Advice about Debt
Call Freephone 0800 074 6918 for confidential and ethical debt advice
Money Advice Direct provides 24 hours freephone confidential and ethical advice on how to deal with debt problems.
So that we can provide you with the best possible advice, we need you to tell us which country you are living in. This is because the laws concerning debt vary depending on whether you live in England & Wales or Scotland. You can be confident that the advice you're looking for is targeted to you.
The debt advice provided by The UK Insolvency Helpline enables people in serious debt to get advice on various debt solutions ranging from Bankruptcy to an IVA (Individual Voluntary Arrangements), debt management plans and bankruptcy.
Money Advice Direct is an established provier of debt advice providing non-judgemental, confidential advice about getting debt free (subject to terms and conditions). Our fully trained advisers will help ensure you are provided with the best advice for your particular situation.
Finding comprehensive debt advice for you.
Bt contacting Money Advice Direct you can get reliable advice about debt solutions. Every person that calls the service in debt is allocated a dedicated case adviser. The debt advice service exists to help people suffering debt problems get out of personal debt.
What advice about debt is available?
Individual Voluntary Arrangements (IVA)
Individual Voluntary Arrangements (IVA) for debt managment help for debts over £15,000. An IVA is a formal alternative for individuals wishing to avoid bankruptcy.
The IVA was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor's creditors via an Insolvency Practitioner. Usually (but not necessarily) the IVA compromises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged. An IVA is ideal if you have been refused loans to clear debt.
An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances; they can therefore be based on capital, income, third party payments or a combination of these. An IVA is ideal alternative to bankruptcy to clear debt.
Creditors take a decision at a creditors' meeting called to consider the IVA proposal. The return to creditors is often higher than they would receive in bankruptcy. A vote is taken - by value. More than 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved. If any of those voting are 'associates' (usually business associates, friends and family) then a second count is taken and 50% of non-associated creditors must approve it.
Debt management plans
Please don't panic if you have been refused credit or loans in the UK you can still clear debt with a debt managment plan. If you have enough money left over after paying your priority creditors and essential expenses, you may be able to arrange a debt management plan.
A debt management plan is an arrangement with your creditors to pay back the debt by regular instalments. Instead of you speaking to your creditors yourself to arrange the plan, a Debt Management Company (DMC) does it for you. Usually you have to pay for this service although there are some DMCs who will do this for free.
The advantages of using a Debt Management Plan are that:
You make only one payment under debt management. The monthly amount is divided fairly between all your creditors you don’t have to contact your creditors yourself, under debt management, this is done for you. A debt management plan is a strong alternative if refused a loan in the UK.
Trust Deeds for debt management help in Scotland over £8,000
The Protected Trust Deed (PTD) is a formal arrangement that is used in Scotland where a consumer debtor grants a ‘deed’ in favour of the trustee which transfers their assets to the trustee for the benefit of creditors.
Provided certain conditions are met, the Trust Deed may be registered as “protected”, thereby preventing creditors from petitioning for the debtor’s sequestration.
The main advantage of entering into a trust deed are that it takes the pressure off as all correspondence and the Trustee will handle all of the communications from a persons creditors.
Bankruptcy for over £750
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order. If you have been refused loans to clear debt then bankruptcy may be the only option.
Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.
Please note that if your are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible such as the Individual Voluntary Arrangement procedure (IVA).
By simply calling 0800 074 6918 you will access all the information and advice available from a well established debt advice providers.
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IVA's
The IVA Guide
Money Advice Direct 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 Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]