IVA & Debt Advice covering the entire UK including Wells on Freephone 0800 074 6918

Freephone IVA and debt service covering the whole UK including the Somerset area

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.

According to the debt advice team at Money Advice Direct the residents of Wells in Somerset owe on average more than £20,000 on credit card debts. Concerns have also been raised about the number of clients in Wells with 10 credit debts or more.

The average debt per case dealt of a resident of Wells, Somerset has rocketed to £35,000 - more than treble the amount it was three years ago. These debts are generally made up of credit cards, store cards and unsecured loans. Debt advice cases about redundancy and single parenthood are increasing by 36% the each year.

It is a tremendous concern and is a sign that the recession is deepening. People who never expected to be made redundant, who could never have foreseen being out of their job, are facing arrears. The majority are coming in with secured loans and mortgage debts and demand is continuing to increase all of the time.

Money Advice Direct’s workload has increased by 20 per cent in the last year and we have certainly seen a difference in the last three to six months. Debt advice Staff at the team covering Wells predict they will be able to see over 2,000 extra clients a month for the foreseeable future. The debt advice team has stated that those with such high levels of debt have no realistic hope of paying them off in their lifetime unless they consider an IVA, Debt Management Plan or Bankruptcy.

• IVA Explained - The IVA or Individual Voluntary Arrangement provides an opportunity a person struggling with unsecured personal loans or credit card debts of over £17,000, owed to at least 3 creditors, an opportunity to make a payment proposal to their creditors. An IVA is like a shield that protects people in Wells from Bankruptcy. An IVA is the legal binding arrangement between the debtors and creditors to pay off the debts according to the repayment capacity of the debtor. The average IVA debtor owed £47,800, however, this hides a wide spread of debt levels ranging from around £20,000 to more than £100,000. Read more about the IVA here.
• Debt Management Explained - A debt management plan could be the ideal way of turning your loan, credit card, store card and overdraft payments into one affordable, single monthly payment, helping you pay off your debts – and get on with your life (subject to terms and conditions). To apply for a Debt Management Plan click here.
• Bankruptcy Explained - While consumers will fight to keep their jobs and their family homes, for those who lose both and have substantial debts there is often little reason not to declare themselves bankrupt. If your debts are particularly high and / or your income is low, you may need to consider making yourself bankrupt. Bankruptcy is a legal process that will share out your assets fairly among your creditors, so you can write off your outstanding debt and make a fresh start. Read more about Bankruptcy

The most common reasons for the deepening debt crisis in Wells, Somerset are:-

• Low income
• Over spending
• Job losses
• Illness
• Disability.
• Irresponsible lending
• Poor financial skills
• Big increases in the cost of living especially on petrol, energy, water and Council Tax

As people on low and moderate incomes are struggling to make ends meet at a time of increasing uncertainty about the security of their jobs and incomes, access to reliable, high quality, confidential and non-judgemental advice has never been more vital.

Do you live in Wells, Somerset?

Money Advice Direct national debt advice team covers the entire UK including the following areas of Wells and Somerset:-

Axbridge • Bath • Bridgwater • Bruton • Burnham-on-Sea • Castle Cary • Chard Cheddar • Clevedon • Crewkerne • Dulverton • Exmoor • Frome • Glastonbury Highbridge • Ilminster • Keynsham • Langport • Martock • Midsomer Norton Minehead • Nailsea • Porlock • Portishead • Radstock • Shepton Mallet • Somerton Street • Taunton • Watchet • Wedmore • Wellington Wells • Weston-super-Mare • Wheddon-Cross • Wincanton • Wiveliscombe • Yeovil • Somerset • Bath • Wells

If you live in Wells or any other part of Somerset or anywhere in the UK then TAKE ACTION NOW

Now is the time to start to address your debt problem, before it spirals out of control. Call us now on 0800 074 6918 to discuss your situation in the strictest confidence, or send us a confidential enquiry online.

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