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We can help you take control and to reduce your debt

Debt Advice & Information

Average UK household debt is now £10,000, and growing fast. Your debt problem is likely to relate to repaying the debt and paying the interest on the debt too.

We can show you how solve your debt problem and regain your financial freedom.
     

You have a debt problem..

...if you can say "yes" to one or more of these questions:

  • Are you paying the minimum or less on any of your credit cards each month?

  • Do you struggle to find the money to pay your bills on time?

  • Are you paying late fees?

  • Are you using credit to live on?

  • Have you received a court summons about a debt?

  • Have you received a letter about bailiffs visiting your home?

  • Has a debt collection agency contacted you about an unpaid bill?
 

What is meant by "Debt"?

Typically it means unsecured debt (i.e. not mortgages & secured loans):

  • credit card debt

  • store card debt

  • catalogues

  • personal loans

  • overdrafts, etc
 

How to free yourself from debt

We have detailed information below about how to tackle your debt situation. In simple terms if your debts are modest then you can probably turn the situation around yourself. But, if your debts are large or you don't want to deal directly with your creditors then you may need independent help.

How we can help you

For smaller amounts of debt you can use a debt management programme, such as ours. For larger amounts of debt (e.g. £15,000+) there are other options such as bankruptcy. And with recent changes to the law there is the new facility of an individual voluntary arrangement (or IVA). IVAs have many advantages over being made bankrupt (more info). We have just launched our own IVA programme to help people like yourself.

   
 

Debt Management Programmes
(smaller debts - less than £15,000)

  
 

Solve My Debt
Solve My Debt - £2000 to £5000
  • For debts of between £2,000 and £5,000
  • Only employ experienced debt advisors
  • Very short enquiry form

Solve My Debt - £2000 to £5000
more info

  
 

Solution
Debt Management
Solution Debt Management - £3000 to £15000
 
  • For debts of between £3,000 and £15,000
  • You need 2+ creditors
  • Very short enquiry form

Solution debt management - £3000 to £15000
more info

  
 

 
 

Individual Voluntary Arrangements (IVAs)
(larger debts - £15,000+)

  
 

Solution IVAs
Solution IVAs - £15000+
  • For debts over £15,000
  • You need 3+ creditors
  • You need an income of £1000+ per month
  • Short form, fast response

Solution IVAs - £15000+
more info

  
 

Bankruptcy
(larger debts - £15,000+)

  
 

The Finance Junction
Smart Money Group for Bankruptcies - £15000+
  • For debts over £15,000
  • You need to be paying out more than £300 per month on debt repayments.
  • Quick enquiry form

Smart Money Group bankruptcies - £15000+
more info

  
   
 

Debt Reduction Solutions - how bad has your debt problem got?
1. Temporary/Modest Debt Problems 2. Serious Debt Problems

If your debts are modest in relation to your net monthly income then you can probably manage to turn the situation round yourself - the key is to set a budget, to economise and to stop spending on things you want but don't need.

You could also turn to using only cash - cutting up your credit cards means you can only spend when you have the cash. Focus on paying off your debts as fast as you can. Look to lower the cost of any debt you have - debt consolidation loans can reduce your monthly payment, and if you have a mortgage look to remortgage at a lower rate.

Key Actions

  • Set a budget (you must not spend more than you earn) - economise wherever you can. There are many ways to quickly reduce your household bills.
  • Generate extra income, if you can.
  • Spend only cash - don't use credit cards.
  • Consolidate expensive debt (e.g. credit cards) into a single lower rate loan
  • If you have a mortgage look to remortgage to a lower rate (remortgaging is the biggest single money-saving activity possible)
  • Having reduced your monthly expenditure to below your income you can start to pay off your debts.
If your debts are more significant and you answered "yes" to a number of the questions above then the actions suggested for the modest level of debt may not be sufficient to solve your debt problem. You will need to take other positive actions towards debt reduction.

A chronic debt situation is if there is no prospect of your surplus of income over expenditure ever being large enough to reduce your debts.

Options

Don't panic! You can still take control of the situation. Your options are as follows: As always you should take professional advice before entering into these scheme.
   
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Solution Loans:		 We have relationships with a wide range of lenders, and the brokers we work with subscribe to The Mortgage Code and FISA
Licensed by the OFT as a credit broker, number 558724

Licensed by the OFT as a credit broker, number 558724

Registered with the Information Commissioner - Z8703415

Registered with the Information Commissioner - Z8703415

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