IVA debt Solution

We offer confidential debt advice to get you debt free (subject to terms and conditions)

When you contact Money Advice Direct, you will be given a dedicated case adviser who will offer confidential and non judgmental debt advice to get people debt free (subject to terms and conditions). The debt adviser will go through all the UK debt solutions with you to see how we can help you. You can then make an informed decision on what you should do.

All services provided by Money Advice Direct to individuals and households are without obligation. To contact an advisor call 0800 074 6918. Alternatively complete an online enquiry form and an advisor will call you back at the time that you specify.

Life can often cause unexpected circumstances which can cause debt problems. The UK Insolvency Helpline provides a debt advice service to help anyone has a debt problem in £pounds sterling. The debt solutions and service offered is a complete service and is confidential and non-judgemental, and provides advice about any debt solutions.

Not only can The UK Insolvency Helpline give you advice but we can also get involved by negotiating with your creditors, putting a stop to the harassing correspondence and by offering IVA debt solutions. We are also able to represent you in court should this be necessary.

If you need more information on our debt solutions please call 0800 074 6918

Debt Solutions from Money Advice Direct

The UK Insolvency Helpline is the UK’s largest debt solutions organisation. The debt advice team is able to offer a range of debt management solutions to help you clear personal debt.

Please find below a list of debt solutions available if you have serious debt problems. Please note that the most popular solutions are the IVA, Debt Management and Bankruptcy. Please read a brief description of each procedure and if you would like to get further advice on which debt solution is most suitable then please call 0800 074 6918 to speak to a member of the debt advice team.

Individual Voluntary Arrangements (IVA) - Debt Solutions to clear personal debt over £15,000

The IVA debt solution is a formal alternative for individuals wishing to avoid bankruptcy.

The IVA debt solution was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor's creditors via an Insolvency Practitioner. Usually (but not necessarily, IVA debt solutions compromises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged. IVA debt solutions are ideal if you have been refused loans to clear personal debt.

An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own personal circumstances; they can therefore be based on capital, income, third party payments or a combination of these. An IVA is ideal alternative to personal bankruptcy to clear debt.

Creditors take a decision at a creditors' meeting called to consider the IVA debt solution proposal. The return to creditors is often higher than they would receive in personal bankruptcy. A vote is taken - by value. More than 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved. If any of those voting are 'associates' (usually business associates, friends and family) then a second count is taken and 50% of non-associated creditors must approve it

. If you need more information on our debt solutions please call 0800 074 6918

Debt management plans – Debt Solutions to clear personal debt over £2000

Please don’t panic if you have been refused credit or loans in the UK you can still clear personal debt with a debt management plan. If you have enough money left over after paying your priority creditors and essential expenses, you may be able to arrange a debt management plan.

A debt management plan is a debt solution arrangement with your creditors to pay back the personal debt by regular installments. Instead of you speaking to your creditors yourself to arrange the plan, a Debt Management Company does it for you. Usually you have to pay for this service although there are some Debt Management Companies who will do this for free.

The advantages of using a Debt Management Plan as debt solutions are that:

You make only one payment under personal debt management.
The monthly amount is divided fairly between all your creditors.
You don’t have to contact your creditors yourself, under debt management, this is done for you.
Debt management is a strong alternative if refused a loan in the UK.

If you need more information on our debt solutions please call 0800 074 6918

Protected Trust Deeds - Debt Solutions to clear personal debt in Scotland over £8,000

The Protected Trust Deed (PTD) is a formal arrangement that is used in Scotland where a consumer debtor grants a ‘deed’ in favour of the trustee which transfers their assets to the trustee for the benefit of creditors.

Provided certain conditions are met, the Trust Deed may be registered as “protected”, thereby preventing creditors from petitioning for the debtor’s sequestration.

The main advantage of entering into a trust deed are that it takes the personal pressure off as all correspondence and the Trustee will handle all of the communications from a persons creditors.

If you need more information on our debt solutions please call 0800 074 6918

Bankruptcy - Debt Solutions to clear personal debt over £750

Bankruptcy is one if the debt solutions that often has to be considered when an individual cannot clear their personal debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order. If you have been refused loans to clear debt then bankruptcy may be the only option.

Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.

Please note that if you are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible such as the Individual Voluntary Arrangement procedure (IVA Debt Solution).

If you need more information on our debt solutions please call 0800 074 6918

Budgeting and Debt Advice – Quick Advice Guide

Please find below some basic personal finance rules to keep you debt free to avoid falling into the debt trap..

Try to budget as much as possible

The principles of budgeting are simple, but may be hard to put into practice. There is plenty of advice available, all based on the same simple guideline: do not spend more than you can afford. If you analyse your expenses and needs, you can plan your spending to make your money last until the end of the month. If you know how much you spend and where you spend it, you are less likely to fall behind on any payments that you may owe.

Avoid Credit cards, store cards and store credit

Items people should save up for including holidays, a new TV, a car, clothes, shoes and electronic goods are still bought on credit with borrowed money. People love to treat themselves, but this trend of buy not pay later is getting the UK into serious debt.

Credit cards and store cards are useful when you can’t find a cash point machine, but relying can lead to serious debt problems. With credit card interest rates as high as 30 %, a simple shopping spree could cost you dearly if you cannot afford to pay the balance off.

With property prices being so high, do be ashamed to rent your home

Consider renting your home. Everyone has heard the saying, “A man’s home is his castle”. This means, you are the boss in your own house and nobody can tell you what to do there and no one can enter your home without your permission. Please note that times are changing and so are attitudes in the UK. In theses times of high property prices, renting is now a good choice, especially in the knowledge that monthly rent is fixed.

Get debt advice as early as possible

If you're struggling with debts there are lots of places you can turn to for help. Money Advice Direct offers non-judgemental confidential debt advice over the phone or in person. As well as helping you come up with a strategy for coping with your repayments, the debt advice team may also deal with lenders and other creditors on your behalf.

Keep an eye out on what you are spending

Spend less on things you don't really need and use the money you save to start paying off your debts. Keep a tally of your spending for a month and see what you could save. If you spend £3 a day on your lunch at work, you could save £50 a month by making your own sandwiches. By not having one cup of tea in your local cafe less a day could save you £450 a year.

Remember that your debts are you responsibility

Burying your head in the sand and hoping your debt problems will disappear on their own will only make matters worse. Open every piece of mail you receive and if you are not able to pay that particular bill get debt advice as early as possible. No else can start the debt solution process other than you

To discuss your financial worries please call The UK Insolvency Helpline and ask to speak to a member of our debt solutions team who will be happy to discuss personal debt problems and help decide the best debt solutions to choose.

If you need assistance you can either ring 0800 074 6918 or apply for debt solutions online at www.insolvencyhelpline.co.uk using our ONLINE FORMS.

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IVA's

The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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IVA debt Solution

We offer confidential debt advice to get you debt free (subject to terms and conditions)

Debt Solutions from Money Advice Direct

Individual Voluntary Arrangements (IVA) - Debt Solutions to clear personal debt over £15,000

Debt management plans – Debt Solutions to clear personal debt over £2000

Protected Trust Deeds - Debt Solutions to clear personal debt in Scotland over £8,000

Bankruptcy - Debt Solutions to clear personal debt over £750

Budgeting and Debt Advice – Quick Advice Guide

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