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Debt Solutions Coventry

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

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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 in Coventry

Debt Solutions Coventry
Welcome to Debt Solutions Coventry, where we offer tailored debt solutions to help you achieve financial stability. We understand the challenges of managing debt and provide a range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Our solutions focus on affordability and long-term financial well-being. Explore your options with us and seek professional advice 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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Debt Solutions Coventry
Bankruptcy can provide relief for individuals in the UK struggling with overwhelming debt. It is a legal process that involves declaring yourself unable to pay your debts, offering a fresh start. Bankruptcy is suitable for those with no other viable debt solutions and can help to relieve the burden of unmanageable debt. The process involves declaring bankruptcy, appointing a trustee to handle your assets, and making payments toward your debts if you can afford to. Pros include debt write-off and freedom from creditor harassment, while cons include restrictions on borrowing and potential asset loss. It can impact credit scores negatively but offers the chance for a financial reset. Seek professional advice to explore if bankruptcy is the right path for you.

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Debt Solutions Coventry
Individual Voluntary Arrangements (IVAs) are a debt solution designed for individuals in the UK struggling with unmanageable debt. An IVA allows you to make reduced monthly payments to creditors over a fixed period, after which remaining debts may be written off. While IVAs offer benefits like debt relief and creditor protection, they can also impact credit ratings and borrowing capabilities. Seek professional debt advice to determine if an IVA is the right solution for your financial situation.

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Debt Solutions Coventry
Debt Relief Orders (DROs) offer a fresh start for individuals in the UK dealing with significant debt. A DRO is a form of insolvency that freezes debt repayments for 12 months, after which the debts included may be written off. Suitable for those with low income, minimal assets, and debts below a certain threshold, a DRO can provide relief from the burden of unmanageable debt. However, there are limitations, such as restrictions on borrowing and potential impact on credit ratings. It’s important to seek professional advice to assess if a DRO is the right debt solution for your circumstances.

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Debt Solutions Coventry
A Debt Management Plan (DMP) is a suitable debt solution for individuals in the UK facing financial difficulties. It involves making reduced monthly payments to creditors through an affordable repayment plan. DMPs can help to consolidate debts, reduce interest and charges, and provide a structured approach to managing debt. While beneficial, DMPs may also have drawbacks, such as a longer repayment period and potential impact on credit scores. Creditors must agree to the plan, and interest and charges may be frozen. Consider seeking professional debt advice to determine if a DMP is the right solution for your financial situation.

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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 Solutions Coventry offers tailored debt solutions in Coventry, UK. Explore Debt Management Plans, IVAs, DROs, and Bankruptcy to find the right solution for your financial stability.