Compare The UKs Top Debt Solution Providers | Finance.co.uk

Prefer to talk to a
Professional debt advisor

Talk through your problems with a
qualified, FCA regulated experts and
find the best solution for you

Being in debt isn't easy, especially if you are recieving daily calls and letters from your creditors. Use our comparison table below to find a company to help you.

Prefer to talk to a
Professional debt advisor

Talk through your problems with a
qualified, FCA regulated experts and
find the best solution for you

Compare Debt Help Companies

See our impartial guide to choosing the right deal

1

IVA Debt Advice

Main Products

Individual Voluntary Arrangements

Additional Services

Debt Management Plans, Debt Relief Orders

Other Notes

Lead generator only

Debt Solutions Subject to conditions and acceptance. Credit rating may be affected. Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service.

You may be required to pay a contribution towards your debts. This contribution is assessed based on your income and expenditure and can last for 60 months. Repaying debt over longer period may increase the total amount to be repaid.

2

Trust Deed Scotland

Main Products

Scottish Trust Deeds

Additional Services

IVAs, Bankruptcy, DAS

Other Notes

Registered CIC, Not for profit

Debt Solutions Subject to conditions and acceptance. Credit rating may be affected. Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service.

Largest in Scotland' based on Edinburgh gazette and AIB registrations for Trust Deeds 2010-2015 † Subject to creditor acceptance, payments subject to individual circumstances, credit may be affected.

3

Basik Money

Products

IVAs

Additional Services

Trust Deeds, Debt Management

Other Notes

5 star Trustpilot rated

www.basikmoney.com is a website owned by Basik Ltd SC543052, ICO Registration Reference ZA201620 - Copyright 2017 - All rights reserved. We have teamed up with Basik Money Ltd who will handle all enquiries. Basik Ltd acts as an introducer to Basik Money Ltd.

Basik Money Ltd FRN 760841 is authorised and regulated by the Financial Conduct Authority (FCA).

4

Step Change

Products

Debt Management

Additional Services

IVAs, Debt Relief Orders

Other Notes

Registered Charity

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263.

It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

5

The Money Advice Service

Products

Free Debt Advice

Additional Services

Budgeting & Saving

Other Notes

Work & Benefits, Home & Mortgages

Free and impartial money advice

Reveal the next 5 top deals

Top 5 Debt Solutions Available To Consumers

Finding the right debt solution in today’s market can be an arduous task. With so many companies promising to freeze interest and charges, reduce hassle from creditors and even completely write off your debt using a legal process it can be hard to know where to start looking for the right help. Here is a brief summary of the top 5 key debt solutions currently available to consumers;

1. IVA’s (Individual Voluntary Arrangements)
2. Debt Management
3. Scottish Trust Deeds
4. Debt Relief Orders
5. Bankruptcy

 A brief overview of each one;

1. IVA’s

IVA stands for Individual Voluntary Arrangement. It is a legally binding agreement between you and your creditors and will allow you to make one lower affordable monthly repayment for a fixed term, usually 60 months (5 years). Once you have made all the repayments over the set term any remaining debt is written off and you walk away debt free.

  • To qualify for an IVA you need to owe at least £4,500, owe money to 2 or more different creditors and you must be able to afford at least £70 towards your debts each month
  • You creditors are legally not allowed to contact you
  • An IVA is a form of insolvency and WILL affect your credit rating.

2. Debt Management

A Debt Management Plan is an informal arrangement between you and your creditors to repay your debt at a slower rate. If you are paying out lets say £1,000 per month on your unsecured debts you can write to your creditors and ask them to freeze the interest and charges to enable you to repay the debt quicker. Note; most creditors wont respond to this unless you have missed payments already as they do not want to help you in you are not struggling.

  • To qualify for a debt management plan you must owe at least £1,000 towards 2 or more creditors and be able to afford at least £70 towards your debts each month
  • A debt management plan WILL affect your credit rating as you are effectively breaking the original terms and conditions you signed when taking out the debt

3. Scottish Trust Deeds

Trust Deeds are the Scottish equivalent of an IVA. They are again a formal agreement between you and your creditors to repay the debt owed to them. They differ slightly in the respect there is a shorter term to repay the debt and the amount you must owe in total is lesser. The usual term for a Trust Deed is 48 months (4 years), after this period any remaining debt is written off.

  • To qualify you must owe at least £6,500 in unsecured debt to 2 or more creditors and be able to afford at least £100 towards your debts each month
  • A Trust Deed can protect your assets from repossession
  • A Trust Deed WILL affect your credit rating

4. Debt Relief Orders

A Debt Relief Order is a milder form of bankruptcy. It is a government backed scheme which is provided by the Insolvency Service and can be an effective way of clearing your debts if you are currently out of work or have a low income. The duration of a DRO is usually a year and during that period your creditors are legally not allowed to contact you. As in bankruptcy, after the 12 month period has expired you will be debt free.

  • To qualify for a DRO you must owe less than £15,000 in unsecured debt and NOT be able to afford more than £50 per month towards your debts
  • You must not have any personal possessions over the value of £300 or if you own a car, it must not be worth over £1,000 in value
  • You credit rating will be affected and you will struggle to obtain further credit in the future

 5. Bankruptcy

Bankruptcy should only be sought as a last resort. If you do file for bankruptcy you will not be able to get credit easily in the future and you may struggle to obtain a mortgage. You assets, i.e. your home or your car are at risk as the official receiver may force you to sell to repay back to the creditors. You may also be asked to repay a percentage out of your wages each month for a set period to again help recoup some of the losses to the creditors.

  • To qualify for a Bankruptcy you must not be able to afford to repay your debts at all
  • Most bankruptcy orders only last for 12 months so you will be debt free after this period
  • You possessions such as your house and car can be repossessed.
  • You credit rating will be affected and you will struggle to obtain further credit in the future

To find out more about managing your money and getting free advice, visit Money Advice Service, an independent service set up to help people manage their money.

 

Our website is completely free for you to use but we may receive a commission from some of the companies we feature. Read more about how our site works here.
Finance.co.uk is a trading name of Paloma Digital Limited, registered in England (09562886). Our registered address is: 2911 Beetham Tower, 301 Deansgate, Manchester M3 4LT and authorised and regulated by the Financial Conduct Authority (FRN769794). We are classed as a credit broker for consumer credit, not a lender. Debt Solutions Subject to conditions and acceptance. Credit rating may be affected. Repaying debt over longer period may increase the total amount to be repaid. Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service. *You may be required to pay a contribution towards your debts. Call charges may apply if calling from a mobile.