Debt Solutions
Debt problems can seem overwhelming. It can be difficult to find the right debt solution on your own. Our Debt Management Service helps you to explore all the available options and identify the one that’s best for you.
- Debt Advice – Our trained advisors are available 24 hours per day to offer debt counselling tailored to your individual needs.
- Debt Consolidation – Lower monthly payments can be secured through debt consolidation, enabling you to manage your budget more effectively.
- Remortgaging and Equity Release – If you have equity in your home, a remortgage or equity release plan can provide you with a lump sum to pay off your debts and reduce your monthly payments.
- Debt Management Plan – By entering into an informal arrangement with your creditors, you can reduce your monthly payments.
- Individual Voluntary Arrangement (IVA) – An IVA is a form of personal insolvency. The legally binding agreement enables you to pay a fixed monthly payment and halts enforcement action by your creditors.
- Administration Order – If you have at least one court judgement and less than £5,000 in unsecured debt, you can apply to your county court for an administration order.
- Bankruptcy – If your debts outweigh your assets and are so high that you cannot repay them within a reasonable time, you can apply to the court to be declared bankrupt. Bankruptcy is usually a last resort as it has serious consequences and may result in the forced sale of valuable assets, including your home and car.
- Debt Relief Order – Debt Relief Orders are similar to bankruptcy, but are granted by the official receiver rather than the court, avoiding expensive court fees.
Note that the debt solutions listed above apply only to England and Wales. The rules for debt management in Scotland and Northern Ireland differ slightly. Contact us for a discussion on your individual circumstances.
