Clear debt in Leeds

Freephone Debt Advice & Debt Management in Leeds on 0800 074 6918

Please note that The UK Insolvency Helpline Debt Advice Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

Leeds is located on the River Aire in West Yorkshire, England. It is the urban core and administrative centre of the wider metropolitan borough of the City of Leeds. The county borough of Leeds was awarded city status in 1893, but in 1974 this status was transferred to the larger new metropolitan borough named 'City of Leeds'. Thus Leeds, although commonly referred to as a 'city', does not have this legal status unless the wider area is being discussed.

Millions of consumers in Leeds are getting themselves into deep financial hardship

According to regional debt advice team at The UK Insolvency Helpline, one in 10 adults in Leeds has serious debt problems. Many have considered declaring themselves bankrupt or taking out an Individual Voluntary Arrangement to help clear their debts. The social policy team feels that many of those had made basic financial mistakes that compounded their initial overspending. A recent survey of consumers contacting The UK Insolvency Helpline from Leeds showed that 10% of people in debt had taken out a credit card to pay off another credit card, while a further one in 10% had missed payments on credit cards, store cards or mortgages.
Other common errors included taking out a lengthy consolidation loan with a high interest rate to clear existing debts.

The research sums up with the fact that there is a serious lack of understanding of the long-term consequences of these actions and how it can affect a person’s credit-rating – ultimately impacting their financial future.

Debt and Bankruptcy statistic in Leeds

According to figures released by The UK Insolvency Helpline ,30,000 people from the Leeds area contacted the service last year. Out of these people many went into bankruptcy or entered into an Individual Voluntary Arrangement (IVA) in the quarter an increase of five percent compared to the same quarter of the previous year.

The social policy team  predicts that this will be the first of a series of quarterly increases as the economic downturn gathers pace, leading to record levels of personal insolvencies this year, despite the dramatic cut in base rates.

IVA as a solution to clear debts in Leeds, West Yorkshire

More consumers with mortgages and additional unsecured debt are turning to IVAs to help them reschedule their credit card and loan repayments to relieve the pressure and enable them to pay their mortgage to keep a home for their family. The UK Insolvency Helpline IVA teams expects to see IVAs increase in the year ahead.

People struggling with debt should only consider an Individual Voluntary Arrangement as a last resort. IVAs are not the easy option portrayed on television adverts.Under an IVA creditors agree to freeze interest on debts in exchange for a set amount repaid each month, usually for around five years. It is often times very difficult to get all your creditors to agree upon a repayment plan, however, if you are trying to enter into an IVA you do not need all of your creditors to agree. Under the terms of an IVA all you need to have to have your repayment proposal accepted is 75 percent of your creditors approval. with that number secured it simply does not matter if a creditor voted against it or in certain cases refrained from voting altogether because they are legally obligated to accept the repayment plan if a 75 percent majority voted for the plan. Read more in IVA here. If you do decide on an IVA as a method of dealing with your debts, you complete the IVA application.

Bankruptcy as a solution to clear debts in Leeds, West Yorkshire

Bankruptcies in Leeds have increased year on year. Bankruptcy is a court order that you can apply for if you're in debt. It may be the best way for you to free yourself from excessive debts that you simply cannot pay by sharing out any assets you have among your creditors.

Someone you owe money to could also make you bankrupt, even if you don't apply for it through your own choice.

There are two main ways to go bankrupt for personal debt:

1. By debtor's petition: This is where you make yourself bankrupt. To do this you must contact your local court to find out where your nearest county court dealing with bankruptcy is situated. You have to pay a £150 court fee and £325 deposit.
2. By creditors' petition: If you owe people £750 or more they can make a creditor's petitionfor your bankruptcy at a County Court. Read more about Bankruptcy

Case study of a Client from Leeds with £68,000 of personal debt

The seemingly never-ending rise in the number of UK personal insolvencies in Leeds continues apace, sustained by the side-effects of the buy-now-pay-later generation. One particular case was from Melvyn Taktai, 38 from Kippax in Leeds. Including personal debts, the 38-year-old owed £68,000 and entered into an individual voluntary agreement via The UK Insolvency Helpline,18 months ago.

After agreeing a repayment, he paid £453 pounds a month over a five year period. This wiped of 60% of his debt. He didn't want to go down the bankruptcy route, since he owned a house and had a family to support. Melvyn said that, “Debt can happen to anybody. We all have credit cards and take loans. Yes, part of it was my fault but I also think the people to blame are banks and credit card companies. They're desperate to lend money and it leads to irresponsible lending.”

