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We can help you find a debt repayment plan that suits you.
May not be suitable in all circumstances. Fees and disadvantages may apply. Your credit rating may be affected.
Money Helper (formerly The Money Advice Service) is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here. Please note that we do not have any affiliation with Money Helper.
Our experienced advisors are waiting to help you start dealing with your debts.
Receive no-obligation advice and find out more about the repayment plans available to you.
Our advisors will support and guide you throughout your journey to debt freedom.
May not be suitable in all circumstances. Fees and disadvantages may apply. Your credit rating may be affected.
This is not a full list, please get in touch to see what other debts can be included.
We are available 6 days a week till late to help and guide you.
As with any debt agreement, it’s important that you seek professional advice before committing.
An IVA is a formal agreement between you and your creditors to repay a certain amount each month for a fixed period of time.
With an IVA, an Insolvency Practitioner takes control of your debts and assets and liaises with your creditors for you so you don’t have to.
You make a single monthly repayment that covers all of your included debts. This payment is based on what you can afford and not what you owe. These payments continue for, typically, 5 years, after which time any remaining debt that was included in your IVA is written off in full.
As with any formal debt solution, it is important that you speak to an IVA professional to ensure that you fully understand the implications of an IVA.
A DRO is a formal debt solution whereby you cease to make payments towards your included debts for a period of 12 months. If after this time your financial position has not changed, all included debts are written off in full.
A DRO could be ideal if you cannot afford to make any repayments towards debts that are eligible to be covered by a DRO. For a period of 12 months all repayments along with interest and fees are paused. If after this time your financial position has not changed and you still can’t make any contributions towards your debts, all of your debts are written off in full.
As with any formal debt solution, it is important that you speak to a debt professional to ensure that you fully understand the implications of a DRO.
A DMP is an informal agreement between you and your creditors to make a smaller, affordable monthly repayment towards your non-priority debts until they are fully repaid.
A DMP could be ideal if you want to repay your debts in full but need more time over which to repay them. All of your included debts are consolidated into a single monthly repayment based on what you can afford and not what you owe. The DMP agreement will continue until your debts are repaid in full.
Although DMP’s are not legally binding on you or your creditors, it is still important that you speak to a debt professional to ensure that you fully understand the implications of an DMP.
Bankruptcy is a formal agreement between you and your creditors to repay what you can afford over a period of usually 12 months. Once this period has ended all outstanding debts are written off in full.
With bankruptcy, an ‘official receiver’ takes control of your debts and assets for you and liaises with your creditors.
As part of the bankruptcy application a means test is carried out to see if you can afford even a small monthly repayment towards your debts. If you cannot, you will not need to make any repayments at all.
As with any formal debt solution, it is important that you speak to a bankruptcy professional to ensure that you fully understand the implications of going bankrupt.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
© 2024 Advice Centre Group Ltd.
www.yourdebtadvisor.co.uk is a trading style of Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Advice Centre Group works in reasonable contemplation of ivas. If you decide on another solution other than an iva we will pass you to our partner Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority to provide debt advice, firm reference number 662423.
Entering into a debt management plan, you will be made aware of any fees before you contract into any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.
Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930
Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)
What you need to know about Individual Voluntary Arrangements (Insolvency Service)
We provide solutions to individuals throughout the UK, We Will help recommend solutions available, tailored to your circumstances in which you can then make an informed decision about which solution you qualify for.