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Debt Help

Request a callback

Our Debt Advisors are here to help. See our opening times and let us know when you would like us to call you.


Regular opening times:

Monday 9am to 8pm
Tuesday 9am to 8pm
Wednesday 9am to 8pm
Thursday 9am to 8pm
Friday 9am to 5pm
Saturday 10am to 4pm
Sunday 10am to 2pm

Testimonials

Mrs Smith asked for help with £44,000 of debt and was recommended an IVA. Now in her IVA Mrs Smith makes a monthly payment of £269 and will repay £16,140. That’s just 37% of her original debt.

“I am back in control with great support that’s just a phone call away. My future has never looked brighter.”

Mrs Smith


Read More

 
No Fees Debt Management
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Debt Help from Moneyextra

Being in debt is a daunting experience and it can be difficult to know what your options are and who to trust. Here at Moneyextra we provide debt counselling. We are here to discuss your worries, concerns and current circumstances; we can talk you through what options and solutions are available to you based on your individual circumstances, no stress and no obligation.

If you are experiencing debt problems, we can help you in 3 ways. Speak to us on:

0800 093 3537 or


Debt Test Your Finances

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There are a number of debt solutions available to you and before embarking on any you should be well aware of what they are and how they work. Reading our debt solutions pages such as IVA, Debt Management Plan and Bankruptcy will make sure your able to make a well informed decision and if you still have questions you can also speak to one of our fully trained Debt Advisors.

Why should I speak to Moneyextra?

If you have debts from store cards, loans, overdrafts, credit cards or catalogues or any other unsecured debt one of our trained debt advisors will assess your current situation and work with you to find the best way forward to manage your debts, and all of our advice is obligation free.

We can also help with information about Bailiffs, CCJs and Default Notices, so call us today and we will help put your mind at ease.

All of the advice we provide is:

  • Confidential
  • No appointment is needed; you can speak to one of our trained advisors immediately over the phone.
  • Any solution we recommend is provided without obligation

Ignoring debt will not make it go away, take the first step towards managing your debt and call us now, or speak to our debt advisors.

Debt Solutions from Market leading specialists

After reviewing your circumstances and recommending a solution, if you tell us that you wish to progress with that solution, we will put you in contact with one of the following trusted market leaders:

We know it can be difficult to understand the differences between debt solutions. The table below provides you with some key information about debt solutions:

Debt Solution Key Advantages Key Disadvantages
Bankruptcy
  • The period of time for you to repay your debt is limited.
  • Legal protection is provided in respect to your debts
  • You will have to pay £475 to petition for bankruptcy.
  • Your bankrupt status will be publicised in the local Press. It is also available if anyone wishes to request information about you.
  • You are subject to the control of the court.
  • You face the loss of your home and assets with exception of any assets deemed necessary to satisfy your working needs.
Debt Management Plan (DMP)
  • A DMP is an informal arrangement that avoids the need for formal insolvency procedures such as an IVA or bankruptcy.
  • By reaching agreement with your creditors a DMP may suspend actions against you such as CCJ's (County Court Judgments).
  • Creditors will, in many cases, freeze interest payments and your monthly debt repayments may be reduced.
  • The arrangements are informal. Your creditors can change their mind at any time.
  • Interest will usually continue to be charged on your debts particularly on your arrears which may be charged at higher rates than your original loan rate.
  • Your credit rating may still be harmed.
Individual Voluntary Arrangement (IVA)
  • Lasts for a fixed period (usually five years).
  • You pay a monthly payment that you can realistically afford for usually 60 months.
  • You are allowed to open a regular bank account with no overdraft facility so you are in control of your finances.
  • An IVA protects your home from legal action and unsecured creditors cannot force you to sell your home.
  • You are not allowed to borrow during your IVA.
  • If you fail to keep to the terms of the IVA your creditors can resume collection actions.
  • If you have equity in your house (i.e. it is worth more than you paid for it) you will have to make best endeavors to remortgage towards the end of your IVA and release funds to your creditors.
  • The IVA normally stays on your credit history for one year after your IVA ends. This may affect your credit rating although some lenders view your proven ability to make regular payments over 60 months favorably.
Debt Relief Order (DRO)
  • DROs can be completed in 12 months and your creditors can not contact you during this time.
  • All Debt Relief Orders have a basic requirement that someone shouldn't have more than £50 of disposable income, no spare income is available no monthly repayments are required.
  • All unsecured debt is written off (with the exception of some debts like student loans).
  • A Debt Relief Order will appear on the publicly available insolvency register.
  • A Debt Relief Order will result in bad credit being registered at all the major credit reference agencies. This will show on personal credit reports for a period of 6 years.
  • If you have debts over £15,000 or assets over £300 you will need to look into an alternative debt solution, such as an IVA or bankruptcy.
Remortgage
  • Your debt will be spread over a longer period of time.
  • You won’t receive pressure from creditors as you can pay off unsecured debt with your remortgage.
  • Your credit rating is not adversely affected.
  • Even if you have been turned down for credit in the past, you should still be able to remortgage with a bad credit history.
  • You need to have sufficient equity in your home.
  • If you have a bad credit rating you may have to pay a higher interest rate than those with a lower interest rate.
  • You will be paying back your credit over a longer period which might cost you more.
  • You must make sure that you can afford the new mortgage plan, as failure to keep up on repayments means your home is at risk.

To discover the best solution to manage your finances based on your individual circumstances call us today on:

0800 093 3537

You may find additional information in the debt sections on the following websites useful reading:

Debt Free Direct

Debt Free Direct has been providing UK residents with debt advice since 1997 and is the leading provider of confidential, specialist advice on serious problems. We can help you discover more about IVA and Debt Management and other financial solutions and advice.
http://www.debtfreedirect.co.uk/

Consumer Credit Counseling Service (CCCS)

Debt help is available online now with no commitment.

www.citizensadvice.org.uk/cabdir.ihtml

Citizens Advice

Citizens Advice Bureau offers free, confidential, impartial and independent advice. Your local Citizens Advice Bureau is listed in the phone book.

www.citizensadvice.org.uk/cabdir.ihtml

National Debtline

The helpline that provides free confidential and independent advice on how to deal with personal debts.

www.nationaldebtline.co.uk