Debts We Can Help With

We can help with many types of debts - not just from unsecured borrowing. Any service which you're no longer using where money is outstanding has the potential for inclusion.

Unsecured borrowing

The following types of debts are eligible for inclusion in a Debt Management Plan or IVA:-

  • Personal loans
  • Store cards
  • Credit cards
  • Overdrafts
Some creditors will not allow the inclusion of loans for which any contractual payments have yet to be made.

No longer user of service

If you have an outstanding debt to a company for a service and have ceased using that service - there is the possibility to include this in a IVA or Debt Management Plan.

Examples:-

  • Disconnected mobile phone bill
  • Gas, electric or water bills (a previous address and supplier)
  • School or nursery fees.
  • Rent arrears (from a previous address)
  • Professional fees. (Dentist, Doctor etc)

Shortfalls on repossessed items

If your home or other assets have been repossessed and sold, there may remain a shortfall for which you remain liable. Such debts are unsecured and can be included in an IVA or Debt Management Plan.

Debt excluded from IVAs and Debt Management Plan

Hire purchase agreements or secured loans

If you fail to make hire purchase or secured loan payment, for example on a car, then the finance company are likely to repossess it. An allowance will therefore be made for these payments to be maintained in your IVA or Debt Management Plan.

This is not the same as borrowing money from your bank and then using it to purchase a car. If you signed the credit agreement at the car showroom, then it is likely the loan is secured against the car.

Other debts which must be paid outside of an IVA or Debt Management Plan include.

  • Council Tax Arrears
  • Any fine or penalties imposed by a court
  • Liabilities arising under an order made in a family or domestic court action such as CSA claims for child support.
  • Liabilities arising under a confiscation order made under S.1 of the Drug Trafficking Act 1986 or S.71 of the Criminal Justice Act 1988.

 

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