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Clear Debt

When looking for long term solutions to clear debt it is essential that you are completely honest about your financial situation and not just get look for loans with bad credit, this will ensure that we can find the best possible solution to help you to take the necessary steps to clear your debt in the most efficient, affordable way.

Solutions to clear debt include the following;

Debt Consolidation Loan

A Debt consolidation loan would usually be taken over a longer period than most of your current debts so you could end up paying back more over a longer period, but less each month leaving you with more money each month. You will have one monthly payment instead of various monthly payments, making managing your finances a lot easier.

Debt Management Plan

This is a way of looking at debts you are struggling to repay. It takes the form of an agreement between you and your creditors, where any unsecured debt payments are potentially reduced to a more affordable level and interest can be frozen (this is never guaranteed, but we find in most cases we deal with we can come to an arrangement with your creditors) leaving you with a lower monthly payments.

The Debt Management Plan will last until you have paid off your debts or you are in a better position to repay your debts.


If you have unsecured debts 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.


Bankruptcy is the worst case scenario to clear debt. 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.

An individual can be made bankrupt in one of three ways.

  • Voluntarily – You declare yourself bankrupt
  • Involuntarily – By the creditor you owe money to (£5,000 Minimum)
  • By the supervisor or anyone bound by an IVA

Further Debt Help and Advice

Subject to availability and acceptance. Debt write-off applies on the completion of and Individual Voluntary Arrangement. Alternative solutions may be offered. Repaying debt over a longer period of time may increase the total amount to be repaid. Whilst on an IVA and for a year after completion your credit rating will be affected.

Repaying your debt over a longer period of time may increase the amount you pay. Joining a debt management programme won’t always show up on your credit report, but it could still affect your ability to obtain credit – making a new repayment agreement with your creditors does mean you’re not following the original agreement.

Knowing that DFH had helped 1,000’s of other people, made me realise I wasn’t alone.

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