Districts of Leeds covered by the regional debt advice advice:

Adel • Alwoodley • Armley •Arthington • Austhorpe • Bardsey • Barwick-in-Elmet • Beeston • Beeston Hill • Belle Isle • Boston Spa • Bramhope • Bramley • Burley • Burmantofts • Calverley • Chapel Allerton • Chapeltown • Churwell • Collingham • Colton • Cookridge • Cross Gates • Cross Green • Drighlington • East Ardsley • East End Park • East Keswick • Farsley • Garforth • Gildersome • Gipton • Gledhow • Guiseley • Halton • Halton Moor • Harehills • Harewood • Hawksworth • Headingley • Holbeck • Holt Park • Horsforth • Hunslet • Hyde Park • Ireland Wood • Killingbeck • Kippax • Kirkstall • Knowsthorpe • Lawnswood • Leeds • Linton • Little London • Lofthouse • Manston • Meanwood • Methley • Mickletown • Middleton • Moor Allerton • Moor Grange • Moorside • Moortown • New Farnley • Oakwood • Old Farnley • Osmondthorpe • Otley • Oulton • Pendas Fields • Potternewton • Pool-in-Wharfedale • Pudsey • Rawdon • Richmond Hill • Rothwell • Roundhay • Scarcroft • Scholes • Seacroft • Shadwell • Sheepscar • Stanningley • Stourton • Swarcliffe • Swillington • Swinnow • Temple Newsam • Thorner • Thorpe on the Hill • Tingley • Tinshill • Weetwood • West Park • Weardley • West Ardsley • Wetherby • Whinmoor • Whitkirk • Woodhouse • Woodkirk • Woodlesford • Wortley • Wykebeck • Yeadon.

Often people think they have nowhere to else to turn and they fall victim to a personal debt crisis. The UK Insolvency advice those with struggling with debt is to pick up the phone and call 0800 074 6918 or apply for debt advice online.

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.

Please note that The UK Insolvency Helpline Debt Advice Service is a national organisation covering the entire UK. Please note that the service operates from offices in London and a national telephone advice centre in the north of England. The service does not operate a physical office or a seperate team in each of the city and regions listed on this page.

This is a list of offical cities within the United Kingdom covered by The UK Insolvency Helpline.  

• Aberdeen
• Armagh
• Bangor
• Bath
• Belfast
• Birmingham
• Bradford
• Brighton and Hove
• Bristol
• Cambridge
• Canterbury
• Cardiff
• Carlisle
• Chester
• Chichester
• City of London
• Coventry
• Derby
• Dundee
• Durham
• Edinburgh
• Ely
• Exeter
• Glasgow
• Gloucester
• Hereford
• Inverness
• Kingston upon Hull
• Lancaster
• Leeds
• Leicester
• Lichfield
• Lincoln
• Lisburn
• Liverpool
• London
• Londonderry
• Manchester
• Newcastle upon Tyne
• Newport
• Newry
• Norwich
• Nottingham
• Oxford
• Peterborough
• Plymouth
• Portsmouth
• Preston
• Ripon
• Salford
• Salisbury
• Sheffield
• Southampton
• St Albans
• St Davids
• Stirling
• Stoke-on-Trent
• Sunderland
• Swansea
• Truro
• Wakefield
• Wells
• Westminster
• Winchester
• Wolverhampton
• Worcester
• York
  

List of counties covered by The UK Insolvency Helpline

• Avon
• Bedfordshire
• Berkshire
• Borders
• Buckinghamshire
• Cambridgeshire
• Central
• Cheshire
• Cleveland
• Clwyd
• Cornwall
• County Antrim
• County Armagh
• County Down
• County Fermangh
• County Londonderry
• County Tyrone
• Cumbria
• Derbyshire
• Devon
• Dorset
• Dumfries and Galloway
• Durham
• Dyfed
• East Sussex
• Essex
• Fife
• Gloucestershire
• Grampian
• Greater Manchester
• Gwent
• Gwynedd County
• Hampshire
• Herefordshire
• Hertfordshire
• Highlands and Islands
• Humberside
• Isle of Wight
• Kent
• Lancashire
• Leicestershire
• Lincolnshire
• Lothian
• Merseyside
• Mid Glamorgan
• Norfolk
• North Yorkshire
• Northamptonshire
• Northumberland
• Nottinghamshire
• Oxfordshire
• Powys
• Rutland
• Shropshire
• Somerset
• South Glamorgan
• South Yorkshire
• Staffordshire
• Strathclyde
• Suffolk
• Surrey
• Tayside
• Tyne and Wear
• Warwickshire
• West Glamorgan
• West Midlands
• West Sussex
• West Yorkshire
• Wiltshire
• Worcestershire