For free, independent advice, you should refer to Money Helper via their website, https://www.moneyhelper.org.uk/en.
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IVA Repayment Example
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Frequently Asked Questions (FAQ)
Yes, we can assist you in setting up an IVA, which allows you to pay back your creditors over a set period of time while legally protecting you from any legal action they may take against you.
A DRO can write off your debts if you meet certain criteria, such as having a low income and few assets. We can assist you in determining if you qualify for a DRO and help you through the application process.
A DMP can be a suitable option for those with manageable debts who want to make affordable monthly payments to their creditors. We can help you set up a DMP and negotiate with your creditors on your behalf.
A Trust Deed is a formal agreement between you and your creditors to pay off your debts over a set period of time, while legally protecting you from any legal action they may take against you. It is only available in Scotland and can be a suitable option for those with significant debts.
Yes, entering into a debt solution can negatively affect your credit score. However, it’s important to remember that if you are struggling with debt, your credit score is likely already affected, and entering into a debt solution can help you get back on track with your finances.
We will work with you to determine the best debt solution for your specific situation. While you can express your preferences, we will recommend the most suitable debt solution based on your financial circumstances and needs.