Debt Management For Business And Individuals

At Debt Helpine, we’ll help you reduce your debts. Find out if you’re eligible for our debt management program.

Did you know you can...

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Find a solution to you business debt worries
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Save your business with a rescue plan
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Secure COVID-19 funding, grants and loans
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Prevent the loss of your business or dissolve it with help
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Write off all of the debt you can’t afford
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Clear your debts in 60 months or less
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Consolidate debts to one lower, affordable monthly payment
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Prevent or stop legal action, including bankruptcy

Debt Management For Business And Individuals

At Debt Helpine, we’ll help you reduce your debts. Find out if you’re eligible for our debt management program.

Did you know you can...

tick
Find a solution to you business debt worries
tick
Save your business with a rescue plan
tick
Secure COVID-19 funding, grants and loans
tick
Prevent the loss of your business or dissolve it with help
tick
Write off all of the debt you can’t afford
tick
Clear your debts in 60 months or less
tick
Consolidate debts to one lower, affordable monthly payment
tick
Prevent or stop legal action, including bankruptcy

Debt Solutions

Debt is a growing concern for many and knows no social boundaries: It can affect anyone and everyone. Debt Helpline prides itself on providing the best personal and business debt advice and offers debt management help that allows you to regain control of your finances.

Debt Helpline is an independent, industry-leading firm of Licensed Insolvency Practitioners specialising in debt advice and solutions for those who have run into financial difficulties. Our advisors are experienced and friendly and no matter how bad you think things have got, we can help you find a solution. We offer constructive, practical advice and operate nationwide.

Most consultations can be conducted over the phone and in some cases, the initial phone call will be enough for you to solve your debt problems. For any enquiries, do not hesitate to give us a call.

Personal Debt Help

If debt problems have been causing you sleepless nights, it’s time to regain control. Contact one of our helpful advisers for an informal chat. One debt management plan which can help you with personal debt that has gotten out of control is an IVA.

Individual Voluntary Agreements - IVAs

An IVA can be a great solution to help serious debt problems, and a genuine alternative to bankruptcy

Individual Voluntary Agreements are designed for people who would otherwise have no choice but declaring bankruptcy. Since they were introduced in 1986 as part of the Insolvency Act, they have become a widely utilised solution for people to solve their debt problems.

How do IVA's work?

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to repay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who then divides the money between your creditors. An IVA can give you more control of your assets than declaring bankruptcy.

An IVA agreement is typically arranged over five years. However, in some cases the IVA may involve making a one off lump sum payment to your creditors, usually raised from assets such as equity in your home. If the payments you make aren’t enough to pay your debts in full by the end of your IVA, you won’t have to pay the rest. In all cases we will carry out an assessment of your finances and recommend what will be the best option for you.

Benefits Of An IVA

Some of the benefits of an IVA agreement are:

  • It is legally binding - your creditors have to stick to it and can't chase you for the debt once the IVA agreement is in place.
  • It is time limited and you only have to make repayments while the IVA is in place
  • Creditors usually accept you'll only pay part of the debt

An IVA might help you if:

  • Your debts total more than £10,000 - you can get an IVA if you owe less, but due to the fees, there might be better options.
  • You have 2 or more creditors
  • You don't want to deal with your creditors directly
  • you have enough money to make IVA payments every month. We can advise you on all aspects of IVA help.

An IVA can be flexible - if you don't meet all of these criteria, you might still be able to get an IVA. View our IVA page for more information

Declaring Bankruptcy

Before the introduction of IVAs , Bankruptcy was often the only option available to those with serious debt problems.

Declaring Bankruptcy typically means being discharged from your unsecured debt (apart from Student Loans) and in twelve months, you can start afresh. However, it is possible that you must pay a proportion of your disposable income each month (known as an Income Payments Agreement), when entered into voluntarily, or an Income Payments Order, (when obtained from a court by the Official Receiver or Trustee) for a period of up to three years.

Declaring Bankruptcy has a number of serious legal and professional implications which must be considered before any decision is made. For example, you are unable to work in some types of jobs as an undischarged Bankrupt. Learn more about filing for bankruptcy in the UK in our bankruptcy section.

You can sometimes be forced into bankruptcy if your debts are over £5,000 and you have frequently missed payments, or if you have broken the terms of an IVA agreement. Some people choose to declare bankruptcy themselves but you need to explore all other options very carefully first.

If you need advice on Bankruptcy, there’s no need to wait or book an appointment, our advisers are available to chat on 0333 300 3490

Debt Consolidation Loans

Debt consolidation is the process whereby a single, larger loan is taken out to pay off multiple smaller debts.

This can either be through secured borrowing against an asset, such as a property, or through further unsecured borrowing (which tends to be more expensive). The rationale behind consolidating debts is to secure a lower rate of interest, so that the borrower has only one, lower monthly repayment to make.

However, if you are considering this kind of Debt management plan, you need to make sure that you are comfortable, not only with the monthly repayments, but also with the repayment term (which will typically be longer than your existing credit commitments) and the total amount that you’ll be paying back (which will be more than the amount you currently owe). Generally, consolidation loans should only be considered by people with good credit histories and a relatively high proportion of high interest debt (such as store and credit cards).

Take your first step towards being free of debt today - Find Out If You're Eligible

or

Call us free today 0333 300 3490

Business Debt Advice

If your business is struggling financially and you are feeling the pressure, we have years of experience in helping business owners with debt advice and helping them solve their financial problems.

Many businesses have been left floundering in the wake of the ongoing covid-19 pandemic which is why our expert advisers are here to help you get back on your feet. Our expert team of business rescue professionals can advise you no matter where in the UK you are, and regardless of the problems your business is currently facing. Don’t hesitate to get in touch.

Whether you are a sole trader, small business owner or a company director, we can help you review all the options available so you can find the right debt management plan for you.

We specialise in:

Take your first step towards being free of debt today - Find Out If You're Eligible

or

Call us free today 0333 300 3490

Call Us - 0333 300 3490
Find out if government legislation could help write off your unaffordable debts now!
  • Write off all of the debt you can’t afford
  • Clear your debts in 60 months or less
  • Prevent or stop legal action, including bankruptcy
  • Consolidate debts to one lower monthly payment
GET STARTED TO BECOMING DEBT FREE
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