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Don’t face unaffordable debt alone. Start your journey today and find your best options to get debt free.
Individual Voluntary Arrangement (IVA)
A legally binding agreement between you and your creditors to pay an affordable monthly payment for a set period of time – usually 5 or 6 years, and then any remaining debt will be written off.
Use our online IVA Calculator for an estimate of how much debt you might be able to write off.
Debt Management Plan (DMP)
An informal agreement between you and your creditors to pay back your debts. Work out what’s really affordable for you and pay one set monthly payment, which is then divided between your creditors. A DMP is not insolvency, you’re not tied in for a minimum period and can make changes to your payment if your circumstances change.
Minimal Asset Process (MAP)
A route into sequestration (bankruptcy) for people with no assets who are on a low income or benefits. Rather than having to pay the standard £200 upfront fee for sequestration, the fee for MAP is just £90. MAP lasts for a shorter period of time than sequestration – usually just 6 months. The upfront fee is much cheaper and the qualifying criteria is less than with sequestration so if you are struggling to make ends meet and have no spare income with which to repay your debts after all your essential household expenditure has been taken care of, it could be worth considering MAP.
If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts. As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000. Remember, bankruptcy might not be your only option and it might not be the best one for you.
Debt Relief Order (DRO)
A Debt Relief Order (DRO) is one way to deal with your debts if you meet certain criteria; Your debts are no more than £30,000, You don’t own your home. You’ve got £75 or less leftover each month after you’ve paid your usual household expenses. Other savings or things of value you own are worth less than £1,000. You don’t own a car worth £1000 or more unless it’s one that’s been specially adapted because you have a disability.
Protected Trust Deeds (PTD)
A formal debt solution intended to take away the stress of multiple and/or unmanageable debt payments by combining these debts into a single regular payment. It can offer protection from creditor legal action and protect repossession of assets, including your home. Trust deeds can be voluntary, but it is only when it becomes protected that you are offered these kinds of legal safeguards and they become binding on creditor
Dealing with debts can be incredibly stressful
Debt and Mental Health
If you feel that your financial situation is impacting your health, then there is help available to you.
We’ve gathered some information together that may help you recognise signs that you may be struggling, as well as further support that’s available to you.
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Private & Confidential Support
The first step is the hardest but you’re in the right place – talking with one of our friendly assessors can help get the ball rolling.
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Debt help without judgment
Talk to us about your situation, and we’ll let you know if an IVA may be a potential solution for you.
No Obligation Service
We can carry out a debt suitability assessment, and if you qualify for an IVA we can help put together an application with you. There’ll be no obligation and we’ll be on hand to answer any questions you may have along the way.
Start by finding out if you qualify by answering the below questions
Best Debt Solutions Tips
You can request a Budgeting Planner from any of our advisors by calling 0333 242 0013. It gives a range of advice to follow, from increasing your income to knowing your debts properly by offering a free soft credit search that won’t affect your credit.
Budgeting is a great way to get in control and on top of your debts. By following our budgeting advice, you should be able to work out your ingoings and outgoings and clearly visualise what money you have left each month to pay to your creditors.
We suggest making a list of your creditors, along with money owed and due dates. Making note of this information with pen and paper is an invaluable way of relieving the likelihood of forgetting payment dates and helps you feel on top of things.
Cut back unnecessary spending by ending any subscriptions that you don’t need. Give your phone, water, and electricity gas and internet providers a call to see if you are on the most suitable plan for you. You might be paying for more than you actually use per month and this could save you money.
There are many free comparison websites online, which may be useful to find out the cheapest options for you, from car insurance to your weekly food shop.
Ensure that you’re receiving as much money as you’re entitled to. There may be benefits that you unknowingly qualify for or similar help from the government or local council. Consider whether you have any spare time to fit in some overtime or even a second job.
We show you the advantages/disadvantages of the individual solutions for you to be able to make an educated decision as to which route is best to take.
There are a number of unique options, so make sure that you take the time to read about and understand what each one would mean for you. If necessary, discuss with family or your partner to see which is best for your situation.
Furthermore, you can contact or request a free call back from one of our experienced advisors who will help you find the right solution for you and help you with any queries or uncertainties that you may have.
Facing debt is the only way that they will go away. A simple ring to us can get the ball rolling with clearing your debts, as we can advise you on your individual circumstance and ultimately, get you on your way to being debt-free on a solution tailored to you.
Not only will being active about your debts help you clear them quicker, but also will relieve enormous stress from you and those around you who may be affected.
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Money Advice help over 3,000 people in the UK every year
Our team of experts help thousands of families get their finances back on track with an IVA.
*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.