Free Debt Advice Nottingham

Speak to an expert to discover all the debt solutions available to you.

Safe, secure & confidential

Advice is free but fees and disadvantages may apply if you enter a debt help solution.
May not be suitable for all.

Help also available at MoneyHelper

Affordable Debt Help Solutions in Nottingham

Welcome to Free Debt Advice Nottingham! We understand that managing debt can feel overwhelming, but we’re here to help. Our tailored solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, focus on your financial stability and affordability. Explore your options with us without judgment.

Make one affordable monthly payment to us and we’ll manage the payments to your creditors for you.

We deal with your lenders on your behalf, taking care of all the hassle and paperwork.

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How do I get started?

Answer a few quick questions

Use our easy online questionnaire to start the debt help process.

Speak to a debt specialist

Our friendly, experienced team will explain all the available options.

Choose your plan

Select the best solution for your circumstances and lifestyle.

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What debt are you most concerned about?

Credit Cards

Over Drafts

Unsecured Loans

Store Cards

Personal Loans

Utility Bills

Business Debt

Catalogues

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Advantages of a DMP

We will manage the contact with your creditors and provide them everything they need. So, as long as you keep in touch with us, your creditors shouldn’t need to contact you.

You will just make one monthly payment to us, instead of paying all of your creditors individually.

In the vast majority (99.48%) of cases, creditors will stop applying interest and charges, so the money you pay will come straight off the balance.

You will have an online account which you can use to view your account and make changes.

If your circumstances change, we will renegotiate the payments with your creditors.

Disadvantages of a DMP

Your creditors don’t have to agree to the repayment, or to freeze interest and charges.

A debt management plan doesn’t protect you from further recovery or legal action from your creditors.

Your credit rating will be impacted because you’ll be paying reduced amounts to each creditor. If you’ve been missing payments to your debts it is likely that your credit report will already have been impacted.

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For individuals in the UK facing overwhelming debt, bankruptcy can be a viable solution. It offers a fresh start by eliminating most debts and providing relief from creditor harassment. Bankruptcy is suitable for those with unmanageable debts and no other viable options. The process involves filing a bankruptcy petition, attending a hearing, and agreeing to certain restrictions on spending and assets. Pros include debt write-off and protection from creditors, but cons may include asset losses and credit score damage. Bankruptcy can impact credit scores, assets like property and savings, and future borrowing opportunities. Despite the challenges, seeking professional advice is crucial to navigate the process effectively and without judgment.

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Individual Voluntary Arrangements (IVAs) are a structured debt solution for individuals in the UK seeking to repay creditors over a fixed period. They are suitable for those with regular income and unmanageable debts. IVAs involve making affordable monthly payments, with the remaining debts written off after successful completion. While IVAs can impact credit ratings and borrowing, they offer a clear path to debt relief. Seeking professional advice is crucial to determine if an IVA is the right choice.

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Debt Relief Orders (DROs) offer a fresh start to individuals in the UK burdened by debt and low income. They provide a way to have debts written off after a 12-month moratorium period. DROs are suitable for those with debts under a certain threshold and limited assets. The application process involves seeking advice from an approved intermediary and paying a fee. Advantages include debt write-off and protection from creditors, but drawbacks may include restrictions on financial activities. DROs can freeze debts and offer a path to financial recovery. Seeking professional advice is crucial to determine if a DRO is the right solution.

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Debt Management Plans (DMPs) are a practical debt solution for individuals in the UK struggling to manage multiple debts. They involve consolidating debts into one affordable monthly payment, negotiated with creditors. DMPs are suitable for those with a regular income seeking to regain control of their finances. Benefits include reduced monthly payments and interest freezes, but drawbacks may include an extended repayment period. DMPs can affect credit scores and borrowing capabilities, but they offer a structured way to repay debts. Seeking professional debt advice is essential to explore DMP as an option tailored to individual circumstances.

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How does it work?

Let’s say you owe…

Debt Type	Amount
Bank Loan	£5,366.00
Gas Bills	£129.00
Pay Day Loan	£1,989.00
Overdraft	£1,234.68
Debt Collection Agency	£380.16
Short Term Loan	£243.88
Debt Collection Agency	£471.61
Council Debt	£1,009.24
Credit Card	£8,433.00

Total amount owed

£19,256.57

After an IVA

65%
debt written off

IVA Payments
£110
per month

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Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.

Get tailored debt solutions in Nottingham with Free Debt Advice. Explore Debt Management Plans, IVAs, DROs, and Bankruptcy options to regain financial stability.