This first step is the most important. Our regulated partner will spend a good amount of time concentrating on all of the information you have provided about yourself, your circumstances, and your plans, in order to suggest a custom debt management package that works for you, offered from one our regulated business partners.
Step two involves identifying which debt options the clients qualify for, informing them of each option fully, and displaying some of the best routes to gaining full control of your finances once more.
Once you feel comfortable the advice and recommendations you have gained through our regulated Debt Help Expert partners, it is your chance to take advantage of one of the options offered to you, should you feel that debt management is the best action for you.
Debt management is an informal arrangement plan that is made with the companies that you owe money to with the help of a professional debt help service.
Debt management plans can be very useful and have a number of advantages, as well as factors you might need to consider before starting one.
The many advantages of a debt management plan include:
Factors you need to consider:
If you think a debt management plan could help you with your existing debt issues, why not get in touch and provide a little information about yourself and your situation, and one of our dedicated debt specialist partners will give you a call. They will tell you whether you qualify for debt help, and will help you understand what options are available to you.
An IVA (or Individual Voluntary Arrangement) is a legal agreement between you and people you owe money which lets you make one monthly payment to them that you can afford.
If it is decided that you can’t reasonably be expected to repay certain aspects of your debt, this can sometimes be written off.
AN IVA is often an option for people who believe there is no realistic way they can pay off their debts.
An IVA can also help you in other ways, including:
An IVA is legally binding. For an IVA to be agreed, creditors owing a minimum of 75% of your debts must accept the IVA. It is possible for creditors owning 25% of the debt to block the agreement. At this time you will need to consider an alternative debt solution such as bankruptcy or a debt management plan.
What other factors do you need to consider?
Depending on you and your circumstances, an IVA could be the answer to your debt problem needs. They are, however, a major financial undertaking, so it is highly recommended to speak to an expert first to see what options may suit your circumstances best.
If you’re interested in speaking to a qualified debt and IVA specialist, simply fill out our quick form on the right and one of our partners will call you and answer any questions you might have.
A Debt Arrangement Scheme (DAS) is a legally binding agreement between you and your creditors which is only available to Scottish residents.
A DAS is a Scottish Government product which allows someone in financial difficulty to set up a debt payment programme (DPP) which helps you to repay your debts at a rate that’s affordable to you.
A DAS can help in many ways, including:
What other factors and risks do you need to consider?
A Trust Deed is a legally binding agreement between you and your creditors which is only available to Scottish residents.
You agree to make an affordable payment each month over an agreed period of time (usually lasting four years).
A Trust Deed can also help in other ways, including:
What other factors do you need to consider?
Depending on you and your circumstance, a Trust Deed could be the answer to your debt problem needs. They are, however, a major financial undertaking, so it is highly recommended to speak to an expert first to see what options may suit your circumstances best.
If you’re interested in speaking to a qualified debt and Trust Deed specialist, simply fill out our quick form on the right and one of our partners will call you and answer any questions you might have.
If you are in the difficult position of being completely unable to repay your creditors, declaring yourself bankrupt can get rid of debts that may otherwise take years to pay back. Going bankrupt would see you legally declared as unable to repay your debts.
Bankruptcy does have serious implications and should be considered very carefully, however it can bring a number of benefits:
To apply to go bankrupt you’ll need to pay a £680 fee. Other disadvantages of going bankrupt include:
Talking to debt advice experts is the fastest and best way of resolving your debts. Our aim is to put you in touch with FCA regulated Debt Advisors who can explain all of your options and make suggestions based on your unique situation. The companies we put you in touch with will be fee charging companies so you must always ask about what fee's may be involved. Their advice will always be balanced and recommendations will be made based on your unique situation. You can also get completely free, impartial advice from the Money Advice Service by visiting this link.