Debt Help

read moreAn IVA allows you to freeze the interest on your debts and pay back your debts in a more affordable monthly payment. It's a contract between you and the people you owe money to, typically for around 5 years, and often means a portion of your debt is written off. As the name suggests, this isn't a formal process to clear your debts. You talk with your creditors to agree how much you can pay back (if you can) and whether the creditor will freeze interest on your debts. They don't have to accept your offer but they do need to treat you fairly if you're in financial difficulty.

read moreWe are a firm of qualified licenced Insolvency Practitioners, which means you can be sure you are getting the best advice and assistance possible. With combined personal experience of over 50 years, our team understands the negative impact that debt can have on you. We pride ourselves on taking a sensitive approach to your circumstances and on doing everything possible to achieve the best outcome for you. The team at Debtkey have previously helped 1,000's of people from all different walks of life to take back control of their finances.

read moreGoing bankrupt is one option for clearing your debts and making a fresh start, but it can have serious consequences. Therefore, bankruptcy should only be considered as a last resort, once all other options have been explored and exhausted. You will be allowed to keep essentials for living and tools of your trade. However, any valuable cars, furniture and jewellery will all be sold. If there is equity in your property, then this will also be realised and may mean having your house repossessed. Your bank accounts may be closed, and your credit cards stopped.

read moreInformal arrangements and debt management plans are options available when you have short- or medium-term difficulty paying your debts. It's important to understand that these arrangements can be used toward non-priority debts - things like credit cards, bank loans, overdrafts. It can't be used for debts such as your mortgage or rent, council tax or income tax and national insurance. With an informal arrangement or debt management plan your creditors are contacted with a view to negotiating their acceptance of a lower repayment until your circumstances change and you can meet your obligations again.