Do You Have Over £5,000 in Debts ? 

Consolidate unsecured debts into one monthly repayment.

Stop interest and charges from accumulating.

Relieve debt concerns, by putting a plan in place today.

Fill in the form today and we will pass you on to a professional authorised advisor.

“I was passed on to a professional advisor in moments who were able to come up with a solution to relieve me of my debts.”

 Karen – Chesterfield

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Start your debt free journey 

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.

“I was passed on to a professional advisor in moments who were able to come up with a solution to relieve me of my debts.”

 Karen – Chesterfield

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Step 1

Fill in the above form & speak to an advisor 

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Step 2

Work with the advisor to get a solution in place

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Step 3

Start working towards being debt free

Debts that can & can’t be considered for debt relief

List of debts that can be considered

✓ Credit cards

✓ Personal loans

✓ Store cards

✓ Payday Loans

✓ Catalogues

✓ Debt collectors

✓ Bailiffs

✓ Previous years council tax (subject to area)

✓ Old utility/phone bills

List of debts that can’t be used.

✘  Mortgages

✘ Other secured loans

✘ Hire purchase agreements

✘ Debts incurred through fraud

✘ Court fines

✘ TV license arrears

✘ Student loans

✘ Child support arrears

✘ Social fund loans

“I had over £10,000 in debts. I was able to start an IVA solution, which has allowed me to take control of my finances and relieve the stress.” 

Luke – Warwick

“After being passed over to a professional advisor, we were able to quickly work through my debts and get a plan in place.” 

Dawn – Sheffield

“My debts were getting the better of me, with multiple payments making it very difficult to manage. A debt solution simplified the re-payments.” 

Tristan – London

Types of debt relief

IVA

What is an IVA?
An IVA (Individual Voluntary Arrangement) is a voluntary arrangement between you and your creditors to pay all or part of your debt.  It’s a legally binding agreement in which you agree to make regular payments to an insolvency practitioner, who will divide your payments between your creditors.

DMP

What is a DMP?

A DMP (Debt Management Plan) allows an individual to consolidate their debts into a manageable repayment scheme, that reduces the debt owed to creditors when the initial debts cannot be met. This main difference between an IVA and a DMP is that debts for a DMP can’t be in excess of £6,000.

Bankruptcy

What is Bankruptcy?
Bankruptcy is a form of insolvency which writes off all unsecured debts that are owed to creditors. Bankruptcy can have serious implications on your credit file and is logged on a public record. A decision to submit a Bankruptcy should not be taken lightly and is often the last resort.

DRO

What is an DRO?

A DRO (debt relief order) is a way to freeze debts and remove those debts if your circumstances don’t change in the frozen period, this is usually 12 months. DRO’s are for those on low incomes and who have low assets, as well as lower debts.

A breakdown of debt relief options

How does an IVA work?
  1. Upon your application for an IVA you are assigned a professional insolvency advisor who will manage your IVA process for you.
  2. You add up how much you owe in total, using the unsecured debts that qualify for an IVA, listed below.
  3. You work out how much you can afford to pay each month to your creditors. Taking into account your income (earnings from job & benefits) and expenditure.
  4. That amount payable is agreed upon by an IP (Insolvency Practitioner), taking into account your income & expenditure and your personal circumstances. This amount is then proposed to your creditors.
  5. You pay that amount agreed with the IP for up to 60 months (5 years).
  6.  Afterward, any debt you still owe will be legally written off.

It’s important to understand that the IP & advisor take a fee when a successful IVA application is completed.

Who qualifies?

  • If you have 2 or more creditors.
  • If you have unsecured debts of £6,000 or higher.
  • You need to be a resident in England or Wales. Scottish residents can apply for a Trust Deed, which is the Scottish equivalent.
  • Have a steady income, allowing you to commit to monthly payments of at least £85 per month.

Positives

  • You don’t have to deal with creditors, bailiffs or harassing phone calls anymore, once successfully accepted onto an IVA.
  • Since an IVA is a legally binding agreement, your creditors can’t back out or change the terms after they agree to them.
  • All interest and charges are stopped as soon as you agree to the IVA.
  • Up to 80% of your debt can be written off at the end of the IVA.
  • You could be debt free in 60 months or less.

