Services
What We Do
Welcome to Debt Support, your dedicated partner in navigating the path to financial freedom. We understand that dealing with debt can be overwhelming, and finding the right help can be confusing. That’s why we created a simple, clear, and compassionate service to connect you with the right solutions.
We are a professional independent lead generation firm. Our role is to take the stress out of your search by assessing your unique situation and matching you with a trusted, FCA-approved debt solution firm. We do not provide the advice ourselves, but we ensure you are put in touch with a regulated expert who can. Your journey is our priority, and it starts with a single, confidential conversation.
Individual Voluntary Arrangement (IVA)
A formal and legally binding agreement to pay off your debts over a set period.
Apply for IVA advice if:
- You owe £7,000 or more in debt
- Money is owed to two or more creditors
- You have a regular monthly income
Residents in England and Wales have a right to debt help, and several tried and tested solutions can help write off debt, reduce pressure from creditors and freeze interest and charges.
An Individual Voluntary Arrangement (IVA) could be one option that holds the key to your debt-free future.
Debt Management Plan (DMP)
A flexible, informal arrangement to help you pay off unsecured debts at a more affordable rate.
A Debt Management Plan (DMP) is an agreement between you and your creditors, for you to fully pay off your debts through one affordable monthly payment. The total amount of this payment is calculated by taking into consideration all of your monthly incomings and outgoings. After this, a reasonable amount is decided which enables you to pay towards your creditors at a reduced rate.
What you pay is based on your personal circumstances, so you would only pay what you can afford – if things change, then the amount you pay each month may also be altered to cater to this.
It’s an informal agreement which means the contract can be stopped at any time by either you or your creditors. A DMP can often be negotiated by a third party company on your behalf – these companies may charge a fee, but this also means that your creditors are less likely to continue contacting you directly.
Debt Consolidation
Consolidating your debts essentially means finding a way to combine them into one solution. It’s a particularly good idea for those in debt who owe money to multiple creditors, as dealing with so many at once can become hard to keep track of and things can get confusing.
If you are in debt and owing money to multiple lenders, opting for a solution that helps you deal with them in one go may be a good idea. Consolidating your debts can be done in various ways, and it’s worth looking into if you are struggling to get on top of things.
Combining multiple debts into a single, new loan with one manageable monthly payment.
Debt Relief Order (DRO)
A low-cost, formal solution for those with a limited amount of debt and low income.
A Debt Relief Order (DRO) is a scheme designed for those with debts up to £50,000 and less than £75 disposable income each month.
With a DRO, your debts are frozen for 12 months, during which time your creditors can’t demand money from you or add interest. The debt gets written off if your circumstances have not improved at the end of the 12 months. It is a form of insolvency; your name will be recorded on the insolvency register.
It is a scheme for non-homeowners and people with very few assets so their belongings can not be sold to repay creditors. You must have no more than £2,000 worth of assets to qualify for a DRO.
Bankruptcy
A formal legal process that can write off most of your unsecured debts to provide a fresh start.
If repaying your debt has become an unrealistic way forward, Bankruptcy can be a way of resolving the situation. Bankruptcy takes the form of a court order and is accessed via an application known as a petition.
The process can be undertaken by an individual debtor or by a creditor who is owed more than five thousand pounds. An Official Receiver completes an assessment of your current circumstances; the order is fulfilled by a combination of asset realisation and regular contribution, the latter in the form of an Income payments order where the debtor demonstrates a disposable income is available.
The debtor is discharged as a bankrupt after one year with an income payments order, where appropriate, lasting a total of three years. Bankruptcy details are held on the Insolvency Register for fifteen months after your discharge* and your Credit report for a period of 6 years.
Breathing Space
A government scheme that gives you a 60-day break from interest, fees, and creditor contact.
Breathing space is a scheme introduced in 2021 throughout England and Wales to help consumers struggling with problem debt.
There are two types of Breathing Space available. Both involve temporary protection from debt collection as measures are taken to get on top of outstanding debt.
For the duration, your creditors will not chase you for the debt and will also pause interest and charges. In return, you’d be to report any change in circumstances and keep up your regular payments such as mortgage repayments and tax.
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