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Our fully trained team of debt experts provide debt advice and practical solutions which can really help with current debt problems.


An IVA is a formal agreement with your creditors (the people you owe money to) where you agree to pay only what you can realistically afford, taking into account your living expenses and monthly income.

This is paid as a single monthly payment, usually over a period of 60 months. At the end of the period, any remaining debt is written off and you owe nothing to your creditors.

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A Protected Trust Deed is a legal arrangement between you and your creditors, which gives you protection from creditors taking action against you to recover debts. (This is only available to Scottish Residents).

Once a Trust Deed has been established and is protected, creditors cannot add contractual interest or charges to any of your outstanding debt.

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Bankruptcy is a formal debt solution for those who have an amount of debt which they cannot repay. In a bankruptcy, most debt types are written off. Deciding to go bankrupt is a very serious step that involves fees and can impact different areas in your life, such as your job or home.

If you live in England, Wales or Northern Ireland and you are struggling to repay debts, you can choose to apply for bankruptcy.

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It is the Scottish term for Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period of time. (Scottish residents only)

To qualify, you must have debts of over £3000 and have a certificate for this debt plan. Charge for Payment or Summary Warrant. In addition you must not have been made bankrupt in the past 5 years.

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A Debt Management Plan, or DMP, is an informal agreement between you and your unsecured creditors to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month.

There are both fee-paying and free-fee debt management plans available. If you have a higher amount of debt a DMP may not be the right solution for you, as it could take you a lot longer to pay back your debts.

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A Debt Arrangement Scheme (DAS) is a government-run debt management tool for Scottish residents, that allows you to repay your debts through a debt payment programme (DPP).

Similar to a debt management plan, a DPP in Scotland allows you to pay off your debts in full over a reasonable period of time. All interest, fees and charges on the debt will be frozen. You’ll also be protected from any legal action by your creditors to recover what you owe them.

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Frequently Asked Questions

  • Can I protect my house?

    An IVA prevents creditors from taking action against you and your property. However, before the end of the IVA it may be necessary for you to introduce a sum of money into the arrangement in place of a proportion of your share of equity in your property. This is normally done by raising money on your property either as a remortgage or a secured loan. The refinancing needs to be affordable and there are terms which restrict any increase in your mortgage or secured loan payments to not more than 50% of your contribution. If refinancing is not possible, you are generally able to extend the arrangement for a further twelve months during which you time you pay additional contributions in place of equity.
  • How do the IVA fees get paid?

    As soon as you decide to proceed with an IVA then your payments to creditors cease and contributions towards your IVA start. These will be set at a figure which you have agreed you can afford. It takes around 6 – 8 weeks to set up an IVA and the contributions made prior to approval of the IVA, will be treated as a deposit towards our Nominees fees. Once your arrangement is approved you will only pay the monthly contributions agreed by your creditors.

    The Nominee’s fee will vary depending on the complexity of the IVA but typically are between £1,000 and £2,000 for IVA’s which are not complex. The Supervisory fees are normally capped by creditors at between 15 and 20% of realisations. The Supervisory fees are drawn monthly from the monthly contributions. All fees will be discussed in detail with you prior to any plan being put in place. (If creditors reject the IVA proposals we do not seek to recover the balance of the Nominee’s fee from you).

  • Do I need to make payments to my creditors during the set up stage?

    Your balances are likely to increase during the set up stages of your IVA; however they will be included in the arrangement. Relevant rules issued by the Financial Conduct Authority recommend that you immediately notify your creditors that you are proposing to enter in to an IVA and are following our advice to stop payments direct to them. We will immediately write to all of your creditors to let them know of your decision. You may if you wish, maintain contractual/token payments to creditors during this drafting stage of your IVA; however this is not a requirement as your creditors will be notified of our involvement as soon as we receive your consent pack which often takes the pressure away from you.
  • Do I need to open a new bank account?

    Yes, if you have debts with the same bank. Creditors have the right of set-off, which means they can take your wages to “set-off” against other monies owed to them. If you are not overdrawn and do not have loans or credit cards with your bank then you do not need to open a new bank account.

    Please open a bank account with no overdraft facility. Creditors will generally insist that you do not incur future credit which includes allowing your bank account to be overdrawn. For help with opening a bank account see bank accounts.

  • Is my IVA likely to be approved?

    Yes, we would not recommend an IVA as a solution if we did not believe it had more than a reasonable chance of being approved. It would be unfair to you and a waste of everybody’s time and energy. It is rare for any of the IVA’s that we assist with to be rejected as creditors are generally willing to negotiate.

    However, if the IVA is not approved you can put forward other solutions to your creditors including debt management and also bankruptcy. We will continue to help you.

  • How does this affect my credit rating?

    An IVA will be on your credit record for six years which is the same length of time as any other adverse credit is recorded.
  • Will I still be able to obtain credit?

    The IVA proposal normally states that you can only get credit if your Supervisor allows you to do so. This does not normally apply to individuals in business who can demonstrate that they need credit to be able to continue trading.

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