Negatives

  • Your credit rating will be negatively impacted for 6 years, starting from when an IVA is approved.
  • If you fail to keep up with your payments, your creditors can make you bankrupt.
  • You may have to re-mortgage your property.
  • Entering into an IVA, will means that your details will be entered into a public register.
How does a DMP work?
  1. Upon your application for a DMP, you are assigned a professional insolvency advisor who will manage your process for you.
  2. You add up how much you owe in total, using the unsecured debts that qualify for a DMP, listed below.
  3. You work out how much you can afford to pay each month to your creditors. Taking into account your income (earnings from job & benefits) and expenditure.
  4. That amount payable is agreed upon by an IP (Insolvency Practitioner), taking into account your income & expenditure and your personal circumstances. This amount is then proposed to your creditors.
  5. If the amount proposed is agreed, you will begin paying back your creditors in a single payment. A DMP doesn’t necessarily stop interest or charges being applied, but your IP will work to stop these.

It’s important to understand that the IP & advisor take a fee when a successful DMP application is completed.

Who qualifies?

  • If you have 1 or more creditors.
  • If you have unsecured debts of £3,000 or higher.
  • Have a steady income, allowing you to commit to monthly payments after household bills are covered.

Positives

  • Manageable repayments. Once a DMP is put in place you will just pay your IP a single monthly payment, and they will distribute that money to your creditors.
  • You only pay what you can afford to pay.

Negatives

  • Your credit rating will be negatively impacted.
  • If you fail to keep up with your payments, your creditors can make you bankrupt.
  • Some of your creditors will agree to reduce or stop interest and charges, but they don’t have to.
  • If you continue to accumulate interest and charges, you could be paying back more than you initially owed.
How does Bankruptcy work?

Whether you or your creditors can decide to make you bankrupt. If you are struggling to make repayments and none of the other solutions are working, then you may opt to declare yourself bankrupt. Alternatively, if you have continually failed to repay your credits, whether that be through another debt management solution or through your initial credit, your creditors, may decide to propose you for bankruptcy.

If you are applying or being forced through for bankruptcy then you will be writing off most of your current debts. If you become bankruptcy your current assets will be likely used to pay off any outstanding debts.

Deciding to go bankrupt is a very serious step that involves fees and can impact different areas in your life, such as your job or home.

  • When you decide to apply for bankruptcy you will be required to pay a fee of £680 per person.
  • Once the adjudicator accepts your bankruptcy you will receive a copy of the bankruptcy order and you may be interviewed about your current situation.
  • Your details will then be published in the Individual Insolvency Register

Bankruptcy is the solution for residents of  England, Wales or Northern Ireland. If you live in Scotland there is an alternative solution called a sequestration.

Who qualifies?

  • If you have debts of £760 or higher.
  • You need to be a resident in England, Wales or Northern Ireland. Scottish residents can apply for a sequestration.

 

    How does a DRO work?

    A DRO is a form of debt insolvency that allows you to freeze your current debts, including charges and interests, for 12 months. Once the 12 months are up and your financial circumstances haven’t improved your debts will be removed.

    A DRO is for individuals on low incomes and who have low assets. If you think you qualify for a DRO you will be recommended an insolvency practitioner who will take a charge of £90 before submitting an application.  A DRO was introduced by the government to help individuals who can’t afford the fee for bankruptcy.

    Who qualifies?

    • If you have unsecured debts of less than £20,000 or higher.
    • If you have assets lower than £1,000 (such as a car)
    • Your only left with £50 a month, after all expenditures.
    • You need to be a resident in England or Wales. Scottish residents can apply for a Trust Deed, which is the Scottish equivalent.

    Positives

    • Debts, including interest & charges are frozen for 12 months. These debts are then wiped off if circumstances don’t improve.
    • Lower fees than bankruptcy

    Negatives

    • Your credit rating will be negatively impacted for 6 years, starting from when an IVA is approved.
    • £90 fee to the Insolvency Service.
    • If your financial circumstances improve your debts will remain as they were when the DRO was put in place

    How we help and the part we play?

    We are an information hub for individuals in debt who need relief and support. 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.

    Free Consultation

    Our partners will help find the best option for you.

    Discrete and Confidential 

    Your debt consultation with our partner is completely confidential.

    Authorised Partners

    Support from professional insolvency practitioners

    Peace of Mind

    Our partners will deal with all correspondence from your creditors for you.

    The Money Advice Service is an impartial service set up by the government. They provide free debt counselling, debt adjustment and credit information services. www.moneyadviceservice.org.uk

    Flexible Digital Solutions LTD, Suite 214, 91 Western Road, Brighton, BN1 2NW. ICO Number: ZA486112. Company Number: 11421094 
    Flexible Digital Solutions LTD is an appointed representative of Debt Saving Solutions Ltd which is authorised and regulated by the Financial Conduct Authority FRN: 669760.