fbpx
Skip to main content

Getting help with debt 

Government Legislation can help you

Debt Relief Order

– Debt-Free after 12 Months –

DRO Benefits

100% of Unsecure Debt Written Off
No Monthly Repayments
Stop Creditors Chasing you

DRO Disadvantages

£90 Receiver Fee to be paid
DRO Added to Individual Insolvency Register
Restrictions to follow

IVA

– Reduce Monthly Payments –

IVA Disadvantages

You may not be approved by the creditors

The IVA is recorded on a public register

There are fees and charges payable within an IVA solution. These are agreed upon with your creditors as part of the proposal. The fees are incorporated into your affordable monthly payment.

IVA Benefits

up to 80% of Unsecure Debt Written Off
Lower Single Monthly Repayments
Stop Creditors 
Legal Protection

Check Eligibility Now

May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.

– Elegibility Check –

You could include the following debts:

Check My Options

May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.

☑ Stop Creditors Contacting You

☑ Unaffordable Debts Written Off

☑ Consolidate & Reduce Repayments

☑ Interest & Charges Frozen

We will generally ask you a few questions and advise you on what options are available to you with some short videos to explain them in more detail.

What Are My Options

If a plan is agreed then fees will apply with full transparency. Your credit rating may be affected. May not be suitable in all circumstances.

Get a call back

When would you like a callback?

More details on Debt Solutions

Debt Relief Order

DRO Benefits
No Monthly Repayments

No monthly repayments for 12 months.

100% of Unsecured Debt Written Off

100% of your unsecured debt will be written off.

Legal Protection from Creditors

You are legally protected with a Debt Relief Order.

DRO Disadvantages
£90 Receivers Fee

There is a one off official receivers fee of £90 which your debt advisor will tell you how to pay.

DRO Added To Individual Insolvency Register

Your DRO will be added to the individual insolvency register. This will be removed 3 months after the DRO end period. The DRO will remain on your credit file for 6 years.

Restrictions On You

There is a list of restrictions you must follow when in a DRO solution;

  • If you borrow money to the value of £500 or greater, you must inform the lender that you have a DRO.

  • You cannot start or promote a company without prior approval form the court.

  • To manage a business without telling them about your DRO, you must check the individual insolvency register to see when the restrictions have ended. Restrictions usually last the duration of the DRO which is 12 months. They can be extended however if you have had behaviour issues that have caused your debt problem. 
Check Your Options

About DROs (Debt Relief Order)?

DRO or Debt Relief Order is a formal debt solution that lasts 12 months; You can apply and if successful, be approved by an intermediary advisor. A DRO is sometimes a more viable option but you need to meet certain criteria in order to qualify for this solution. We recommend people consider their eligibility for a DRO before applying for an IVA.

How exactly does a DRO work?

Your personal debt circumstances will be assessed by an advisor, including your total assets vs your monthly income. If your debt exceeds the £30,000 limit, or have assets over the amount of £2,000 then you are probably unlikely to qualify for a DRO solution, however, we will advise you on alternative debt solutions that you may suit your financial position.

If you are applying for a DRO, an advisor will work with you to aid you with your application before submitting to a Insolvency practitioner. There is an upfront fee for this service of £90 which is a one off fee. We can advise you if you qualify before having to make any payment.

With an approved DRO, there is a 12 month period of which you wont need to make any payments during this time. You are legally protected against your creditors who will not be able to take any action against you.

A DRO is complete after 12 months and all debts that were in your plan will be written off. You can find out more about what debts can be included by making an enquiry.

A DRO is only available in England and Wales.

Individual Voluntary Arrangements (IVA)

There are advantages and disadvantages to having an IVA – let’s break both of those down:
IVA Advantages
One affordable monthly payment
All of your necessary living costs will be taken into account before an IVA payment plan is agreed.
Stop interest and charges
Once you have your IVA approved, any interest and / or charges are frozen. These can’t and won’t be added to your debts by your creditors, preventing the debt amount from increasing.
Write off a significant percentage of your debt
On average, an IVA lasts for six years. Provided your agreement is adhered to, your remaining unsecured debt will be written off.
Protect your home and vehicle
Essential assets such as your home or vehicle are usually protected during an IVA. You may retain these, provided they are of a reasonable value.
Stop worrying calls and letters from your creditors
Once your IVA has been accepted by creditors, they are bound, by law, to no longer contact you requesting payment directly. The Insolvency Practitioning team administering your IVA will deal with creditors on your behalf.
Stop court and bailiff action
Provided you are sticking to your IVA terms, creditors are not entitled to take any legal action against you – including sending bailiffs to visit you.
IVA Disadvantages
Your creditors must agree to an IVA

A high proportion of IVAs proposed are accepted however your creditors do have to agree to an IVA, therefore we can’t guarantee it.

It will affect your monthly budget(s)

An IVA is a formal arrangement, so you do need to comply with the terms for it to work. The monthly payments will be affordable and sustainable but are likely to mean quite a tight budget while the debt is repaid.

It will affect your Credit Score

It will affect your credit score. IVAs remain on your credit file for six years from the date your creditor agrees to it or until your IVA is finished, if it lasts longer than six years meaning that even if you complete it within five years, it will show up on your record for another 12 months.

Your IVA will be listed

Your IVA will be listed on the Individual Insolvency Service register.

You pay fees to your IVA company

You will pay fees to the IVA company, although they will often be factored into your affordable monthly payments.

About IVAs 

An Individual Voluntary Arrangement (IVA) is a legally binding agreement made between the applicant and their creditors to pay back a percentage of their debts. In order for an IVA to be accepted, a number of your creditors must agree to the repayment plan in order to have a successful application.

How exactly does a IVA work?

An IVA allows you to merge multiple debt payments from various creditors into a single affordable monthly payment. These monthly payments will be divided among your creditors. Unlike a Debt Relief Order, an  IVA can protect your mortgage, vechicle and other assets of value when in a plan.

A typical IVA will usually last around five years, and at the end, your debts will be written off and marked paid in full.

An IVA is only available in England and Wales.

Check Your Options