Debt Solutions, Best Debt solutions, IVA, Bankruptcy UK FAQ’s

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FAQ's

Why should I apply with Debt Solution?
A: Debt Solution has a team of experts working round the clock to provide you befitting debt solutions. Our focus is on getting you the best debt solution and working with you to deal with your debt as soon as possible. We are just a click/telephone call away. As we are trying to help you get out of debt as soon as possible, we negotiate lower rates than most of our competitors so you can save more and get out of debt soon

Which is the best debt solution for me?
A: It all depends on your circumstances and financial state. How deep you’re in debt will help us find a befitting debt solution for your needs. We will provide you with relevant options such as Debt Management, Debt Consolidation, IVA or even Bankruptcy.

How long will I pay for before getting out of debt?
A: Your repayment period will depend on the amount you owe and how much you can afford to repay every month and what your creditors agree to. Depending on the size of your debts our experts will work alongside you to work out a repayment plan keeping your best interest in mind.

Can I apply if I’m a Tenant or if I have bad credit?
A: Yes, you can apply with Debt Solutions even if you’re a council tenant or you’re living with your parents. Your credit or income status is not a problem because our lenders are sympathetic to individuals afflicted with credit or income challenges.

Do I have to be employed full time?
A : No. You just need to have a regular source of income. You could be a freelancer, self employed etc but we will still help you with a debt solution that you need.

Can I be made bankrupt when I am in an IVA?
A : No. An IVA prevents your creditors bound by the IVA from taking any further action, it is a legally binding agreement but you will have to adhere to the terms of the IVA after it comes into being. Failure to adhere to the IVA could result in bankruptcy.

If I choose an IVA over bankruptcy, how long before I’m debt free?
A: An IVA will last for 5 years. But you can normally get a discharge from bankruptcy after 1 year with payments to the bankruptcy lasting three years.

What are the effects of Bankruptcy?
A: Once you have declared bankruptcy or made bankrupt all assets belonging to you come under the control of the Trustee, including your home. Your credit report would be affected for a period of 6 years. If the home is co-owned, the debtor’s interest can still be realized, but a right of occupation period of twelve months is allowed for the disposal of the property if a co-owner occupies it. At the end of the twelve-month period, the property will almost certainly have to be put up for sale and in some cases it will be enforced by a Court order.


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“Only applicable for an IVA – Terms & Conditions Apply: Debt write off applies only where an Individual Voluntary Arrangement is suitable, adhered to and at the end of 60 months. This relates to unsecured debts that were included with an IVA and does not include any secured debts mortgages, HP or utility bills. Failure to adhere to an IVA can result in bankruptcy. An IVA will affect your credit rating for up to 72 months after completion of your IVA. Fee Payable – this is paid out of your monthly contributions to your IVA and will be notified to you in advance. Homeowners may be required to remortgage after 3 years. Alternative solutions may be offered.”