Debt Solutions

Individual Voluntary Arrangement (IVA)

An IVA is a formal solution that may help you resolve your debt problems. This is typically a 5 year plan that entitles you to pay one affordable payment each month back to your creditors. We have broken down below the advantages and disadvantages of an IVA.

One Monthly Payment
Wrap all your unsecured creditor repayments into one
Write off up to 81% of your debt
Providing you keep up with your affordable payment for the duration of the plan, any debt included in the IVA will be written off
100% Legal Protection
We understand how stressful the harassment from creditors can be, an IVA will provide you with complete protection. Your creditors will not legally be able to contact again aside from annual statements
Interest and Charges
All interest and charges currently being added to your debt will be automatically frozen if the IVA is approved
Credit rating can be effected
An IVA will stay on your credit file for 6 years
Insolvency Register
Your details will be added to the Individual Insolvency Register
Failure of IVA
If your IVA fails, you could be subject to bankruptcy
Creditor Rejection
For an IVA to be approved you need 75% of your creditors, in value, to accept it
Homeowners
1. homeowners may need to release equity from the value of their homes to pay off debts, and that a remortgage may attract higher interest rates or, if no remortgage is available, an individual voluntary arrangement may be extended for 12 months; 2. there are restrictions on the expenditure of a person who enters into an individual voluntary arrangement
Debt Management Plan (DMP)

A Debt Management Plan is an informal solution that offers a number of benefits to help manage your debt. See below the advantages and disadvantages of this solution:

One Monthly Payment
Wrap all your unsecured creditor repayments into one
Reduce Creditor Contact
Although a DMP can't guarantee protection from creditors it will take away a large amount of the contact you'll receive
Interest and Charges
Again a DMP can't guarantee to stop the interest and charges however in many cases these can be frozen
Credit Rating
As you are reducing your payments to your creditors, your credit rating may still be affected
Debt Duration
Due to the lower amount you're paying back to your debts, you may find it very difficult to become debt free for a long period of time
Your Home
Your home and assets are not protected from creditors

Free Debt Help

All products and services discussed are subject to eligibility and fees will be applied by our partners for the service provided. Free help and advice can be obtained from Money Helper or Citizens Advice

 

Debt Relief Order (DRO)

A Debt Relief Order is a formal solution designed to assist people who may have a low level income and few assets of value. Like with all debt solutions there is a strict criteria for a DRO so please ask one of our advisors for more information. The criteria for a DRO requires a disposable income of £75 or less, a maximum debt level of £30,000 and no assets over £2,000. Below are a list of advantages and disadvantages to this option

One off fee
You are required to make a one-off payment of £90, no further payments are required for the remainder of the plan
Short Term Plan
Unlike other solutions offered, a DRO only lasts for 12 months
Debt Free
At the end of the plan your debts are written off
Interest and Charges
All interest and charges are frozen
Credit Rating
A DRO will stay on your credit file for 6 years
Insolvency Register
Your details will be added to the Insolvency Register and on your credit file for 6 years
If Unsuccessful
If your application for a DRO is unsuccessful you won't be able to apply again for another 6 years
Bankruptcy

Bankruptcy is a formal solution that is designed to assist people who can't repay their unsecured debts. This may be considered the last resort if any other solution is not viable. The fees for bankruptcy are £680 (£647 Northern Ireland), additional fees may also be applicable. If you're considering this option, again our advisors will discuss this in more detail with you. We've broken down the advantages and disadvantages below

Include Unsecured Debts
You can include most unsecured debts into this solution *please ask our advisers for any debts that may be exempt
Interest and Charges
All interest and charges being added to your credit will be frozen
One off fee
You will only pay one fee and this can be broken down into installments
Credit Rating
Bankruptcy will stay on your credit file for 6 years
Your Home
If you own a property it may be used as an asset to pay your debt and be sold
Employment
Your job may be affected by bankruptcy, check with your employer before making any decision on this
Insolvency Register
You will appear on the insolvency register for typically 12 months and this will remain on your credit file for 6 years

CONTACT INFO

  • UK Debt Advisors Limited
    The Blue Office, Woodland Granaries Narrow Lane, Wymeswold, Loughborough, England, LE12 6SD
  • 01509 380015
  • info@ukdebtadvisors.co.uk
  • www.ukdebtadvisors.co.uk

UK Debt Advisors Limited is registered in England & Wales, registered company address: The Blue Office, Woodland Granaries Narrow Lane, Wymeswold, Loughborough, England, LE12 6SD company registration number: 11965980 Information Commissioner’s Office registration number: ZA523512

UK Debt Advisors Ltd are an appointed representative of Superior Insolvency Solutions Ltd, who are authorised and regulated by the Financial Conduct Authority. UK Debt Advisors Ltd FCA reg no: 922142

All products and services discussed are subject to eligibility and fees will be applied by our partners for the service provided. Free money help and advice can be obtained from the Money Helper or the Citizens Advice Bureau

 

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