Take Control of Your Debt

May not be suitable in all circumstances. Fees may apply, read here. Entering into an IVA may affect your credit rating.

Check If You Qualify By Answering The Questions Below
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How Much Do You Owe In Total?

How much do you owe in total?
Why are we asking this question?
By knowing how much debt you owe, we can ensure we are able to offer you the most appropriate debt solution for your needs.

What Is An IVA?

An Individual Voluntary Arrangement (IVA) is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by an Insolvency Practitioner (IP), who will receive an agreed, affordable monthly IVA repayment from you and will divide it amongst your creditors.

Once your IVA has been agreed and set up, your creditors can no longer act against you and won’t be able to contact you, but it will affect your credit rating for six years, making it difficult to get further credit during this period. Your details will also be placed on The Register of Insolvencies, which is a public record, while you clear your debts.

For the duration of your IVA, all fees and interest relating to your debt is frozen and once completed, the remainder of your debt is written off, allowing you to begin again, debt free.

This agreement is available to residents of England, Wales and Northern Ireland. If you live in Scotland, then you could pursue an agreement called a Trust Deed to help you with your debt.

Who Qualifies For An IVA?

If you fit the above criteria, then there is a high likelihood that you will qualify for an IVA. If your individual circumstances are different, for example, you live in Scotland or your debt is slightly lower than £7,000 then enquire with us anyway; we could still help.

How Could An IVA Help You?

Remember, if you are struggling with debt, you are not alone. Contact us at Money Worries to take the first step towards a debt free life.

This is a real life example of how we have helped one of our customers. Click on our link below to see how we could help you.

What Is A Debt Management Plan?

A Debt Management Plan is an agreement between you and your creditors to reduce your monthly payments. It isn’t a legally binding agreement but can be negotiated by you or a third party on your behalf.

The objective of a DMP is to reduce your monthly payments to a level that is affordable, whilst also paying off your debt within a reasonable timeframe. Your creditors may also agree to freeze or reduce any interest or charges associated with your debt.

One thing to consider is that priority debts like rent arrears, council tax and utility bills are unlikely to be included in a Debt Management Plan.

Who Qualifies For A Debt Management Plan?

There are no definitive conditions for a Debt Management Plan; no minimum or maximum debt amount or number of creditors etc. However, you should consider whether you can afford the new DMP repayments and whether that leaves you with enough breathing room to pay your priority bills.

A Debt Management Plan is especially suitable for people who are going through a temporary issue with their finances but expect an improvement in the near future.

A DMP is more appropriate if your problem debts consist mostly of personal loans, credit cards, overdraft debt or payday loans and NOT council tax, HMRC debt, secured debt or utility bills.

What Is A Debt Relief Order?

Designed for individuals with very little disposable income, the DRO can be accessed if you don’t own your own home and have a debt of no more than £30,000.

A Debt Relief Order (DRO) allows any payments for your debt to be frozen for a period of 12 months. A DRO needs to be set up through a DRO Advisor and the Insolvency Service. As soon as your DRO has been activated, your creditors will no longer be able to contact you to pursue your debt.

Debt Relief Orders are only available to residents of England, Wales & Northern Ireland. If you are a resident of Scotland, then a Minimal Asset Process (MAP) is a similar

Who Qualifies For A Debt Relief Order?

The conditions for a DRO (Debt Relief Order) are strict, so you must meet the following criteria:

What Is Bankruptcy?

Bankruptcy is a legally binding debt solution. It is often seen as a last resort if other debt solutions fail or can’t be completed within a reasonable timeframe. It is a process whereby debt is written off.

Bankruptcy is available to residents of England, Wales and Northern Ireland, however in Scotland it is known as Sequestration.

An individual can choose to file for bankruptcy, however, in some cases your creditors can raise a petition called a Bankruptcy Order to make you bankrupt.

Being bankrupt is an extreme option that can have severe lasting consequences on your life.

Who Qualifies For Bankruptcy?

Credit Cards

Unsecured Loans

Store Cards

Overdrafts

Personal Loans

Utility Bills

Business Debts

Catalogues

Debt Collectors

Bailiffs

The Different Debt Types We Can Help With

Whether it is an IVA, a Debt Relief Order or a Debt Management Plan, only unsecured debt can be included in a debt solution.

Here are some examples of some typical unsecured debts that you may have.

Why Choose Money Worries?

Friendly & Understanding

Our friendly, understanding and expertly trained advisors are ready to assist you, offering impartial and practical guidance in a completely non-judgmental setting. We recognise that anyone can encounter financial challenges, which is why we prioritise treating our customers with empathy and understanding.

Proven Track Record

With over 20 years of experience, we have helped literally thousands of people solve their money worries. Once you have enquired, one of our team members will be in touch, learning about your specific circumstances and pointing you in the direction of the help you need; whether that is with us, or one of our trusted partners.

Ongoing Support

If you choose to become one of our clients then, should you need us, we are here to help. We understand that life can be tough and we can all be faced with the unexpected from time to time, so should your circumstances change during your IVA term, get in touch and get the support you need.

What Our Clients Says About Us