It’s never easy when your personal debts start piling up. Staying on top of things can seem impossible and it’s easy to get overwhelmed. Come to Debt Helpline; we can give you IVA, bankruptcy, bailiff and debt consolidation advice.

Every month you may find yourself dreading how you are going to clear your upcoming repayments and still make ends meet by the end of it. You might find you just can’t afford to repay those debts, or you resort to putting yourself in more debt to pay off previous your loans, this ‘solution’ is just a downward spiral as debts will just keep mounting but we can help you out of these tough situations.

We are currently providing help for many people nationwide in arranging affordable repayment solutions for their debt problems. And we always ensure that our solutions leave you with money to live off after paying your creditors. Our services include personal debt consolidations, IVAs, bankruptcy, debt management, debt relief orders and bailiff support.

Debt Consolidation Loans

Consolidate debt into a single repayment and get a chance to have significant savings.

Debt consolidation allows you to consolidate your loans into one monthly repayment. If you have unsecured loans such as overdrafts and credit cards, you might be paying your debts throughout the month at varying rates. With debt consolidation, you can pay off your existing debts at a single rate and one monthly repayment.

How does debt consolidation work?

Consolidating debt involves taking out a new loan to pay off other existing loans. Eligibility for the loan requires someone to:

  • be a permanent resident of the UK
  • be at least 21 years old
  • have a building society account or bank account with a direct debit facility
  • have an annual income of at least £6,000
  • have not been declared bankrupt or had an IVA or CCJ in the last six years

What are the pros and cons of consolidating debt?

Debt consolidation loans can be a great solution for many people, but it isn’t the best option for everyone. Consolidating debts has financial benefits, but it also comes with financial risks. Below are the advantages and disadvantages of this option.

The Advantages of Consolidating Debt

Easily manage your debts and your budget.

Consolidating your debt reduces your monthly payment into one payment, allowing you to easily keep track of what you have to pay every month. This can help you manage your budget, as it is much easier to stay organised. You no longer have to worry about who you should pay first and how much you should pay them.

Get a much lower interest rate.

Since your debts are consolidated into one repayment, the interest rate you are paying is down to one, giving you a chance to save hundreds and possibly thousands. Interest rates that come with debt consolidation loans are usually low.

Pay off debt sooner.

With a low-interest rate, debt consolidation gives you a chance to pay off debt faster since your money is significantly reducing your actual credit instead of the interest. This allows you to clear the debt in a few years instead of spending decades paying off debt on a minimum payment schedule.

Avoid credit damage.

Since you only have to make one monthly payment, it is easier to stick to a schedule and avoid the potential credit score damage of missed or late payments.

The Disadvantages of Consolidating Debt

You can get tempted to spend more or get into more debt.

Consolidating debt frees up more money. This sometimes tempts people to spend more or use their other credit cards. Taking on new credit before eliminating consolidated debt is highly risky and must be avoided.

You can damage your credit and face penalties if you miss payment schedules.

Having a consolidated debt requires one to stick with the payment plan and schedule. Missing payments can damage your credit history and score and can incur penalties.

Is debt consolidation right for you?

If you still can’t decide, Debt Helpline experts can help. For debt consolidation advice, talk to our friendly advisors today

Individual Voluntary Arrangement (IVA)

Breaking free from the cycle of mounting debt with an Individual Voluntary Arrangement (IVA) from Debt Helpline.

An IVA Is effectively there to help a person get back in control of their debt and move on with their lives. Debt Helpline will be with you every step of the way, we offer uncritical advice and guidance, making the process as hassle-free as humanly possible.

Through us you will also receive your own personal debt adviser to ensure you get all the support you need through every stage of the process.

An Debt Helpline IVA can help you:

  • Reduce stress by preventing creditors from legally contacting you.
  • Understand different debt solutions available to you.
  • Take control of your money again
  • Make sure you have enough to pay bills not included in the IVA, like mortgage, rent and council tax.

What is an IVA?

An IVA is effectively a formal, legal agreement between you and your unpaid creditors. The agreement works with you paying monthly sums of money towards clearing your debt over a mutually agreed upon set of time (usually around 60 months). Once this time period is up, and your payments made over the required number of months, your debts covered by the IVA will be cleared.

If we believe that an IVA might not be the best solution for your specific situation, then you’ll receive an explanation as to why we think this and we will provide you the best possible advice on other options you may want to pursue instead. Only pay what you can afford with any unpaid debt written off.

Only pay what you can afford with any unpaid debt written off.

For more questions on IVA’s benefits and applicants’ eligibility, view our IVA page.

Debt Solution Alternatives

Alternative debt solutions are available. It’s important that you find one that matches your personal circumstances. We aim to provide you with the best quality information and advice to allow you to make informed decisions about your debt future.

Bankruptcy is a form of insolvency and is normally only suitable for those people who can’t pay their debts back within a reasonable time period. Declaring yourself bankrupt can be damaging in lots of ways, but for people with severe debt problems it can be the only viable solution. You are usually released from debts after 12 months. Bankruptcy should only really be considered as a last resort. You will lose control of assets and bankruptcy can adversely effect certain professions.
Find Out More About Bankruptcy
Unlike an IVA, a Debt Management Plan is an informal arrangement with your creditors to reduce payments to an affordable level. Interest and charges may be stopped or reduced as a goodwill gesture only, and in all cases the plan will continue until all your debts have been repaid in full. Furthermore your assets may be at risk of creditor enforced action. Debt management companies offer debt management plans for a monthly fee, but you can secure a free Debt Management Plan through debt charities such as StepChange.
Find Out More About Debt Management Plans
A Debt Relief Order is a simpler and quicker alternative to bankruptcy, lasting for 12 months. It is suitable for those people who owe less than £20,000, have few or no assets (less than £1000 and not a home owner) and have disposable income of less than £50 per month. When the 12 month period ends all of your debts are written off.
Find Out More About Debt Relief Orders
The Money Advice Service (MAS) is a government institution providing free, impartial money advice. See or call them free on 0300 500 5000 StepChange is a registered charity that can help you escape debt. Visit or call free on 0800 138 1111.
Find Out More About Debt Help Services

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

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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
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