We Provide the Best Debt Management Advice
Debt Helpline prides itself on providing the best advice in a completely transparent debt management program. Our team of specialist debt advisors will never judge you on the extent of your debt. We always understand clients’ financial status in a non-judgmental manner. At Debt Helpline, you’ll find the ideal solution that allows you to regain control of your finances.
Our goal is to provide clients with a complete debt advice line by offering front-end advice that leads you to the proper solutions. After considering our advice and taking advantage of our debt management program, you can quickly put your financial worries behind you. Most of our consultations can be conducted over the phone. For some cases, it is possible that the advice offered in the initial phone call will be enough for you to solve your debt problems.
With Debt Helpline, there is always a solution to your financial worries. For any enquiries, do not hesitate to give us a call.
Get started to becoming debt free
Complete this step with the total amount of debt and the number of creditors that you owe.
Please let us know how much money you take home after tax and your employment status.
If you have qualified for Debt Help, simply provide your contact details and one of our advisors will contact you.
An IVA can be a great solution to serious debt problems, and a genuine alternative to bankruptcy
Individual Voluntary Agreements are designed as an alternative for people who would otherwise have no choice but to declare bankruptcy. Since they were introduced in 1986 as part of the Insolvency Act, they have become a widely used solution for people to solve their debt problems.
Individual Voluntary Agreements - IVAs
An IVA can be a great help to those with 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 help 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
- Your debts total more than £10,000 - an IVA might help 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
What are the disadvantages of an IVA?
- If you are a homeowner and your property has equity in it, you’ll need to try to re-mortgage which could result in an increased interest rate.
- Your credit rating will be affected.
- Only the unsecured debts included in your IVA will be written off at the end of the agreement.
- Your IVA will be recorded on a public register.
Can an IVA affect my credit rating?
An IVA will have an impact on your credit rating as it will show on your credit report for six years after it has been approved. However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will be offered a fresh start to begin rebuilding your credit rating.
In most cases entering an IVA won’t affect employment. However, in certain professions, such as accountants and solicitors, having an IVA may mean that you can no longer practice or you may only be able to practice under certain conditions.
Debt Help FAQ's
Don't know what an IVA is or want to find out more we have listed a few of our most commonly asked quesitons
- Single person households with debt under one name.
- Married/Cohabiting people with debt in joint and single names.
- Business owners and self employed people.
- Homeowners with one or more houses.
- Tenants.
How do I arrange an IVA?
The first step is to speak with one of our specialist advisors who will gather information about your circumstances, including how much you can afford to pay to your creditors each month. If an IVA appears to be the best option, we will draft your case and appoint one of our Insolvency Practitioners to act on your behalf. Complete our no obligation debt helpline form today and move one step closer to a debt free future.
What Happens Next?
Once the IVA is agreed, your Insolvency Practitioner will supervise the arrangement and make sure things run smoothly but we will also take an interest in the case and will keep you up to date at all times on the progress. An IVA can help you avoid declaring bankruptcy, but you need to keep making the payments. It is therefore very important that we know the true extent of your debts – we need you to be completely honest with us about your financial circumstances, that way we can do our best for you and get the right settlement for you. .
More Comprehensive Debt Management Solutions
Our debt management agency proudly provides various comprehensive programs to help you clear your debts. We can further discuss each option to help you make informed decisions. Our debt management services include:
Personal Debt Assistance
We offer several personal debt services to help you get back on a sound financial track. We can help you with:
Bankruptcy
Filing for bankruptcy can help you write off debts you can’t afford and clear all your debts in 60 months or less. It prevents or stops legal action against you and can help you start a new life.
Bankruptcy, of course, is not to be taken lightly and should be given due consideration. We can help you explore bankruptcy’s pros and cons and if it is right for you. If you’ve determined that claiming bankruptcy is the best option for you, we can guide you through the process.
Bailiff Assistance
We can help you if you are facing bailiff action. If you receive notice from a bailiff company, you can contact us to negotiate with them and prevent a visit. If they’re already at your home, you can have us deal with the bailiff and credit owner to stop their current activity.
Our bailiff assistance does not end there as we help clients find long-term solutions to their financial concerns. Our advisors and insolvency practitioners will help you fully assess your current financial situation, come up with an affordable payment plan and negotiate with your council or creditor. Not sure which option is best for you? Think of us as your personal debt solution finder. Contact us today, and our friendly advisors will gladly help.