Debt's over £15,000.
Debt's under £15,000.
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Making the right choice.

Below you will find some of the solutions that broadly speaking would be suitable for someone who has unsecured credit commitments above £15,000


Although this is a good guide for the moment, you will always benefit more from talking with a specialist debt adviser, so if you want to talk more and in more detail after reading the information then please feel free to contact us


IVA (Individual Voluntary Arrangement):


An IVA is a way of getting debt free often a lot quicker than you would have thought possible without declaring bankruptcy and you will only have to pay back what you can afford, with the remaining debt being written off.


· You make one monthly payment based on what you can afford.

· All of your interest and charges are frozen.

· By Law your creditors are no longer allowed to contact you in any way.

· As a homeowner your property is taken into account, however you will not lose it.

· It is a private and confidential legal agreement, between you and your creditors, allowed
 under government legislation.

· You pay the affordable monthly amount for 60 months, and at the end of that period any
 debt remaining is completely written off.


An IVA is available to both Homeowners and Tenants but If your debts are so serious that you're really worried about bankruptcy or repossession, an IVA could be the best way for you to clear your debts without declaring yourself bankrupt, losing your home or struggling to pay more than you can afford each month.




DMP (Debt Management Plan):


A DMP can be a great way to get your finances back on track. If you are struggling with your current repayments and finding that your interest and charges are getting out of control you may find that a DMP would be able to get your monthly payments down to a more manageable amount and your debt management provider may be able to stop interest and charges and negotiate with your creditors directly to keep them from contacting you.


· One reduced monthly payment based on what you can afford.

· Negotiations happen with your creditors to try and stop your interest and charges.

· Allows you the flexibility to deal with your creditors in a way that suits you.

· Removes the hassle of dealing directly with your creditors.

· An option that will allow you to become debt free.



Although a DMP can be a big help we find that for people struggling with the higher debt levels often above £15,000, an IVA is better suited as it is a binding agreement that can force your creditors to accept reduced payments and it could bring a swifter and more permanent solution to your debts without having a longer timescale to become debt free.



Re-Mortgage / Loan Consolidation:


If you are struggling with re-payments to your unsecured debts e.g. credit cards and loans, then a re-mortgage or secured loan could allow you to free up some cash to pay off some or all of these debts and reduce your monthly outgoings.

However, you must always think very carefully about securing further debts on your home. If you are unable to pay back those debts then your home could be repossessed.

Furthermore you would need equity in your property to be able to consolidate in this way and in many cases there are alternative ways to tackle your debts without borrowing further.

Consolidating your debts with further borrowing can be a precarious route. To take out further loans in order to pay off your existing debts, may reduce your monthly outgoings. However, it could increase the time you spend in debt and could increase the total amount that you would pay back.

In most cases if you are already struggling with your repayments and have been declined loans in the past, then loan consolidation may do more harm than good and not even be possible.

There are other routes that a Specialist Debt Adviser can discuss with you and whether you choose to take our advice or not you will at least be better informed and it has cost you nothing.




Bankruptcy should always be seen as a last resort. It can be a very public and sometimes humiliating experience with some very damaging and long lasting affects. In many cases you can avoid bankruptcy with the right advice and the correct solution.

· Bankruptcy is the last resort for anyone struggling with debt.

· Bankruptcy is for people who cannot afford to pay anything towards their debts.

· If you are able to make payments towards your debt then you may be forced to do so for up to three years.

· Your creditors can force the sale of your assets in order to recoup the money owed to them.

· In some professions you may run the risk of loosing your job.

· All of your accounts will be closed and anything held on HP will be returned to its owner.

· Your name can be published in your local newspaper and the London Gazette.

· Your landlord may be notified.


Often people think that bankruptcy is their only option. However there are alternative options available that can help you to become debt free without going through the trauma of bankruptcy.


Contact us.
My Debts are over £15,000

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