured debts.

• After this you will know how much you have left over every month when you've paid for everything you need to.

The amount you have left over each month will determine which method you use to get out of debt.

I can afford to pay more than the minimum amount required

If you can afford to, you can clear your debts more quickly by putting more than necessary towards them each month. Continue making all of your minimum payments, but 'overpay' certain debts - starting with the ones with the highest interest rates.

I find it hard to keep track of all my payments each month

If you can afford to repay what you owe, but you have several different payments (and various interest rates) that make the process confusing, you could try consolidating your debts.

If your unsecured debts are on credit cards, you could try consolidating them on a balance transfer card with an interest-free period. You basically move all of your debts onto the card and pay as much or as little as you like (on top of the minimum payments) until the interest-free period ends. This combines your debts together into one, large debt - and freezes interest too.

You could also consolidate your debts using a loan. Find out how here . Just be aware that securing a loan against your property could put it at risk of repossession if you don't maintain the payments.

I can't afford my repayments - but I could repay my debt in full if I was given more time

In this case, setting up your own debt management plan might be suitable for you. Debt management basically lowers your monthly payments to a level you can afford - and you make these payments for longer, until all your debt is cleared.

Decide on an amount you could put towards your debts by looking at your budget. Then contact your lenders and propose this new payment to them. They're more likely to accept your offer if you can prove that this is as much as you can realistically afford.

If they do accept, they may also agree to freeze interest and charges on your debts. You'll make these lower, more manageable monthly payments until your debts are cleared.

Bear in mind that there are drawbacks - for example, debt management will damage your credit rating and it can cost more in the long run.

If you're not sure about setting up a debt management plan on your own, a company such as All About Money could help you.

You can find out more about professional debt management plans here .

I can't repay what I owe

If you can't see yourself being able to repay what you owe - even if you were given more time - you may need to declare yourself insolvent.

One way to do this on your own is to apply for your own bankruptcy. Doing this costs £700 (although part of that fee could be waived if you're receiving certain benefits, so you might pay just £525).

If you're accepted onto bankruptcy, all of your unsecured debts will be written off once it reaches a successful conclusion - normally after one year - but your assets (such as your house) may be sold so your lenders can receive more of what they're owed. You might also have to make monthly payments for three years.

Here is some advice from Insolvency Service on how to petition for your own bankruptcy .

Bankruptcy is a big step, and it should only be considered if you've looked at all the other options available.

There are alternatives to bankruptcy, such as an IVA (Individual Voluntary Arrangement). This is not something you can set up on your own, however. You'll need to apply through a licensed Insolvency Practitioner - and we could help you do that .