Getting debt free with Money Advice
By actively looking for help with your debts, you’ve already taken one of the hardest and most important steps. You’re in the right place.
Subject to suitability and criteria. IVAs are available for people who live in the England and Wales. Fees apply. Your credit rating is likely to be affected. To find out more about the risks and benefits, read here.
What am I going to need for debt help?
To get started, it would be beneficial for us to have an idea of:
- Your debts
To understand your debts, we’ll need to know who your creditors are and how much money you owe to them. We complete a soft credit check if needed. - Your income
We’ll need an idea of how much money you have coming in – from any payments such as employment or benefits. - Your spending
A rough idea of how much money you have going out for your priority payments (rent/mortgage) and other everyday living expenses (food/clothes).
Where can I find this information?
If you don’t have this information straight away, do not worry – an estimation will help us get started. However, some things that you may have to hand are:
Emails or Letters from Creditors
Your creditors may have sent you correspondence about your debts, which may detail the amount that you owe.
Payslips, Tax Returns or Benefits Letters
These are documents that will help provide information about your income, whether you’re employed, self-employed or unemployed.
Credit Report
You can get a free online report for information on the debts you owe from the main credit companies: Experian, TransUnion and Equifax. During our process, we will also be able to carry out a soft credit search which will show us your creditors and outstanding balances, without leaving a negative impact on your credit score.
What to expect?
Tell us your situation
Taking these first steps can be daunting, but you’ll be treated with empathy and understanding. And you’ll be given the opportunity to speak freely about the difficulties you face. You’ll quickly see our commitment to helping you overcome them. We don’t judge, and we want to help.
Assess your situation
We’ll work with you to gain a complete picture of your circumstances, and this will help us provide genuine help accompanied by realistic options.
Explore your options
Our goal is to support you the best we can during this time. But ‘Best’ can mean different things to different people. Do you want to be debt-free as soon as possible? Or is a Good Credit Rating your priority? We’ll work hard to find the solution that fits.
Choose your debt solution
If you proceed with an IVA this will be under the Supervision of a regulated Insolvency Practitioner. We also provide you with a dedicated assessor who will manage your case throughout. So ask as many questions as you like as often as you like. There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward.
Check if you qualify
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.
Is an IVA right for you?
We can discuss your eligibility for an IVA
Prefer to speak later?
We will offer support to help you find a solution.
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.