Solving your debt problems starts here!

How It Works

What is Debt Management?
Debt Management is the management of your debt by a debt management agent. They ensure that debt is paid off by you making monthly payments you can afford. An informal arrangement is made between the debt management agent and your creditors. Typically the arrangement includes a freeze or a reduction of interest and other charges which you would normally pay without the services of a debt management agent.

Is debt management the right choice?
Without knowing your financial situation it’s hard to advise appropriately. If you want to know more then fill out our quick application form and a debt advisor will call you for a free no obligation chat. Normally people who are refused another loan be it secured or unsecured find advice from debt advisors. People do this whether they have a low or high debt amount. For people who have debts under £15,000 they usually opt for a debt management programme, people with higher amounts should consider an IVA programme.

Debt Management - main features
A single monthly payment is taken for your debt management programme that you can afford which based upon your income and outgoings.

Your debt management advisor divides your payment between your creditors according to their arrangements between the two. Priority is given to certain debts so more may be paid on one than the others.

You do not need to contact or hear from your creditors again. We act between the two of you however if you do receive any letters then please forward them on to your debt agent.

All debt management agents are skilled at negotiating reduction or freezing of interest and/or other charges.

The debt agent carries out regular reviews with you to ensure that you have no concerns and that there have not been any changes with your finances. You will receive monthly statements also.

What is an IVA?
The letters IVA stand for Individual Voluntary Agreement. This is an official understanding between you and the creditors. Most IVA’s will include your interest rates being frozen, the debt itself being reduced and you will gain legal protection from the creditors.

Because an IVA is an official agreement, it is legally binding. A licensed insolvency practitioner must approve and supervise it. Providing you keep to the agreed payments you are protected from any legal action. Most debts are paid off within 5 years as long as you pay what you can afford. You may have up to 75% of your debt written off also.

Is an IVA the right choice?
Without knowing your financial situation it’s hard to advise appropriately. If you want to know more then fill out our quick application form and a debt advisor will call you for a free no obligation chat. Normally people who are refused another loan be it secured or unsecured find advice from debt advisors. Our advisors can tell you about any effects that may arise from choosing this path. Your creditors must also agree to this programme (at least 75% of your creditors) before an IVA is accepted.

The main features of an IVA
You are protected by the government from your creditors. You may have up to 75% of your debt written off. You don’t need to declare yourself bankrupt. An IVA is usually cleared in 5 years.