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Debt Advice, Debt Solutions

Debt Management, Debt Settlement and other types of debt solutions.

Money Expert provides no obligation advice and can set up, through our trusted business partners, the following debt solutions; Debt Management plans, Debt Settlement plans, Debt Consolidation Loans, IVAs and Trust Deeds. We also give advice only on Debt Relief Orders, Administration Orders, Bankruptcy, Debt Arrangement Schemes, LILA and Sequestration. To find out more click on the links or fill in our 60 second form below.

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Debt can be tricky to manage, and you will need the right team behind you providing you with much needed specialist debt advice and aid.

Here at Money Expert, we offer a comprehensive service, at an affordable cost, focussed on supplying our clients with the optimum solution for their debt issues. At a time when the UK economy is precariously balanced, we understand the need for a sincere and straightforward approach to a client’s debt management.

Our debt advice enables clients to make informed and assertive decisions before choosing to commit themselves to any solution, whether that be a debt management plan, debt consolidation loan or an IVA.

The Money Advice Service

To learn more about money matters and debt advice, visit the Money Advice Service, an independent service conceived to help people with the management of their money.

By submitting this form you agree to be contacted by MoneyExpert to discuss your requirements in relation to this product

Pros and cons of different debt solutions

Debt Management: Reduce your monthly payments

  • Clear your debts with one affordable monthly payment which is based on what you can afford
  • Take control of your debts without the need to take out another loan
  • In most cases creditors stop interest and penalty charges whilst you repay your debts
  • Repaying debts over a longer period may increase the total amount to be paid
  • Your credit rating will be affected for 6 years which may affect your ability to obtain credit in the future
  • Debt Management is an informal agreement creditors may still pursue default actions and creditors may not agree to stop interest and charges

Debt Settlement: Settle your debts for less

  • Clear your debts for a fraction of their balance and quicker on a no win no fee basis
  • No monthly debt managment fees
  • Consolidate all your payments into one manageable monthly amount
  • Your credit rating will be adversley affected for 6 years
  • Nominal payments are made to creditors which may increase creditor contact
  • An informal arrangement only and so creditors may take default action

Debt Consolidation Have one monthly payment

There are different factors that can affect your credit score for good and for bad.

  • Reduce payments without affecting your credit rating
  • Consolidate debts into one lower monthly payment
  • If you have a poor credit rating you may not be able to obtain a loan or you may be offered a loan with high interest rates
  • You may have to pay an arrangement fee
  • Consolidation loans are often repaid over a longer period

Debt Relief Orders A low income low asset route to bankruptcy

  • Clear all your debts in a yea
  • Only costs £90 and you can pay this by installments over 6 months
  • Make one monthly payment
  • Adversely affects your credit rating for six years
  • Hard to qualify for it. Assets must be less than £300. Disposable income less than £50
  • You are placed on the insolvency register which is a public register
  • Your current and future employment prospects can be severely affected

IVA: Write off the debt you can't afford to pay

  • Fixed period to repay your debts usually 60 months
  • Interest & charges frozen once agreed.
  • Maintain a reasonable standard of living whilst repaying your debts
  • Prevent or stop legal action including bankruptcy
  • Your credit rating will be affected for a minimum 6 years which may affect your ability to obtain credit in the future
  • You will not be permitted to take out any further unsecured credit
  • Homeowners may be required to release equity from their property
  • Failing to make the agreed payments could result in the failure of the IVA

Administration Order A payment plan through a County Court

  • Pay one lump sum you can afford to the court
  • Interest and charges are frozen
  • Your creditors may not contact you or take further legal action
  • You pay 100% of your debt back and an admin fee which is usually 10% of your payment. Can take a long time
  • You must have already been taken to court to qualify
  • Will affect your credit rating for six years

Bankruptcy: When you cannot pay your debts you want to start afresh

  • Most Debt is written off and you gain a degree of freedom and a certain peace of mind
  • Most cases are automatically discharged from bankruptcy after one year
  • You are allowed to keep basic possessions and the tools of your trade if you are self employed
  • Your bankruptcy is entered on a public register and is advertised
  • You will remain liable to pay certain debts in particular student loans, fines and some debts arising from family proceedings
  • Certain professionals are barred from practicing if they are made bankrupt
  • If you apply to the court for your own bankruptcy, you will have to pay a court fee

Debt Arrangement Scheme A Scottish debt payment plan

  • You keep your assets like your house and car
  • Interest and charges are frozen
  • Creditors are not allowed to contact you
  • You pay back 100% of your debt plus a distribution fee usually 10% of your payment
  • Your credit rating is affected for six years and while in a DAS you will not be permitted any further credit
  • You cant apply without assistance

Trust Deeds: When you cannot pay your debts you want to start afresh

  • Write off all the debt you can't afford to repay
  • Prevent or stop legal action including sequestration
  • Be debt free in 4 years (in most cases)
  • Your credit rating will be affected for 6 years in tota

LILA Sequestration A low income low asset option for Scottish residents

  • Debts are written off after a year
  • Creditors may not contact you
  • Less difficult to qualify for than sequestration
  • You are placed on the insolvency register which is a public register
  • Your assets may still be sold to pay your debts
  • Your credit rating is severely affected for six years
  • Homeowners may not apply even if they have negative equity
  • Your employment and employment prospects can be severely affected

Sequestration The Scottish Equivalent of Bankruptcy

  • Usually lasts a year but you can pay in for three. After that all debts are written off
  • Creditors may not contact you
  • You can keep your car if it is worth less than £3000
  • You can sometimes keep your house if you have little or no equity
  • You are placed on the insolvency register which is a public register
  • Your employment and employment prospects can be severely affected
  • Your assets will be sold to pay your debts
  • Your credit rating is severely affected for six years
  • You must show apparent insolvency or have certificate of sequestration

Need advice?
Call us free on
0800 954 1263

Alternative number for mobiles: 01942 710 975

Get in touch now for a confidential, no obligations chat with of our advisors and let us find the debt solution that's right for you..

  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors

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Deal with your debt

We offer many different solutions can help you clear your debts

Debt Management

Reduce your monthly payments with a structured and managed debt management plan.

IVAs

Debt Solution which reduces monthly payments so you can be debt free in 5 years.

Debt Consolidation

Consolidate your debts into one low monthly payment with a Debt Consolidation Loan.

Bankruptcy

Find out more about Bankruptcy and find out information about suitable alternatives.

To find out more with no obligation, fill in the small form above or call free phone 0800 954 1263 and one of our advisors will be in touch for a confidential chat about what's right for you. Fees may be payable if you join one of our debt plans dependent on the solution provided.


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