Debt Help Coventry

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

Debt Help Coventry

Debt Help Coventry
Welcome to Debt Help Coventry, where we offer tailored debt solutions to help you achieve financial stability. We understand that managing debt can feel overwhelming, but our range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are designed to support you on your journey to financial freedom. Explore your options with us and take the first step towards a brighter financial future.

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 Help Coventry
Bankruptcy can be a viable debt solution for individuals in the UK facing overwhelming financial difficulties. It is a formal insolvency process that involves declaring yourself unable to pay your debts. Bankruptcy is suitable for those with unmanageable debts and limited assets. The process typically lasts for one year, during which a Trustee oversees the sale of your assets to repay creditors. While bankruptcy offers a fresh start, it comes with consequences such as impacting your credit score, restricting access to credit, and potentially affecting your assets. Seeking professional advice is crucial to understand if bankruptcy is the right choice for your situation.

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Debt Help Coventry
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors to repay debts over a fixed period, usually five or six years. IVAs are suitable for individuals in the UK with unmanageable debts and a regular income. While an IVA can provide a structured repayment plan and potentially write off a portion of your debt, it may impact your credit rating and require you to release equity from your assets. Seeking professional debt advice is essential to determine if an IVA is the right solution for you.

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Debt Help Coventry
Debt Relief Orders (DROs) offer a debt solution for individuals in the UK with low income and minimal assets. It is a form of insolvency that freezes debt repayments for 12 months, after which qualifying debts are written off. DROs are suitable for those with debts under £30,000, limited assets, and a disposable income of less than £75 per month. While a DRO can provide a fresh start, it may impact your credit rating and restrict financial activities. Seeking professional advice is crucial to determine if a DRO is the right choice for your financial situation.

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Debt Help Coventry
A Debt Management Plan (DMP) is a flexible debt solution tailored to individuals in the UK struggling with repayments. It involves negotiating reduced payments with creditors based on what you can afford. DMPs are suitable for those with non-priority debts and regular income. While a DMP can provide relief by consolidating debts into one affordable monthly payment, it may take longer to clear debts and could affect your credit rating. Seeking expert debt advice is essential to determine if a DMP is the best option 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 Help Coventry offers tailored debt solutions in Coventry. Explore Debt Management Plans, IVAs, Bankruptcy, and Debt Relief Orders to achieve financial stability.