Debt Help

Our debt advisors can help you get out of debt and ease your financial problems with our range of debt solutions tailored to you and your unique circumstances. DebtHelp could help you write off upto 75% of your debt, helping you become debt free within 12, 36 or 60 months. Our debt solutions are designed to take the strain, with our experienced debt advice team dealing with creditors on your behalf, looking at ways that you can reduce your monthly payments.

Frequently Asked Questions

What is an IVA?

It is the name given to a formal arrangement with creditors. It allows someone who is in financial difficulty to make a proposal to settle his/her debts within a reasonable and fixed period – normally five years.

Does it mean that my debt is reduced?

Yes in most cases, but it will depend on a high proportion of creditors agreeing to reduce the debt.

Is it a loan?

No, it is an arrangement which is negotiated between you and your creditors to pay either a lump sum or as is more usual, an affordable monthly payment over an agreed period.

How much will my monthly payments be?

The amount of monthly repayment will depend on what you can realistically afford to pay back after taking into account all reasonable living expenses.

How much are the charges?

Charges will vary according to the amount of debt and repayment period. However, they are included in the monthly payments and you will be informed of these charges when the arrangement is agreed.

Will my employers be approached?

No – Only your creditors.

What is a debt management plan?

It is a plan tailored to help a person's debt problem. It involves working closely with clients to reach an agreement on how much they can afford to pay each month. We will work as a mediator with your creditors and negotiate sensible repayment terms until all parties are happy with the decision.

How will I know my creditors are being paid?

They will continue to send you your statements. As long as you send your payments to us, these statements will show payments from you, who is being paid and by how much.

What does it cost?

There is a monthly management fee for the plan and will depend on the amount paid each month. However, the charges will be fully explained before such a plan commences.

What is an Administration Order?

An administration order is a court order placing a company that is, or is likely to become, insolvent under the control of an administrator following a petition by the company, it's directors or a creditor. The purpose of the order is to preserve the companys business and assets to allow a reorganisation or ensure the most advantageous realisation of its assets whilst protecting it from action by it's creditors. The administration of the insolvent estate of a deceased debtor. County court process permitting an individual with modest debts to pay off installments. No insolvency practitioner is involved.

What is Joint and Several Liability?

If more than one person enters into a credit agreement then both are liable for the full amount. For example, after divorce or separation, both parties can be pursued for the outstanding amount. This also applies to rent arrears on joint tenancies, arrears on joint mortgages, Council Tax payment and water rates on properties that have been jointly occupied.

What is a Default Notice?

Must be issued by a creditor before he can start legal action to recover a debt. It states the amount of money owing and the amount required from the debtor to put things right. It asks for payment in full in seven days. If the seven days pass without payment, the creditor can take court action.

What is a Liability Order?

If you fail to pay your Council Tax, your local authority can apply to the Magistrate's Court for a Liability Order. The Order gives the Council extra powers to enforce collection of the money.

What are Priority Creditors?

Those where non–payment could result in loss of property, essential services or imprisonment, e.g. mortgage, rent, gas, water, electricity, Council Tax, court fines and maintenance.

What are Non Priority Creditors?

Non–payments to these creditors (sometimes known as secondary creditors) would incur less severe consequences than the non–payment of priority creditors.

What is Secured Lending?

A loan where security is given by the person borrowing (the security is usually property). If you fail to repay a secured loan the property maybe repossessed. These debts take priority over unsecured lending.

What is a Time Order?

Allows a County Court to make changes to the terms of a regulated agreement, if it appears to be just. The court can reduce the repayment rate and the interest rate. Time Orders are normally only made where there is a temporary financial difficulty and if you are likely to be able to return to making full contractual payments.