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Individuals

We will help you identify the best way to tackle your debt problems and get your finances back on track. We will provide this service to you free of charge.

Our recommendations are designed to ensure you can meet your reasonable monthly living costs whilst also paying an affordable amount towards your debts.

Please click on a solution to learn more:

Debt Management Plan
Debt Relief Order
Individual Voluntary Arrangement
Bankruptcy

Try our Debt Solution Indicator to see which option is likely to help you to deal with your personal debts or call us now on 0117 376 3523 to receive your free financial review.

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Debt Solution Indicator

The Debt Solution Indicator can only deliver a limited assessment of the best solution for you because of the level of personal information provided. By requesting a Call Back we can go through each option in detail and help you to decide which solution will enable you to deal your financial problems.

Debt Management Plans

A DMP is an informal agreement to repay your debts over a time period sufficient to clear all debts in full, ideally no longer than 10 years. We will negotiate with your creditors and, if they agree to a DMP, then you stop paying them their contratual payments and instead pay to us one affordable monthly instalment which we will distribute equally to all your creditors. Your creditors may agree to freeze the interest on your account, and we will certainly see if this is possible, but this cannot be guaranteed. For more information on the fee structure for providing the DMP service click here FEES

Debt Relief Order

A DRO is a formal insolvency process and to qualify your total unsecured debts have to be no more than £20,000, you don’t own your home and have little spare income, ie less than £50 per month. DROs are an alternative to bankruptcy. Once you are in a DRO creditors can not recover their money without permission from the Courts. After 12 months you are discharged from your DRO and all of the debts covered by your DRO will be cleared.

Individual Voluntary Arrangements

An IVA is legally binding agreement which provides an individual the opportunity to negotiate with creditors for the repayment of unsecured debts. You agree to pay a single affordable monthly payment over a set period (usually 5 – 6 years), after which time your debts will be written-off by your creditors, even if you haven’t been able to repay your debts in full.

An IVA is administered by an Insolvency Practitioner who is a person regulated and licensed to be appointed on a range of insolvency procedures. The Insolvency Practitioner will assist you to set-up the IVA (as a Nominee), and when agreed by creditors, will administer the IVA (as a Supervisor) until its conclusion. For more information on the fee structure for providing the IVA service click here FEES

Bankruptcy

Bankruptcy is a formal insolvency process and is used to deal with debts people can not afford to pay. If you are made bankrupt all of the assets you own, except for your tools of any trade and basic domestic chattels (e.g. furniture & bedding), will be sold and the sale proceeds, after the costs of your bankruptcy have been paid, will be used to pay your creditors. You will be discharged from personal liability for your debts, usually, a year after you go bankrupt. If you own your own home then this is likely to have to be sold to pay your creditors.

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Contact Us

Telephone number:  0117 376 3523
E-mail: helpme@undebt.co.uk
Neil John Maddocks, Robert John Coad and Jonathan Law are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. Registered Office: Methwold Gloucester Road Almondsbury Bristol BS32 4HQ

You can also find free-to-consumer debt advice at The Money Advice Service: https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator

Where Undebt.co.uk proposes and administers Individual Voluntary Arrangements (IVAs) we do so in the belief that an insolvency appointment is likely and therefore the most appropriate debt solution.

Undebt.co.uk Ltd registrations are as follows: Registered in England & Wales No. 08229616. Data Protection Act 1998 registration number ZA039053.

Undebt.co.uk is authorised and regulated by the Financial Conduct Authority and is permitted to offer debt counselling and debt adjusting services for a fee. Consumer Credit Licence No. 678898

You can find out more about dealing with your creditors in a guide produced by the Insolvency Service: In Debt - Dealing with your creditors.

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DEBT SOLUTION INDICATOR

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