About Us

“DFH Financial Solutions (a trading name of Bridgewater Support Solutions Ltd,company number 07556890) is part of a group of companies established in 2006 which specialise in consumer financial solutions and have extensive experience in the field of commercial debt management. Read more...

  

 

  

Debt Solutions

If you are looking for debt solutions, there are many options available to you depending on such things as level of debt, whether you’re a homeowner or not or how many creditors you have.

Below is a brief outline of debt solutions to help clear your debts.

Debt Consolidation Loan

A Debt Consolidation Loan works in the same way as a standard loan, except its main purpose is to pay off your existing debts such as loans, credit cards, store cards etc.

Debt Management Plan

Our advisors will consider your mortgage or rent payments, utilities, living expenses and council tax; they will then calculate an amount you can realistically afford to pay your creditors each month.

This amount is then put together into a single monthly payment which is distributed amongst your creditors. DFH  will speak and negotiate with your creditors for you. You won’t have to attend any meetings or talk with your creditors – so long as you stay on the Debt Management Plan. We manage everything for you

What is an IVA?

If you have unsecured debts of over £3,500 and can no longer afford to make the repayments and cover your other living costs. an IVA could be the solution for you, depending on your circumstances.

If an IVA is selected as the preferred debt solution for you, we will work in conjunction with our selected Insolvency Practitioners at Debt Support Centre to create a formal agreement between you and your creditors (the companies you owe money to). We will only recommend an IVA to you if we consider this is the appropriate solution for you.

Debt Support Centre will arrange affordable monthly payments, usually over 5 years. After that time, any remaining unsecured debt is written off. Please note 75% (by debt value) of voting creditors must be in favour of the proposal for the IVA to go ahead.

IVA example;

Mrs T had a combined debt total of £37,000 owing to 3 creditors (2 loan companies & 1 credit card company). Due to a recent reduction in earnings, the monthly repayments were unaffordable. An IVA was agreed which enabled her to make payments of £288 per month over 5 years. The total repaid was £14,400 and the remainder of the debt was written off.

Bankruptcy

Bankruptcy is the worst case scenario and is an option for those with severe debt problems. The aim of Bankruptcy is to share out your assets fairly among your creditors (companies you owe money to), so you are no longer pursued for payment. Anyone can go bankrupt, including individual members of a partnership.

Bankruptcy disadvantages

However there are many consequences going bankrupt such as the following;

  • Details of your bankruptcy are publicised in your local press
  • You may lose your home and other assets
  • Bankruptcy will stay on your file for 6 years and you may find it difficult obtaining credit in the future.

Given the above, bankruptcy should not be taken lightly and is vital that all possible debt solutions are explored before a decision on bankruptcy is made.

Call us on 0800 881 8722

Monday to Thursday 8:30am - 8pm, Fridays 8:30am - 6pm and Saturdays 9am - 1pm

Request a callback

* First Name:

* Surname:

* Telephone no:

* Email:

* I agree to the Privacy Policy

* = required field

Latest Debt News & Debt Guides

  • 01/15/2016
    Taking part in dry January could save you money

      Thousands of UK citizens are taking part in dry January, opting to give up alcohol for the entire month, completing this challenge can help people to feel better, raise money for charity …

  • 01/6/2016
    Could you get a better deal switching your mortgage?

    If you are a UK homeowner, it is likely that you have had the same mortgage deal for a certain amount of time with one mortgage lender. Many just get on with repaying …

  • 11/9/2015
    Debt Problems and Depression

    Recent Newspaper reports have stated that the late Peaches Geldof was in £450,000 debt when she died. The 25 year old was found at her home in 2014 having taken an overdose of …