Flexible Debt Solutions
Financial support for debt management,
through trusted UK debt solution providers.
By filling in the form today, we will pass you on to a professional authorised advisor.
✓ Speak to an authorised advisor in moments.
✓Find out how they can help you.
✓Relieve debt concerns, by putting a plan in place today.
Find out today if you can reduce your debts.
Your application is passed over to the solution provider with no charge to you. However, we do receive an introduction fee from the provider for acting as an intermediary.
How we help and the part we play?
We are an information hub for individuals in debt who need relief and support through a UK debt solution provider. We work closely with third-party advisors and insolvency practitioners who in turn help individuals who need help getting out of debt. If you do not need help arranging an IVA or DMP, please refer to the relevant charities and organisations who should be able to help find you another solution, linked at the bottom of this page.
Our partners will help you find the best option for you.
Discrete and Confidential
Your debt consultation with our partner is completely confidential.
Support from professional insolvency practitioners
Peace of Mind
Our partners will deal with all correspondence from your creditors for you.
UK debt solutions
Statistics show that more than 8 million people in the UK are struggling with some form of debt. Financial experts, you are assumed to be in debt crisis if you struggling to pay basic bills such as rent, mortgage, energy bills among many others. You are also assumed to have debt problems if your total expenses exceeds your total monthly income after tax. The good news is that there are solutions for people who are struggling to pay off their debts.
1. Debt relief order (DRO)
DRO is a solution that helps to relive someone who is debt the responsibility of paying it off. However, the debt should not exceed £ 20,000. When your DRO application is approved your debt repayment plus interest will be frozen for a period of 12 months. If your financial situation improves, then you will be required to pay off the debt. On the other hand, if your financial situation does not improve after 12 months, then your debt will be written off. To successfully apply for DRO you are required not to have assets that are worth more than £1,000. You are also required not to have more than £50 left in your account after you have catered for your basic needs. If these requirements are not met, then you will not be granted a DRO.
2. Individual voluntary arrangement (IVA)
IVA is a debt relief solution that lasts for about 6 years. When you set up IVA, all your debts will be combined into one debt and you will only be required to make one monthly payment. The payment will then be distributed to the creditors. The difference between IVA and other types of debts solution in the UK is that this type of debt solution is legally binding meaning that any debts that will remain at the end of your IVA agreement will be written off. It is not possible to set an IVA by yourself. You actually need to consult an insolvency practitioner. There is no set limit for people who want to apply an IVA. However, creditors will only accept your application if you have a total debt of more than £6,000 and you have a stable income.
3. Debt management plan (DMP)
DMP is an informal agreement between you and the creditors on how to pay off your debts. This agreement will require you to make a regular monthly payment to a debt management company that is licensed. The debt management company will then distribute the money to your creditors. This type of arrangement is not legally binding meaning that you can cancel it at any point. Unlike other types of debt solutions, DMP requires you to pay off all your debts. None of your debts will be written off. DMP is only used to pay off unsecured loans.
Bankruptcy is a legal process taken by people who cannot repay debts. Bankruptcy is usually imposed by a court order. If you live in Wales or England, you have to apply to the insolvency service in order to be declared bankrupt. This debt relief solution can have a huge negative impact on your life and should only be taken if the other 3 options discussed above are not effective. This is because when you are declared bankrupt, then there are several things that you will not be allowed to do including managing a business without telling people that you are bankrupt, borrowing more than £500 without informing the lender that you bankrupt among many others. When you are declared bankrupt, you will be required to sell any asset that you own, your bank account will also be frozen and you will be required to surrender your spare income.