Debt Solutions

When your debt starts to get out of control, it is important that you find a solution that is right for your circumstances. One Advice can offer you free advice and information on a number of debt solutions available, including:

  • Debt Management: An informal agreement with your creditors where you make one low monthly payment to your debt.
  • IVA: The only debt solution that can write off part of your debt, without declaring you bankrupt! An IVA is a legally binding creditor agreement where the you pay a fixed monthly payment for 60 months, then any unpaid debt is written off.
  • Trust Deed: The equivalent to an IVA for residents of Scotland.
  • Bankruptcy: An extreme debt solution. If you are thinking about declaring yourself bankrupt, please contact One Advice to see if there is another solution.

To help you understand the debt solutions in more detail, simply fill in the enquiry form so that we can contact you or call us on 0800 048 1752.

Debt Solutions Comparison:

Below you will see a simple table detailing the features and benefits of the four main debt solutions. Put simply, the more ‘Yes’ answers the better!

 Debt ManagementIVAConsolidation LoanBankruptcy
Will my debts be cleared within an agreed period?NoYesYesYes
Will interest be frozen?PossiblyYesNoYes
Are my creditors likely to accept less than I owe?NoYesNoYes
Will my debts be reduced?NoYesNoYes
Will this stop my debts from increasing?NoYesNoYes
Is the service Free?NoNoNoNo
Will I be able to avoid selling my home?ProbablyYesYesNo
Am I protected from my unsecured creditors?NoYesNoYes
Will my creditors stop pursuing me for repayment?PossiblyYesYesYes
Will I be seen to be trying to do the right thing by my creditors?NoYesYesNo
Do I retain control of the situation?NoYesYesNo
Is it a confidential procedure?YesYesYesNo
Will I avoid the stigma of bankruptcy?YesYesYesNo
Will the procedure be administered by a licensed Insolvency Practitioner?NoYesNoYes

 

Unsecured debts only. The key benefit of a debt management plan is the ability to only repay what you can afford each month. Clearly, the consequence of this is that it will take longer to repay your debts. You will receive allowances to pay Secured and Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase. Terms and Conditions apply.


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Testimonials

  • “I never thought that I would ever become debt free, it seemed like an impossible dream. But thanks to One Advice and my IVA program, I am only ...
    Mr McS, Brighton