Debt Advice | Help With Debt Ltd
Whatever your circumstances, we believe you deserve clear, honest advice. Our advisers will explain every debt solution available to you, help you understand the implications of each one, and give you the information you need to make a decision that is right for you.
How we can help
Our advisers take a caring, non-judgemental approach to every case.
We listen
We take time to understand your full circumstances — your income, outgoings, debts, and what matters most to you — without judgement.
We explain your options
Your adviser will clearly explain every solution available to you — including those available through debt charities — along with the implications of each.
You make an informed decision
We give you the information and the time you need. There is no pressure. You decide what is right for you, and we support you from there.
Debt solutions and advice
Each situation is different. We will assess your circumstances and explain which solutions — if any — are right for you. Every option has genuine pros and cons and real things to weigh up carefully.
Individual Voluntary Arrangement (IVA)
A legally binding agreement between you and your creditors. You make one affordable monthly payment for typically 60 months; remaining debt is written off on completion. Available in England, Wales, and Northern Ireland.
Advantages
- Remaining debt is legally written off on completion
- Legal protection from creditor contact and enforcement
- One fixed monthly payment — no juggling multiple creditors
- Avoids bankruptcy in most cases
Things to consider
- Runs for 60 months (72 if you own your home)
- Listed on the public Insolvency Register
- Homeowners may need to remortgage in year 4 or 5
- If it fails, bankruptcy may follow
- Any significant windfall during the IVA must be declared
Questions to raise with your adviser
- Can I sustain payments for 60 months if my income changes?
- Would my home equity be affected?
- What happens if the IVA fails partway through?
Debt Management Plan (DMP)
An informal arrangement where your creditors agree to accept reduced monthly payments. Available free through debt charities (StepChange, National Debtline, Citizens Advice), or via a fee-charging firm.
Advantages
- Flexible — can be adjusted if your circumstances change
- Available completely free through debt charities
- Does not appear on the Insolvency Register
- You repay your debts in full — no formal insolvency
Things to consider
- No legal protection — creditors can still pursue you
- Creditors are not obliged to freeze interest or charges
- Can run for many years depending on the total debt
- Credit file is still affected for 6 years
Questions to raise with your adviser
- Will my creditors agree to freeze interest?
- How long would a DMP realistically take to clear my debts?
- Would a free charity-run DMP be a better option for me?
Debt Relief Order (DRO)
A formal insolvency procedure for people with lower income, limited assets, and unsecured debts up to £50,000. During a 12-month moratorium no payments are made; qualifying debt is then written off. England, Wales, and Northern Ireland only.
Advantages
- No application fee (abolished April 2024)
- No payments to creditors during the moratorium
- Qualifying debt is written off at the end of 12 months
- Legal protection from creditor enforcement
Things to consider
- Strict eligibility criteria — not available to homeowners
- Disposable income must be under £75/month; assets under £2,000
- Restrictions on borrowing and acting as a company director
- Listed on the Insolvency Register for 15 months
- If your financial position improves significantly, the DRO may be revoked
Questions to raise with your adviser
- Do I meet all the eligibility criteria right now?
- Could any of my assets affect my eligibility?
- What restrictions would apply during the 12 months?
Bankruptcy
A formal legal process applied for online via gov.uk (£680 application fee). Typically discharged after 12 months, clearing most unsecured debts. Assets including your home may be at risk.
Advantages
- A clean break — most unsecured debts cleared on discharge
- Legal protection from creditor action once declared
- Typically discharged after 12 months
Things to consider
- £680 application fee required upfront
- Assets — including your home and vehicle — may be at risk
- Certain professions and employment contracts are affected
- An Income Payments Agreement may require contributions for 3 years if you have surplus income
- Listed on the Insolvency Register; credit file affected for 6 years
Questions to raise with your adviser
- What assets would I need to declare?
- How would this affect my employment or professional licence?
- Have all alternatives genuinely been considered?
Secured Debt Consolidation Loan
A loan secured against your property that combines multiple unsecured debts into a single monthly payment, often at a lower interest rate. Requires sufficient equity in your home.
Advantages
- Simplifies multiple debts into one manageable monthly payment
- Can reduce the monthly amount you pay out
- May offer a lower interest rate than unsecured creditors
- Does not involve insolvency — no impact on Insolvency Register
Things to consider
- Your home is used as security — it may be repossessed if you do not keep up repayments
- Extending the term can mean you pay significantly more interest overall
- Does not reduce the total amount you owe — only restructures it
- Requires a good enough credit profile to be accepted
- Early repayment charges may apply
Questions to raise with your adviser
- How does the total cost compare to what I owe now?
- What happens to my home if I struggle to repay?
- Is my credit profile strong enough to qualify?
Breathing Space
A government scheme that gives you 60 days of legal protection from creditor action while you find the right debt solution. Interest and charges are frozen during this period. England and Wales only.
Advantages
- 60 days of legal protection from creditor contact and enforcement
- Interest and charges frozen for the duration
- Breathing room to get proper advice and find the right solution
- A Mental Health Breathing Space has no fixed time limit for those in crisis treatment
Things to consider
- Does not write off or reduce any of your debt
- Standard Breathing Space lasts 60 days only
- Must be applied for through a debt adviser — not directly
- Not all debts are covered (e.g. secured debts, criminal fines)
Questions to raise with your adviser
- Am I eligible for Breathing Space right now?
- What should I do during the 60 days to make best use of the time?
- Which of my debts would be covered?
Trust Deed
Scotland’s equivalent of an IVA. A formal agreement with your creditors managed by an insolvency practitioner (Trustee). Typically runs for 48 months; remaining debt is written off on completion.
Advantages
- Remaining debt written off on completion (usually 48 months)
- Legal protection from creditor action once protected status granted
- One fixed monthly payment to the Trustee
- Shorter than an IVA — typically runs for 4 years rather than 5
Things to consider
- Available to Scottish residents only
- Listed on the Register of Insolvencies (public)
- Homeowners may need to deal with any equity in their property
- Creditors holding 33%+ of debt by value can block protected status
- Credit file affected for 6 years
Questions to raise with your adviser
- Am I resident in Scotland and eligible?
- Could any creditors block my Trust Deed from being protected?
- How would my home equity be handled?
Sequestration
Scotland’s equivalent of bankruptcy. A formal court-based process that clears most unsecured debts. The Minimal Asset Process (MAP) offers a low-cost route for those with minimal income and assets.
Advantages
- Most unsecured debts cleared on discharge
- Typically discharged after 12 months
- MAP route available at low cost for those with minimal assets (£150 fee or free if on qualifying benefits)
- Legal protection from creditor action
Things to consider
- Available to Scottish residents only
- Assets — including your home — may be at risk
- Certain professions and employment contracts are affected
- Listed on the Register of Insolvencies; credit file affected for 6 years
- A contribution from income may be required for up to 48 months
Questions to raise with your adviser
- Would my home or vehicle be at risk?
- Could I qualify for the Minimal Asset Process (MAP)?
- How would this affect my work or professional status?
Talk to one of our advisers
Complete the form below and one of our advisers will be in touch. There is no obligation and everything is treated in the strictest confidence.
Debt solutions may affect your credit rating and are not suitable in all circumstances. Your individual circumstances will be assessed before any recommendation is made. To find out more about managing your money and getting impartial debt advice, visit moneyhelper.org.uk. Help with Debt Ltd (FCA FRN: 1058208) is an Appointed Representative of Dee Valley Finance Limited (FRN: 811106), authorised and regulated by the Financial Conduct Authority.