The Reason Why Some People Are Eligible For Debt Solutions

You may be missing out if you haven't tried this yet.

Many people are surprised to learn that bankruptcy is NOT the only way out of debt. There are less dramatic ways to lower your monthly payments while keeping your assets.

For this, your creditors will look at your income, assets, and what you can realistically afford to repay after considering your day-to-day budget.

Then, based on what what you’re going through and what you can manage right now, you could reduce your unaffordable monthly payments, freeze interest charges, and even potentially write off a massive portion of your debt.

So, why are some people eligible for this help while others are not? Let's break down the main options:

• Individual Voluntary Arrangement (IVA): With an IVA you can consolidate all your unsecured debts (such as credit cards, loans, and council debt) into one smaller monthly payment. You can also write off a percentage of your debt. If you owe more than £7,000 it may be an appropriate option for you.
• Debt Relief Order (DRO): If you have a low income, a DRO helps you clear the debt you're unable to pay within 12 months. You might choose this if you owe less than £30,000 and don’t have any savings or valuable items.
• Debt Management Plan (DMP): A DMP is an informal agreement between you and your creditor that reduces your monthly payments towards your debts. Your monthly payments will be based on what you can reasonably afford. You may consider this solution if you’d like to repay your debt in full over time.
• Bankruptcy: This allows you to clear all the debt you owe, but you should only use it as a last resort (if you can't pay your debts at all). This is because all debts are included in a bankruptcy, including mortgages, which means you’ll need to surrender your home to the agreement.

Debt relief isn't automatic (the government won't directly help you). You must apply for a solution.

The problem? These solutions are not advertised enough.

The truth is your creditors will never tell you about this (the more you struggle the more they profit).

Another problem is there are thousands of licensed insolvency practitioners in the UK who are qualified to provide you debt solutions. Over +1,600 to be more precise.

And each one will help you in different ways. The best one for me may be completely different than yours, even if we live in the same county.

That's why some people go through them one by one to find the best qualified to help them based on their specific details, such as postcode, credit score, debt amount, financial situation, and more.

This is obviously a ton of work, it will take you months of contacting these companies every day and getting through all their paperwork one by one.

If you have the time and understand the jargon, then go for it.

But thousands of Brits have found a smarter, quicker way thanks to UKDebtExpert.co.uk, a debt solutions company (authorised and regulated by the FCA) that offers free expert advice to anyone who asks.

In just a few clicks you could check your eligibility for a personalised debt solution (checking your eligibility does NOT affect your credit rating).

I'm talking about writing off up to 81% of your unsecured debts such as credit card, personal loans, council tax debt, and more.

With UK Debt Expert you get tailored guidance on the best solution for you, whether that's a formal debt solution like an IVA or Debt Relief Order, to informal plans like Debt Management Plans and budgeting advice.

To truly offer the best debt advice for your circumstances, their expert debt advisers listen and understand your situation first. Only then will they suggest a debt solution that fits.

The process is straightforward, simple, and secure. To start all you need is your smartphone and a few minutes to spare.

Simply tap your age below and answer a few questions about your debts on the next page to check if you qualify:

A debt expert will present you one or more solutions and their pros and cons. You always decide your next steps — there’s never an obligation to commit.

I was struggling to keep up with payments to my credit card and loan providers, it was literally leaving me with pennies after paying the monthly payments. After talking to this company it made my life so much easier and even left me with a lot of extra money each month.

Before the call I was so stressed, literally had nowhere to turn & wasn’t sure if my situation could be resolved as I felt I was just stuck in a rut with financial issues. Claire was fantastic, assured me she would do what she could to help, throughout the whole call she kept reassuring me & made me feel so much at ease. By the end of the call I felt so much relief & my financial stress was over.

The team are really supportive and helped me every step of the way, although I hardly had to do anything anyway. They have kept in touch to check on me regularly and make sure I am happy with everything and offered their support throughout. Couldn’t recommend them enough for those who are in stressful financial situations and need help.

The team is understanding, knowledgeable and willing to help. I was in a total state of confusion not knowing where to turn. With the challenges I was facing at the time compared to now, I really can not thank you enough for your help.

Reviews from UK Debt Expert’s Trustpilot in 2024.