You could be eligible for
a Formal Debt Solution –
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Write Off Unaffordable Debt
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Affordable Payments
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Full Legal Protection
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Freeze Interest
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Stop Creditors Chasing
Start your journey to financial freedom
Lets check your options
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Did you know? You can get free and impartial money advice from Money Helper – an organisation set up by the Government to help people struggling with debt.
With a solution you could include the following debts:
Credit Cards
Overdrafts
Catalogues
Council Tax
Payday Loans
Store Cards
Personal Loans
HMRC
Disclaimer: If you do not maintain the full contractual repayments to your creditors, this will negatively impact your credit rating. When qualifying for one of our IVAs, it is very important that you read all of our small print, Terms & Conditions of each available option, to make an informed decision. A debt advisor will outline if fees are applicable depending on the debt solution you qualify for.
Do you need help with bills?
An Individual Voluntary Arrangement may not be suitable in all circumstances, and your credit record may be affected.
You should also note that fees do apply. However, the fees that we charge for preparing and supervising the IVA are included in the agreed monthly amount that you pay into your arrangement.
Debts you can include:
Credit Cards
Payday Loans
Overdrafts
Store Cards
Catalogues
Personal Loans
Council Tax
HMRC
and many more.
Important Disclaimer: If you do not maintain the full contractual repayments to your creditors, this will negatively impact your credit rating. When qualifying for one of our IVAs, it is very important that you read all of our small print, as well as the Terms & Conditions of each available option, to make an informed decision. A debt advisor will outline if fees are applicable, depending on which type of debt solution you qualify for.
An IVA has its advantages and disadvantages
Let’s take a look at both:
IVA Criteria
Advantages
Whilst subject to an approved IVA, any interest and / or charges are frozen. These can’t and won’t be added to your debts by your creditors, preventing the debt amount from increasing.
Typically, an IVA lasts for five years. Provided your agreement is adhered to, your remaining unsecured debt will be written off.
Once your IVA has been accepted by creditors, they are bound, by law, to no longer contact you requesting payment directly. The IVA provider will deal with creditors on your behalf.
Disadvantages
A high proportion of IVAs proposed are accepted however your creditors don’t have to agree to an IVA, and therefore we can’t guarantee it.
An Insolvency Practitioner will only propose an IVA on your behalf if they believe there is a good chance of it being approved.
The regular monthly repayment that an IVA requires you to commit to, will mean that you need to manage finances within a budget. If you’re not used to doing this, you might find this difficult.
An IVA will remain on your credit file for 6 years from the date it is approved, or until your IVA is finished. If your IVA runs for 5 years, it will remain visible for a further 12 months from the date of completion
Your IVA will be added to the Individual Insolvency Register. This will be removed 3 months after the IVA completes.
The fees that are paid in an IVA are typically built into your affordable monthly repayment
If you want to cancel your IVA you would be required to notify your Insolvency Practitioner and, whilst unlikely, this could result in you being made bankrupt.
When qualifying for one of our IVAs, it is very important that you read all of our small print, Terms & Conditions of each available option, to make an informed decision.
One of our Debt Advisors will outline if fees are applicable depending on the debt solution you qualify for.
You should always check to see if a Individual Voluntary Arrangement is a better option for you, our helper team can provide you with information.
DRO Criteria
Advantages
An inexpensive procedure to wipe out your debts.
Normally the procedure only lasts 12 months.
Assets with a value of £2,000 or less can be kept, together with a vehicle worth less than £2,000.
You are legally protected with a Debt Relief Order.
Disadvantages
You should always check to see if a DRO (Debt Relief Order) is a better option for you, our helper team can provide you with information.
You should always check to see if a Debt Relief Order is a better option for you, our helper team can provide you with information.
Debt Management
Advantages
When you make a payment towards your Debt Management Plan it is distributed between your creditors on a pro-rata basis on your behalf.
Most contact from creditors will be dealt with by the Debt Management company on your behalf.
Creditors may agree to reduce or freeze interest and charges, although this is not guaranteed.
A DMP can be a useful temporary measure when you are struggling to pay your creditors due to a short-term change in circumstances. It is less restrictive than other, formal debt solutions.
Disadvantages
Unlike other formal solutions (such as DRO, IVA or Bankruptcy), it is likely a DMP requires full repayment of your debts and could potentially be a longer term solution.
How long the plan will last will be determined by the monthly amount you pay, the total amount of money you owe to creditors, whether your creditors agree to stop interest and charges, and whether your DMP provider charges a fee.
A Debt Management Plan is likely to have a negative impact on your credit rating, making it more difficult to obtain credit in the future.
Creditors can choose to continue with their debt collection process, which can lead to further action such as a default or County Court Judgement.
You should always check to see if a Debt Management Plan is a better option for you, our helper team can provide you with information.
Bankruptcy
Advantages
You are automatically discharged after 12 months. There may be occasions where a Bankruptcy lasts longer than 12 months, if this is necessary it will be explained to you by your Trustee.
Once approved, creditors can no longer proceed with legal action against you.
The Official Receiver will deal with your creditors on your behalf so you no longer have to
Unlike a DRO there is no strict qualifying criteria that you need to meet before you can apply.
Interest and charges are frozen once the bankruptcy application has been approved.
Disadvantages
If you own a home or possessions of significant value, these items could be sold to help repay your debts.
You will be allowed to keep everyday household items and tools required for your employment.
There is an application fee of £680, although this can be paid in installments.
The fee needs to be paid in full before your application can be submitted. There are additional fees that are involved if you have any assets that are sold as part of the bankruptcy
You could be asked to make payments towards your debts for a period of up to 3 years.
Bankruptcy will be recorded and have a negative impact on your credit file for a period of 6 years.
Your personal details will be recorded on the Insolvency Register which is a public record.
Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.
You should always check to see if Bankruptcy is a better option for you, our helper team can provide you with information.