Debt Free Bristol

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Help with Debt in Bristol

Debt Free Bristol: Welcome to Your Debt Solutions Hub. At Debt Free Bristol, we understand the challenges of dealing with debt. We offer tailored solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Take the first step towards financial stability with our expert guidance and support.

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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Debt Free Bristol: Explaining Bankruptcy as a Debt Solution in the UK. Bankruptcy is a legal process to help individuals in the UK deal with overwhelming debt. It is suitable for those with no realistic way of repaying their debts. When declaring bankruptcy, your assets may be used to pay off your creditors, and after a certain period, usually a year, any remaining debts will be written off. While bankruptcy can provide a fresh start, it also comes with consequences. Your credit score will be significantly impacted, making it challenging to borrow money in the future. It’s essential to seek professional advice on bankruptcy to understand all implications and alternatives available.

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Debt Free Bristol: Navigating Individual Voluntary Arrangements (IVAs) in the UK. An Individual Voluntary Arrangement is a legally binding agreement between you and your creditors to repay your debts over a fixed period. It is suitable for individuals struggling with unsecured debts they cannot repay in full. Through an IVA, you make affordable monthly payments, and any remaining debts are written off after completion. While an IVA can offer a way out of debt, it will affect your credit rating. Seeking professional debt advice is key to determining if an IVA is the right solution for you.

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Debt Free Bristol: Explaining Debt Relief Orders (DROs) for UK Individuals. A Debt Relief Order is a formal insolvency process suitable for individuals in England, Wales, and Northern Ireland with low income, few assets, and debts under a certain limit. It provides relief from debts for a year, during which creditors cannot pursue you for repayment. While a DRO can offer a fresh financial start, it stays on your credit file for six years, impacting your ability to obtain credit. Seeking professional advice on DROs is important to determine eligibility and understand the implications fully.

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Debt Free Bristol: Understanding Debt Management Plans (DMPs) in the UK. A Debt Management Plan is a way to manage debts more effectively by consolidating them into a single monthly payment. It is suitable for individuals struggling to meet their current repayments but can afford to make reduced payments over a more extended period. Through a DMP, you work with a debt management company to negotiate affordable payments with your creditors. While a DMP can help simplify your finances, it may take longer to clear your debts, and your credit score will be affected. Seeking professional debt advice is crucial to explore if a DMP is the right solution for you.

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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.

Debt Free Bristol: Your Partner in Debt Solutions in Bristol. Providing expert advice on Bankruptcy, DMPs, DROs, and IVAs tailored to your UK financial situation. Seek help today.