Debt Solutions
Frequently Asked Questions

Guide to Debt Solutions

What is the best debt solution for me?
This would depend largely on the nature and amount of your debt, and your current financial circumstances. For example, you can opt for an IVA if your unsecured debts are more than £12,000 and you have a disposable income of £200 for monthly repayments.

An IVA usually runs for 5 years while debt management plans can take an average of 25 years. Bankruptcy, on the other hand, normally requires you to make payments for between 12 and 24 months.

More information about an IVA

Do I need to provide full details of all my for debt advice?
Though not necessary, it is advisable to provide the necessary information when seeking debt advice. The specialist will advise on the best option based on facts such as the amount of debt, the type of debt, arrears and your current income etc.

Can I seek debt advice for all my sources of debt?
Yes. Whether your debts are from loans, credit cards, store cards, unpaid bills or other agreements, we can provide you with specialist and honest debt advice on the best debt solution for you.

To understand the choices that you have, you must seek debt advice and tell the specialists what you owe, how much you earn each month and how much you need to live on. Based on the information provided our specialist advisors would advise you on whether an IVA best suits your individual situation or if debt management solution might be better.

What if I change my mind?
You are under no obligation to proceed with any of the solutions we advise on. Should you change your mind after signing the proposal, you are provided with a cooling off period of 14 days under the Consumer Protection (Distance Selling) Regulations 2000.

Please note that an IVA is a legally binding arrangement and cannot be cancelled once a meeting of creditors has been accepted. Failure to maintain payments towards your IVA could result in Bankruptcy.

How will it affect my credit rating?
Yes, your credit rating will be effected. Credit reference agencies such as Experian, Equifax and Call Credit maintain records of your credit accounts.

Failure to maintain contractual payments towards any debts will result in a default notice being made on your credit file. These notices will remain on your credit file for 6 years (unless the creditor agrees to remove them prior to this) and may affect your ability to obtain credit.

Call us on 0800 954 6241 to receive our specialist advice.

Calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us, ask us to call you back so that you do not have to pay for the call.