Debt questions

We can answer your debt questions

The UK Insolvency Helpline is an established organisation on the subject of debt management and the IVA industry. We receive 1000’s of calls each week from people in debt. In this section we will cover IVAs, debt management and also answer some of the most commonly asked questions about debt.

EXPERT ADVICE ON ALL OF YOUR DEBT QUESTIONS

Frequently asked questions about credit and debt and bankruptcy.

There are so many other debt questions relating to money, debt and credit. Please feel free to call an advisor on 0800 074 6918 for a quick response to your debt questions

Debt Questions on the Individual Voluntary Arrangement - IVA

We have team specialising in IVA advice. An IVA is suitable if you in debt over £15,000. The IVA procedure can help you reduce your debt and become debt free in 60 months or less. For more information please look the IVA section.. If you're debts are serious one call our IVA unit can show you how to reduce your debts with an IVA

IVA Key Points:-

Stop creditors harassment. Please note that for consumers considering an Individual Voluntary Arrangement (IVA) beware of any claim that implies that when the consumer is on an IVA/PTD creditors will no longer contact them. Whilst an IVA is legally binding and creditors are refrained from contacting the debtor regarding payment of the debt they may still contact the debtor in cases of promotional material and/or certain other circumstances.
Debt free in 60 months or less. Please note that for consumers considering an Individual Voluntary Arrangement (IVA), an IVA it needs to be accepted by 75% of the creditors (by value) for the interest and charges to be frozen. Please therefore note that a guaranteed outcome favourable to the consumer in negotiations with creditors is not always possible.
With an IVA, although the consumer may become debt free at the end of the Bankruptcy, IVA or PTD period, the effect on their credit rating is likely to remain on file for 6 years. In addition the consumers / debtors name, address and birth date will become public knowledge on the governments “Individual Insolvency Register”. The individual insolvency register (insolvency.gov.uk/eiir/) allows anyone to check, quickly and easily, if someone is bankrupt or has taken out an "individual voluntary arrangement" (IVA).
Suitable for debts over £15,000.
Legally binding
Suitable for debts to 3 or more creditors
You have to be in regular employment. We provide IVA advice and IVA information and we are insolvency practitioners, licensed to agree IVAs for our clients.
An IVA is suitable if you suffer from; credit card debt, personal loan debt, store card debt or any other unsecured debt. Please note that for consumers considering an Individual Voluntary Arrangement (IVA) that only unsecured debts are to be included e.g credit cards, unsecured loans and bank overdrafts. Please note that at the end of the period those debts that are not included such as secured debts, Government fines and child support payments will remain to be outstanding
Main alternative to bankruptcy.

Debt Questions on Debt Management Plans – DMP

Are you struggling to pay credit cards, loans, store cards or catalogues? Would you like someone to help sort out your payments and talk to creditors for you? Would you like to be able to pay one affordable amount to all your creditors each month? If this sounds like you, a Debt Management Plan may be just the thing.

Key points of Debt Management Plans - DMP

Reduction of debt. Please note that for consumers considering a Debt Management Plan (DMP), if interest and charges continue to apply then there will be an increase in the total amount of debt to be repaid and that due to lower monthly payments it is very likely that the debt will have to be repaid over a longer period of time.
Clearing of debt over time with assistance from the key creditors. 11. Please note that for consumers considering a Debt Management Plan (DMP), although the consumer may become debt free at the end of the DMP period, if a default notice has been issued the effect is likely to remain on the consumer's credit profile for a lengthy time.
Debt management plans are suitable for debts of all levels.
They are not legally binding and fees apply.
They are good option for dealing with debt quickly and in a controlled manner. It means people you owe money to will not contact you, your debts will be cleared in a specific time period and your monthly payments are reduced.
Although debt management plan providers may be able to negotiate a lower monthly payment this will usually lead to an increase in the size of the sum to be repaid and that a consumer's credit rating will be impaired.
Creditors are not obliged to accept the debt repayment plan and unless they do so, interest and other charges will continue to be added.
Do not be misled into thinking that a DMP will improve the consumer's credit rating because the debtor is likely to have an adverse marker on their credit profile for longer due to an increase in the repayment period and, as the agreement is not legally binding the plan can be cancelled at any point meaning that the debtor could fall further into arrears.
Please note that for consumers considering a Debt Management Plan (DMP), the possibility of potential negative outcomes such as the effect on their credit rating, potential for bankruptcy and likelihood that interest and/or charges will continue to accrue therefore increasing the debt.
Please note that for consumers considering a Debt Management Plan (DMP); a DMP is not legally binding creditors therefore may continue to request further payments or take enforcement action against them. A debt management company can not guarantee that there will be no further contact from the creditor.

Debt Questions on Debt Consolidation

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an a property.

Key Points of Debt consolidation

Replaces multiple loans with a single loan
Lower monthly payment
Longer repayment period.
They bring together all existing credit card debt, personal loan debt, store card debt or any other unsecured debt

Whether its debt management, IVA or just a simple debt advice question you require, please feel free to call one of our specialists. They will provide the correct advice to help you reduce your debts. Our confidential and non-judgemental advice can be obtained 7 days a week our specialist debt management team can advise on a range of options designed to help reduce debts. Please feel free to call in 0800 074 6918.

Disclaimer

Please note that in line with OFT debt management guidance The UK Insolvency Helpline Debt Advice Service does not provide nor administer debt solutions itself. Instead the service will put you in touch with a licensed professional to arrange the debt solution. Please also note that unlike most licensed insolvency practitioners, the licensed insolvency practitioners that consumers are referred or forwarded by The UK Insolvency Helpline for an IVA (Individual Voluntary Arrangement) to do not charge any upfront fees. This fee structure means that the monthly payments consumers make into the IVA will cover the payments to the creditors as well as the licensed insolvency practitioner’s fee for preparing, nominating and supervising the IVA. Finally, please note that where consumers are referred for debt management plans these services attract a fee.

Debt Advice - Information Centre Menu

ENQUIRY FORM

Name

House Name or No.

Postcode

Email address

Telephone

Mobile

Best time to call

Amount of debt

Employment Status

Are you a home owner?
Yes | No

Other Info

I accept the privacy policy:

We will get back to you soon!

IVA's

The IVA Guide
The UK Insolvency Helpline has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit The UK Insolvency Helpline's Guide to Individual Voluntary Arrangements (IVAs).
[more...]

The UK Insolvency Helpline offers confidential and non-judgmental advice and will put you in touch with a licensed professional to arrange your debt solution. Please note that failure to adhere to a debt solution could result in further financial problems. Please note that whilst initial advice is free, fees may be payable depending on the solution provided. Please note that your home may be repossessed if you do not keep up with repayments on a mortgage or secured loan.

Debt questions

We can answer your debt questions

EXPERT ADVICE ON ALL OF YOUR DEBT QUESTIONS

Frequently asked questions about credit and debt and bankruptcy.

Debt Questions on the Individual Voluntary Arrangement - IVA

IVA Key Points:-

Debt Questions on Debt Management Plans – DMP

Key points of Debt Management Plans - DMP

Debt Questions on Debt Consolidation

Key Points of Debt consolidation

Disclaimer

Debt Advice - Information Centre Menu

ENQUIRY FORM

FREEPHONE DEBTLINE

DANGER

IVA's

BANKRUPTCY

RECLAIM UNFAIR BANK CHARGES

CREDIT REPAIR

MORTGAGE ADVICE

COMPANY DIRECTORS

DEBT ADVICE FACTSHEETS

NEWSLETTER