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Contact us today for help with your debts

  • Affordable repayments

  • Freeze interest and charges

  • Help with any Bailiff or Legal Action by your creditors

  • Take control of your finances

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Disclaimer: When choosing which solution you wish to proceed with, it is very important that you read the terms and conditions of each available option to enable you to make an informed decision.  Although the advice we give is free, fees may apply if you decide to proceed with a debt solution.  One of our experienced advisors will outline if fees are applicable.

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.

We can take into consideration the following debts:

Credit Cards

Overdrafts

Catalogues

Council Tax Arrears

Payday Loans

Store Cards

Personal Loans

HMRC

Utility Arrears

Bailiff Debts

Overpayment of Benefits

Disclaimer: When choosing which solution you wish to proceed with, it is very important that you read the terms and conditions of each available option to enable you to make an informed decision.  Although the advice we give is free, fees may apply if you decide to proceed with a debt solution.  One of our experienced advisors will outline if fees are applicable.

Do you need help with bills?

The Debt Solutions Available

Debt relief Order (DRO)

Individual Voluntary Arrangement (IVA)

Bankruptcy

Debt Management Plan

DRO Criteria

A Debt Relief Order (DRO) is a way of dealing with your debts if you can’t afford to pay them. It means you don’t have to pay certain kinds of debt for a specified period (usually 12 months). At the end of the DRO period, the debts included in it will be written off (‘discharged’) and you won’t have to pay them.

Advantages

Inexpensive procedure

An inexpensive procedure to wipe out your debts.

Duration

Normally the procedure only lasts 12 months.

Keep low cost assets

Assets with a value of £2,000 or less can be kept, together with a vehicle worth less than £2,000.

Legal protection

Creditors included in your DRO are unable to take legal action against you or request payments.

Disadvantages

Debts less than £50,000

Only applicable to individuals with debts less than £50,000

No homeowners
Not available to homeowners
Less than £75 DI
Not available to individuals with a monthly (DI) disposable income that exceeds £75
No car over £4,000

You cannot own a car worth more than £4,000

Details registered
Your details will be entered on to a register that can be accessed via the internet

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.

IVAs

An IVA allows you to set up an affordable repayment plan with your unsecured creditors over a set period. The typical period is usually between 5 and 6 years.

Advantages

One affordable monthly payment
All of your necessary living costs will be taken into account before an IVA payment plan is agreed.
Stop interest and charges
Once you have your IVA approved, 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.
Write off a significant percentage of your debt
On average, an IVA lasts for six years. Provided your agreement is adhered to, your remaining unsecured debt will be written off.
Stop worrying calls and letters from your creditors
Once your IVA has been accepted by creditors, they are bound, by law, to no longer contact you requesting payment directly. The Insolvency Practitioning team administering your IVA will deal with creditors on your behalf.
Stop court and bailiff action
Provided you are sticking to your IVA terms, creditors are not entitled to take any legal action against you – including sending bailiffs to visit you.

Disadvantages

Your creditors must agree to an IVA

A high proportion of IVAs proposed are accepted however your creditors do have to agree to an IVA, therefore we can’t guarantee it.

It will affect your monthly budget(s)

An IVA is a formal arrangement, so you do need to comply with the terms for it to work. The monthly payments will be affordable and sustainable but are likely to mean quite a tight budget while the debt is repaid.

It will affect your Credit Score

It will affect your credit score. IVAs remain on your credit file for six years from the date your creditor agrees to it or until your IVA is finished, if it lasts longer than six years meaning that even if you complete it within five years, it will show up on your record for another 12 months.

Your IVA will be listed

Your IVA will be listed on the Individual Insolvency Service register.

You pay fees to your IVA company

You will pay fees to the IVA company, although they will often be factored into your affordable monthly payments.

Entered into the public register

Your details will be entered into a register that can be accessed via the internet.

Only unsecured debts

Only unsecured debts can be included on an IVA.

Unlikely to get a new mortgage when in an IVA

Only unsecured debts can be included on an IVA.

If your IVA fails, there is risk of Bankruptcy

If you fail to keep up with your arranged payments when in an IVA, you could be at risk of going 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.

If you wish to see if you are eligible for an IVA, our expert team of Advisors are here to help.

Bankruptcy

A formal and legally binding form of insolvency is bankruptcy. You can file for bankruptcy if you owe £750 to one or more of your creditors. A one-time payment of £680 can be made in installments. However, until the full amount of £680 has been paid, you will not be able to finish your application and be protected from your creditors. You will be freed from bankruptcy in one year, but if you have money left over, you might have to pay monthly contributions for three years.

Advantages

Immediate debt relief

Provides immediate debt relief and no further legal action can be taken against you.

Make a fresh start after 12 months

It allows you to normally make a fresh start after 12 months

Keep your house

You will be able to keep your house if a third party can purchase your share of the equity

Disadvantages

Possible publicity
There may be local publicity about your bankruptcy
Lose control of assets
You lose control over any assets you own and these may be sold by the official receiver or your trustee on behalf of your creditors
Bankruptcy can be extended
If your actions before bankruptcy are considered to have been reckless or irresponsible the restrictions of bankruptcy can be extended from between 2 to 15 additional years
Friends or family may pay
Transactions prior to bankruptcy that contravened insolvency law can be challenged or overturned and could result in money having to be paid back in to the bankruptcy by friends or relatives
LTD Director’s need court consent
You cannot act as a Director of a limited company without consent of the Court

If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.

Debt Management

A DMP is an informal agreement between you and your creditors for paying back your non-priority debts. Non-priority debts are things like credit cards, loans, and store cards.

Advantages

Flexibility

More flexible than an IVA or bankruptcy

Freeze interest and charges

Most creditors will initially agree to freeze some or all of the interest and charges

One single monthly payment

Enables you normally to make 1 single monthly payment to your creditors

Short term

Suitable for short term financial difficulties

Disadvantages

Debt collection procedures continue
Doesn’t prevent creditors from continuing debt collection procedures
No guarantee on interest / charge freeze
No guarantee that interest and charges will be frozen
Extra fees
Fees charged by the debt management company will extend the length of time it will take to pay the debt off in full
Credit rating affected
Continuing adverse impact on your credit rating
No safeguards
No safeguards if the debt management company goes out of business

If you wish to see if you are eligible for a Debt Management Plan, our expert team of Advisors are here to help.