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DFH really worked hard to find a plan that suited me best

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 £6,000 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 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.

The guys at DFH work together like a real team. Plus, they are compassionate and so, so understanding.

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