What financial information will do I need for debt advice?

We’ll ask you about your income and outgoings, and your creditors (the people and companies you owe money to) so we can put you on the right path to getting help. We’ll also do a soft credit search to understand the full picture – but this won’t have a negative impact on your credit file or be visible to other companies.

How do you know what solution is best for me?

Our team take the time to listen and understand your circumstances. There’s a wide range of debt solutions we can offer, and our experienced debt experts will only recommend a debt solution if it’s affordable and appropriate for your needs.

How much does it cost to get debt advice?

Any information or advice you receive is completely free. If you are eligible for help with your debts, the fee for the insolvency practitioners’ work will included in your monthly payment amount. We don’t take any payments upfront.

What if I don't know who I owe money to?

Don’t panic, with your consent we can carry out a soft credit search that will bring up all your creditor information such.

Why are we different?

The advice we give is free, and there is no obligation to sign up to anything after your initial telephone consultation.

What debt solutions are available?

Once you’ve completed our online assessment and we know more about your circumstances, including where you live in the UK we can discuss all the options you qualify for. Common debt solutions include:

  • debt management plans (DMP)
  • individual voluntary arrangements (IVA)
  • bankruptcy
  • debt relief orders (DRO)

If you live in Scotland you may also qualify for other options such as a:

  • protected trust deed, or
  • debt payment plan via the Debt Arrangement Scheme (DAS)

I’m not sure I’m ready to speak to someone about my debt

We understand that some people may feel daunted at the prospect of talking about their debt. Seeking help with your debt is a huge step in the right direction, and after they’ve made the call, many of our customers tell us a huge weight has been lifted. We’re here to listen and help – without judgement.

If I am a homeowner can I protect my property?

One of the big advantages of an IVA is that your property isn’t at risk as long as you keep up to date with your mortgage payments. In fact, none of your assets are at risk under the IVA. However, in the final year of your IVA, you may need to release equity from your home. If this isn’t possible, then the length of your IVA may increase by a year.

Will it cost me?

Your consultation is free, no-obligation and confidential. In instances such as bankruptcy, there will be costs to take into consideration. Any fees will be clearly outlined from the outset to help you make the right choice.

Get debt free

Our IVA specialist & debt advice team will help you
get debt free in 3 easy steps.

Step 1

Complete our online form

Completely Private & Confidential

Our quick and easy assessment will let you know what options you qualify for in 30 seconds.

Step 2

Talk to the experts

Regulated Advice Process

If you are worrying about managing your debt, give us a call today or request a callback.

We understand debt and know it can be difficult, but our trained specialists are here to help without judgement.

Step 3

Take action today

No Obligation Service

Being in debt can be daunting, but putting together an action plan will feel like a burden has been lifted

What is an IVA?

An IVA is a legally binding, formal agreement between you and your creditors to repay a portion of your debt. An assessment of your income and outgoings is completed to check how much you can afford to pay into the IVA each month. Once an amount you can afford each month is established, your creditors vote to decide if the IVA should be approved. The majority of your creditors need to vote for the IVA for it to go ahead. Once approved, the IVA usually lasts for 5 years with any of your remaining debt written off at the end.

So how does the IVA work?

An IVA is a legally binding, formal agreement between you and your creditors to repay a portion of your debt. An assessment of your income and outgoings is completed to check how much you can afford to pay into the IVA each month. Once an amount you can afford each month is established, your creditors vote to decide if the IVA should be approved. The majority of your creditors need to vote for the IVA for it to go ahead. Once approved, the IVA usually lasts for 5 years with any of your remaining debt written off at the end.

Why are IVA's so popular?

There’s more than one reason why the IVA has proven over time to be such an effective route out of debt. Most people who benefit from an IVA would say having part of their debt written off is what appealled to them the most.

In fact, up to 80% of your debt could be written off under an IVA; this means that if you owe £10,000, you could have up to £8000 of it written off! In addition, your creditors are no longer allowed to apply any interest or charges to your debts, or contact you for payment whilst you’re subject to the IVA. They also can’t take legal action against you.

Can all my debts go into the IVA?

All of your unsecured debts should be included in an IVA. Unsecured debts include credit cards, store cards, personal loans, payday loans and catalogue. Council Tax arrears and Benefit overpayments can also be included in your IVA. Secured debts, such as a mortgage or secured loan, cannot be included. Hire Purchase agreements, Court fines and CSA arrears can also not be included.

Will it affect my job?

It’s unlikely that entering into an IVA would have a negative impact on your employment. However, in some instances, certain types of roles that involve finance can be affected if you access an IVA. It’s usually written into your employment contract so it could be worth checking this over if you work in roles involving financial advice, mortgage advice and accountancy.

And how about my Home?

One of the big advantages of an IVA is that your property isn’t at risk as long as you keep up to date with your mortgage payments. In fact, none of your assets are at risk under the IVA. However, in the final year of your IVA, you may need to release equity from your home. If this isn’t possible, then the length of your IVA may increase by a year.

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Want to know how you can clear your debt?

Money Advice UK help over over 5,000 people every year

Our team of experts help thousands of families every year across the UK get their finances back on track.

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*To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.