Debt Help

Statute barred debts, an essential guide

What does statute barred mean? Statute barred means that after a period set out in law the creditor can no longer resort to court proceedings to recover a debt. The creditor is just

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Rent Arrears Debt Help & Advice

When you rent a home you are paying your landlord for the use of their property. You both agree that you can stay in the property for as long as you continue to

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Dealing with debt for renters

Debt is a worry for anyone. As 2020 has shown for so many people, our circumstances can change quickly and in ways that we could not foresee. Debt which was manageable can quickly

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Income Tax Debt Help & Advice

What happens if I owe HMRC money? Contact HMRC as soon as possible if you receive a bill from them that you can’t pay. You will need to agree on a payment plan

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Credit Card Debt Help & Advice

Debt can feel like a heavy burden but is important to remember there are always options for dealing with your credit cards. What happens if I can’t afford to pay my credit card

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Gambling debt help & advice

Gambling involves the wagering of money on an entertainment or sporting event with an uncertain outcome. The intent of the gambler is to win cash or goods but often it doesn’t have a

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Council Tax debt help and advice

Council tax is a payment made to your local council which helps to pay for local services, such as road maintenance and lighting, rubbish collection, schools and other similar services provided. Council tax

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Personal Loans Debt Help & Advice

What’s the difference between unsecured loans and secured loans? If you are considering taking out a loan, you will have a choice between an unsecured loan and a secured loan. A secured loan

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Klarna pay later debt help & advice

Klarna is a company offering a “buy now, pay later” service. It works by giving customers shopping online the option to purchase their goods without paying the whole price upfront. If you were

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Frequently Asked Questions about needing Debt Help

What is the best way of dealing with my debts?

If you are struggling with debts that are impacting you or your families quality of life then simply put, its time to put yourself first and make some clinical and calculated financial decisions. If you are being chased by collections agencies or have bailiffs banging on the front door, its a terribly stressful situation and no way to live. Our simple advice to anyone in this situation is seek the route that most easily takes away the stresses of being chased for debts and allows you to enjoy more of your income. Our priority is helping you find a solution that creates a buffer between you and your debts.

What is an IVA?

Depending on your circumstances you might be eligible to take out a Government approved scheme for reducing your monthly debt payments and writing off up to 90% of your debts at the end of the scheme. Your creditors have to agree and you must have more than £6000 of debt and enough income to be able to meet your new agreed payment. Read our guide to IVA’s for more details

Is an IVA worth it?

That’s going to depend on your individual circumstances and whether or not the various pro’s and con’s of an IVA are worth it for you. For most people who simply cannot carry on with debt that has become unmanageable, being able to reduce payments down to an agreed fixed amount that you can certainly afford, and at the end of the fixed period having the bulk of your debts written off is certainly worth it. However, careful consideration needs to be given to other solutions such as Bankruptcy, Debt Management Plans or Debt consolidation loans or mortgages. Everyone is different so you must put yourself and your needs first.

How does an IVA work?

An Individual Voluntary Arrangement, or IVA, is a formal, legally binding debt solution, which is a form of insolvency. It must be administered by a licensed Insolvency Practitioner. As an alternative to becoming Bankrupt, It allows you to potentially write-off up to 90% of your existing debts, based on what you can reasonably afford to repay. The exact amount will vary depending on your personal circumstances, and who you choose to arrange your IVA.
An IVA commits you to monthly repayments over 5 or 6 years, which are distributed among your creditors. Any debts remaining after this period will then be written off. The payments will take into account your monthly income to ensure that the IVA is realistic and affordable.