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 an 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 declarig yourself bankrupt, please contact One Advice to see if there is another solution.

To help you understand the options available to you in more detail, simply fill in the enquiry form so that we can contact you or call us on 0800 019 5870.

Comparing the Debt Solutions:

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?NoYesNoNo
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

 



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Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)
Name
Home Telephone
Mobile Telephone
Email address
Level Of Debt
Number Of Creditors
Monthly Income
Homeowner?

House Value
Mortgage Owed

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Testimonials

  • “I never thought that I would be able to face my debts, I was living in a dream world where I was sticking everything on the card (Name the cred...
    Mrs C, Manchester


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