National Debt Advice Service covering the whole UK including Bangor

Freephone Debt Advice - 0800 074 6918

Please note that Money Advice Direct 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.

Bangor, in Gwynedd, North Wales, is one of the smallest cities in the United Kingdom. It is a university city with a large student population. Many of the population speak welsh.

Bangor is largely contained to the south by Bangor Mountain although the large housing estate of Maesgeirchen, originally built as council housing, is to the east of the toe of the mountain near to Port Penrhyn.

The presence of Bangor Mountain casts a shadow across the High Street, Glan Adda and Hirael areas such that from November through to March some parts of the High Street in particular receive no direct sunlight as they lie in the shadow of the mountain.

Some nearby places from Bangor are; Barmouth, Caernarfon, Harlech, Llanbedr, Llanberis, Menai Bridge, Porth Dinllaen, Talsarnau, Trawsfynydd, Aber Tafol, Aberangell Aberdaron, Aberdesach, Aberdyfi, Abererch, Abergwyngregyn

Debt advice in Bangor, Wales

As the economy slips into recession, more consumers in Bangor, North Wales will require debt advice, according to regional debt advice team at Money Advice Direct. According to the advice team, higher mortgage repayments and utility bills are likely to put further strain on consumers in the months ahead, forcing them to seek help to get their finances in order.

The debt advice team has already seen a significant increase in the number of people coming to them for guidance in relation to credit card debt and secured loan arrears and fuel debt. This trend that is likely to continue into the new year.

Bankruptcy Statistics in North Wales

The number of people declaring themselves bankrupt increased by 7% during the third quarter of the year. It was the third quarter in a row the number of people petitioning for bankruptcy themselves has risen.

There are two independent advice services opening on Bangor High Street. The Intercultural Skills Link (ISL), based in T Gwydr and The Greenhouse, Trevelyn Terrace, is offering advice on a wide range of issues including employment law, housing issues, welfare benefits, and consumer rights.

Shelter Cymru, situated in the Job Centre Plus office, is offering debt advice and support.

The debt sessions run every Monday between 10am and 12.30pm and ISL’s advice sessions run every Monday between 4.30pm and 6.30pm. Alternatively call 0800 074 6918 for immediate debt advice

Options for those in debt in Bangor, North Wales

As finance and debt now seems to be a way of life, we would encourage anyone to educate themselves the debt solutions available in the UK. The more knowledge you gain, the more confident you are likely to become at solving your debt problems. The following debt solutions will be of some assistance to you in choosing a way out of debt. If you get stuck call us on 0800 074 6918.

Individual Voluntary Arrangements (IVAs) to clear debt in Bangor

An Individual Voluntary Arrangement more commonly known as an IVA is a legally binding agreement for the satisfaction of debts usually lasting five years. To enter into an IVA, you would usually have to have at least £15,000 of unsecured debt. It is a genuine method of avoiding bankruptcy while still being subject to a formal insolvency procedure. 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.  

Debt Management Plan (DMP) / Informal Arrangement

A Debt Management Plan can be used long term or short term depending on your circumstances and other possible future options. If successful this would probably result in lower or token payments which in turn would mean you taking longer to pay off your debts. Read more about Debt Management Plans here

Administration Orders

To be able to take advantage of this option one or more of your creditors will need to have obtained a County Court Judgement against you. An Administration Order is a court based procedure whereby you make regular payments to the court towards your creditors. Another condition of an Administration Order is that your debts must not total more than £5,000 and you will also need a high enough regular income to make agreed payments. There is no fee payable for an Administration Order however the court will take a small percentage from the money you pay towards its costs.  Read more on Administration orders here

Re-mortgaging / Financing

Re-mortgaging / financing can sometimes be a suitable option for dealing with your debts. However this usually means increasing your overall debt, sometimes substantially. As you may be aware, there are many companies offering these types of deals as an easy option and often claiming their services are free. We strongly advise you obtain advice taking independent financial advice before re-mortgaging or re-financing.

Budgeting

Those concerned with debt are well advised to take the time to learn as much as possible about their monthly living expenses.

• Know the worst! Open all bank statements and bills. List all your debts, large and small.
• Keep a record of what you spend and where you spend it. Knowing how you spend your money will help you control your spending.
• List your monthly/weekly income and expenditure. Can you make any realistic cutbacks to increase the money available for creditors?
• Some debts are more important than others. Work out which are priority debts eg mortgage, rent, utilities, council tax, income tax, fines and maintenance, and which are non-priority debts such as credit cards, store cards and catalogues.
• Tackle credit and store cards! After priority debts, if you have enough money spare, snowball those cards

Case Study from Jennifer O’Hagan, 36 from Bangor

"I was so depressed and living alone with my 3 kids after my husband was tragically killed in a car accident. I was referred to Money Advice Direct by my church advice centre. My debts were £41,000 and I was not even coping to pay the minimum payments. I opted for an IVA and my payments were reduced to £273 per month for 5 years. Thank you so much for helping me."

Where to go for debt help in Bangor?

Don't bury your head in the sand instead contact Money Advice Direct on 0800 074 6918 to get access to freephone, 24 hour debt advice.

Please note that the Bankruptcy-Insolvency.co.uk Debt 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 Money Advice Direct.  

• 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 Money Advice Direct

• 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