There are lots of different factors to consider when giving the best debt advice, including how much you owe and to how many creditors, whether you own a home, what type of debt it is (eg. secured or unsecured) and much more.
We have tried to lay out in the most clear and concise manner when each kind of debt solution is most appropriate, what the advantages and disadvantages are, and how they work. We strongly recommend that you contact our experienced Debt Counsellors for expert debt advice before you make any decisions though, it's a free service and you can get in touch for free as well!
We have tried to lay out in the most clear and concise manner when each kind of debt solution is most appropriate, what the advantages and disadvantages are, and how they work. We strongly recommend that you contact our experienced Debt Counsellors for expert debt advice before you make any decisions though, it's a free service and you can get in touch for free as well!
Debt Advice 
The debt solutions that are
available include:
available include:
Debt Advice and Debt Solutions
There are a number of many debt solutions available, each one has a dedicated page as listed below. When you contact us for free debt advice and let us know your situation our Debt Counsellors will be able to point you in the direction of the right one for you.We are also able to negotiate with your creditors, set up the arrangement and distribute what you owe with some of the plans, such as IVAs and Debt Management Plans.
We charge small fees for these services, about which you can find out more in the “About Us” section.
All of the information that you provide us with to get free debt advice is completely private and confidential.
ADMINISTATIVE ORDER
Administration Order
If you have had a CCJ entered against you, you have at least two creditors and you owe less than £5,000 then applying for an Administration Order might be your best option.
In this arrangement you make a single monthly payment to the court and the distribute this to your creditors on your behalf. One of the main advantages of this is that all interest and charges will be frozen.
Find out more in the section “Administration Order” or get in touch for free debt advice.
If you have had a CCJ entered against you, you have at least two creditors and you owe less than £5,000 then applying for an Administration Order might be your best option.
In this arrangement you make a single monthly payment to the court and the distribute this to your creditors on your behalf. One of the main advantages of this is that all interest and charges will be frozen.
Find out more in the section “Administration Order” or get in touch for free debt advice.
DEBT CONSOLIDATION
Debt Consolidation
As long as you still have a decent credit rating, and you have multiple creditors to pay each month, then a debt consolidation loan may be your best option.
This involves taking out a larger loan to cover all of your smaller loans, which means that your monthly payments should be less, however this may extend the period of time over which you have to pay the loan.
For more information, see the section “Debt Consolidation” or get in touch for free debt advice.
As long as you still have a decent credit rating, and you have multiple creditors to pay each month, then a debt consolidation loan may be your best option.
This involves taking out a larger loan to cover all of your smaller loans, which means that your monthly payments should be less, however this may extend the period of time over which you have to pay the loan.
For more information, see the section “Debt Consolidation” or get in touch for free debt advice.
INFORMAL ARRANGEMENT
An Informal Arrangement is an agreement that you work out yourself with your creditors in which you attempt to have them agree to making a lesser payment each month so that you can afford it.
You may be able to get interest rates and charges frozen as well, but the success of this plan will rely on what you are able to negotiate with your creditors. Find out more in the section, “Informal Arrangement”.
If you would prefer our expert debt advisers to negotiate the arrangement for you we can do so in the form of a “Debt Management Plan”.
You may be able to get interest rates and charges frozen as well, but the success of this plan will rely on what you are able to negotiate with your creditors. Find out more in the section, “Informal Arrangement”.
If you would prefer our expert debt advisers to negotiate the arrangement for you we can do so in the form of a “Debt Management Plan”.
BANKRUPTCY
Bankruptcy should generally only be considered as a last resort, and if you get in touch for free debt advice we may be able to come up with a better option for you.
The advantage of bankruptcy is that you will have all of your unsecured debts written off, however you will be putting your assets at risk as they may be sold off to pay your creditors.
Find out more in the “Bankruptcy” section, or contact us for free debt advice.
The advantage of bankruptcy is that you will have all of your unsecured debts written off, however you will be putting your assets at risk as they may be sold off to pay your creditors.
Find out more in the “Bankruptcy” section, or contact us for free debt advice.
DEBT MANAGEMENT PLAN
A Debt Management Plan is an informal (not legally-binding) arrangement that can be negotiated on your behalf with your creditors. If successful, your monthly payments will be reduced to a manageable amount and you might have interest and charges frozen as well.
Our debt advisers are experienced in negotiating with creditors in order to get the best deals, and you can make use of our services in this regard for a small fee which will come out of your monthly payments.
Find out more in the “Debt Management Plan” section.
Our debt advisers are experienced in negotiating with creditors in order to get the best deals, and you can make use of our services in this regard for a small fee which will come out of your monthly payments.Find out more in the “Debt Management Plan” section.
IVA
An IVA is a legally binding arrangement which is worked out with your creditors and is usually seen as a good alternative to bankruptcy.
In this arrangement your assets will be protected, and after 5 years of making affordable monthly payments the rest of your unsecured debt will be written off.
Find out more in the section, “IVA” or get in touch for free debt advice.
In this arrangement your assets will be protected, and after 5 years of making affordable monthly payments the rest of your unsecured debt will be written off.
Find out more in the section, “IVA” or get in touch for free debt advice.
Debt Relief Order
If you have a very low level of income and owe less than £15,000 then a Debt Relief Order might be your best bet.
In this arrangement, your unsecured debt is immediately frozen for a year. If, after that period of time, you are still not able to make reasonable monthly payments then it will be written off.
There are very precise conditions that make you eligible for this, the “Debt Relief Order” section has more information. Contact us for free debt advice to find out more.
In this arrangement, your unsecured debt is immediately frozen for a year. If, after that period of time, you are still not able to make reasonable monthly payments then it will be written off.
There are very precise conditions that make you eligible for this, the “Debt Relief Order” section has more information. Contact us for free debt advice to find out more.
SCOTTISH
In Scotland there are slightly different alternatives instead of bankruptcy or IVAs, called Sequestration and Protected Trust Deeds (PTDs) respectively.
Find out about them in the section, “Scottish Debt Solution” and get in touch for additional information and free debt advice.
Find out about them in the section, “Scottish Debt Solution” and get in touch for additional information and free debt advice.
Contact Us
To find out more about any of these arrangement, get in touch with our experienced advisers and we will help you to sort our your debt problems.