Debt Help

For your level of debt

Debt is no fun, that’s a fact!

From spending sprees on credit cards, to making essential purchases beyond your means, things happen in life that can cause debt to spiral out of control. If, however, you’ve had enough of debt pressures and want to figure out a way to pay your debts and still have a life, then a Debt Help plan could be your answer.

Get in contact with us today ➜

Why use Debt Help?
  • Expert Debt Advice– You will receive full advice on the best way to service your debts.
  • Don’t pay out more than you can afford – Once the monthly payments are under way, all your interest and charges will be requested to be frozen for the duration of your plan.

See if you qualify ➜

The First Step

Working with a professional debt advisor, you will work out an amount of money that you can afford to repay each month. Then you can combine all your debts into one monthly repayment. Sounds sensible doesn’t it?

Once your payments are up and running, Insolvency Plus Group will get to work negotiating with your creditors for you. Our aim is to get the charges and interest frozen on your accounts. We cannot guarantee your creditors will accept reduced payments or freeze the interest and charges on your accounts but every effort is made to ensure no extra charges are added onto your debts.

Of course, since your plan is tailored to suit you, it needs to be flexible. If you want to increase payments to clear your debt more quickly, we can make that happen as well. If you wish to decrease your payments then that may be possible but may result in your debt plan taking longer to complete.

Incase you’re wondering about the differences between an IVA and a Debt Management plan, here’s a quick explanation:

IVA’s are normally the best option for those with large debts of over £5,000, as this agreement allows for some of the debts to be written off at the end of what is normally 5 years, but can in some cases be extended.

The Debt Help Plan is suitable for those with less debt and based on agreeing on an affordable monthly payment required to keep your creditors happy. This payment will be based from your income and expenditure. The figure worked out once your income and essential expenditure has been factored in is known as your disposable income and will roughly be the figure required for you to pay into your plan.

Once an advisor talks to you, they can advise you honestly which solution is best for you. From then on, with the plan in place, you can breath a big sigh of relief and enjoy some peace of mind that your creditors are being contacted and arrangements are being setup! Simply fill in the form, and an advisor from Insolvency Plus Group will get in touch whenever suits you best.

See if you qualify ➜

The Facts

Your credit file is likely to be affected by any of the debt solutions we offer. If you have already had problems repaying your debts, it is likely your credit rating has already been affected as a result.

Sometimes rescheduling your Debt payments can lead to an increase in the total sum repaid and can extend your repayment period. An advisor from Insolvency Plus Group will advise you of an estimate time for the total repayment period and length of time for the plan subject to your creditors accepting the arrangements. Failure to keep up your repayments once on a repayment plan is set may result in arrangements with your creditors to be broken. If you feel you are struggling with your arranged payment to Insolvency Plus Group then please call immediately and an advisor will review your repayment plan and see what options are available to yourself.

FAQ’s

How much will I have to pay?

Unlike many of our competitors, DebtUKOnline don’t charge 20% monthly management fees. Our monthly management fee is a fixed amount based on the number of creditors that we have to pay on your behalf, furthermore that fee is fixed for the duration of your plan. We also retain the first 2 payments you make as our setup fee. This enables us to setup arrangements with your creditos prior to you making your third payment which is then distributed to your creditors minus our administration fee.

As your first 2 payments on a debt managemen plan are retained, you’re creditors will not receive payment in this time period and can cause you to fall into arrears with your debts. Contact with your creditors is made after you make your first payment to make them aware of your plans and to inform them when to expect payment.

What do you do?

Insolvency Plus Group will negotiate with your unsecured credit companies to reduce your monthly payment and request them to freeze or reduce their monthly interest charges. They will then take a single monthly payment form yourself and pay your creditors on your behalf. This will make managing credit payments towards your far simpler.

How do I know I’m getting good advice?

We are authorised and regulated by the Financial Conduct Authority and we will always act in your best interest and treat you fairly. In addition, your questionnaire and financial circumstances will be reviewed by an in-house financial advisors, who have extensive experience in the financial industry services. We also adhere to the Data Protection act to ensure client confidentiality.

Will any of your Debt Help affect my credit rating?

Yes. If you have already had problems paying your debts, it is likely that your credit rating has already been affected as a result. Creditors are entitled to register that your account is in default if you are unable to keep to the original contractual terms of the finance agreement.

Are there any other implications to starting a Debt Management Plan?

Sometimes rescheduling your Debt payments can lead to an increase in the total sum repaid and can extend your repayment period. Their advisors shall advise you an estimate for the total repayment period and length of time for the plan subject to your creditors accepting the arrangements. Failure to keep up your repayments once on a repayment plan is set may result in arrangements with your creditors to be broken which can lead to adverse consequences. If you feel you are struggling with your arranged payment to ourselves then please call immediately and an advisor shall review your repayment plan and see what options are available to yourself.

What is the charge for Debt Help?

The setup fees charged are to cover the costs incurred in advising you and setting up your Debt management programme with your creditors. Our partner Insolvency Plus Group will charge you fifty percent of your first six monthly payments into your programme. In other words, your creditors will only receive fifty percent of your payment for the first six months. The remaining fifty percent will be retained by Insolvency Plus Group to cover their fees and will not be distributed to your creditors.

The management fee covers the monthly running of your Debt Management Plan, including distributing payments and dealing with all of your correspondence to and from creditors. They charge a fee of either a minimum of £30 or 20% of your monthly repayment. Your fee will never exceed the amount paid to your creditors and is deducted from your monthly payment; the remaining monies are then distributed to your creditors from month one of your plan.