Debt Solutions Wales

  • Administrative order

    An administrative order is a legal debt settlement agreement that sets out a repayment plan. This form of debt solution will consider the income you have remaining after your essential bills and living expenses have been accounted for.

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  • Arranging payment with creditors

    If you’ve fallen behind with your repayments, you may be able to come to a debt settlement repayment agreement with your creditors. You can make a debt settlement proposal by phone, email or letter, but however you contact them, you’ll need to put forward an offer as to how much you can repay.

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  • Breathing Space Scheme

    The Breathing Space Scheme provides protection from further interest, charges and enforcement action on debt problems for a period of 42 days, while debtors seek advice.

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  • Debt consolidation

    Consolidating debts usually involves taking out new lines of credit to combine and repay your existing debt, using a personal loan or credit card, for example. If you consider this debt solution, you may want to seek advice from debt experts to find the right forms of lending and the correct debt consolidation approach.

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  • Debt Management Plan (DMP)

    A Debt Management Plan (DMP) is a debt solution with a repayment schedule that fits in with your income and expenditure.

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  • Debt Relief Order (DRO)

    What is dro? A DRO Debt Relief Order is a type of insolvency. A DRO had a duration of 12 months after approval. This period is known as ‘moratorium’, during which time you won’t be required to make any repayments

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  • Equity release

    Equity release is an alternative to remortgaging for those aged 55 and over. Choosing an equity release from among your possible debt solutions can act as debt consolidation.

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  • Government Debt Advice

    The four core government debt advice solutions, as listed on the Gov.UK website, include Debt Management Plan, Administration Order, Individual Voluntary Arrangement, Debt Relief Order or Bankruptcy Order

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  • Government Debt Help

    Searching for Government debt help? Like one of the many indebted Brits out there, you may have hoped that the Government provides some form of free debt solution.

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  • Government Debt Management

    As many as 8.3 million Brits are currently unable to repay their debts – a figure that includes credit card debt which has surged by 8.1% over the past 12 months. Reassuringly, however, those in the UK enjoy some of the widest range of Government debt management schemes in the world. 

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  • Government IVA

    A Government IVA could provide you with the promise of a debt-free future. Here’s everything you need to know.

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  • Individual Voluntary Arrangement (IVA)

    An Individual Voluntary Arrangement (IVA) is a form of debt settlement. It allows you to repay your debts over a period of time, after which any remaining amounts owed will be written off.

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  • Insolvency

    Insolvency simply means that you’re unable to repay your debts at the required time.

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  • IVA Register

    What is an IVA Register UK? The IVA Register only applies to those in Northern Ireland. However, IVA Register is an often-used term when people mean to refer to the Insolvency Register.

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  • Personal bankruptcy

    Bankruptcy should be considered as a final debt solution once all other avenues are exhausted. While bankruptcy writes off your debts, there are serious implications that will affect you for a minimum of six years, so consider debt help services from a reputable debt agency in the first instance.

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  • Remortgaging

    A remortgage is where you take out a new mortgage on a property that you own. The new mortgage either replaces an existing mortgage or (where the property is 100% owned) allows you to borrow funds against the property.

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  • Selling assets

    If you have debt problems that are significant, or where you’re facing spiralling charges and interest, it may make sense to sell your assets to repay your debts – whether in part or in full.

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  • Settlement offer to creditors

    Debt settlement involves a lump sum of cash that is used to repay your creditors. The process involves negotiating ‘full and final settlements’ from those you’ve borrowed from.

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  • Surrendering property

    If you can no longer maintain the payments on your mortgage, you should contact your mortgage lender in the first instance to inform them of the situation, asking for help in selling your property. Prior to this, you may want to talk with debt advisors from a longstanding debt agency, as they may be able to provide housing advice.

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  • Temporary repayment plan

    If you reach a point where you can no longer repay your debts, whether owing to the total you now owe or if your situation changes, you could be able to organise a temporary repayment plan.

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