Disclaimer: debtadvicegroup is an independent website created to help users find debt help and advice. We work with Financial Conduct Authority regulated brokers and introducers who search and compare debt products and plans. Our service is free to use and you are under no obligation to accept any of the quotes or recommendations you receive.
Calls may be recorded/monitored to help improve customer service. Call charges may vary.
* In some cases and debt solutions up to 80% of the debt can be written off. The amount written off will depend on your circumstances, income, assets and the current write-off policy of your creditors. Levels between 25% and 80% are realistic, depending on your ability to repay.
For example: With an IVA solution you complete a questionnaire detailing all your income, assets and essential expenditure including mortgage repayments, if you have one. After you've paid for all of your essential living costs in the month plus a modest amount for personal spending, the remainder is paid into your IVA. If, at the end of the five year IVA period you still have outstanding debts, your creditors may agree to write off the remainder.
Other solutions apart from an IVA are available, and may be more suitable. The debt advisor will offer advice based on your circumstances.