Answering Your Debt Questions

Calculate Your Debt Solution

Approximate Total Debt  *

Make a selection… Under £5,000 £5,000 to £10,000 £10,000 to £15,000 £15,000 to £20,000 More than £30,000

Employment Status  *

Make a selection… Employed Self employed Pension Benefits only

Creditors Payment Now  *

Make a selection… £25 £50 £75 £100 £150 £200 £250 £300 £350+

First Name *

Email Address *

How Many Creditors:  *

Make a selection… 1 2 3 4 5 6 7 8

Affordable Monthly Payment *

Make a selection… £25 £50 £75 £100 £150 £200 £250 £300 £350+

Residential Status *

Homeowner Tenant Living with parents Other Home owner

Surname *

Telephone Number *

“Discover a reliable way to control your debt to avoid arrears”

* Required Info

I agree to the privacy policy Please agree to our policy We do not pass your details to any third party companies

Tick if you would like us to contact you via: Email SMS

What is a Debt Management Plan?
A Debt management plan is an arrangement between yourself and a Debt Management company who agree to supervise and distribute your debt repayments to people you owe money to. Some people can restructure their repayments into a more convenient plan and you won’t have to sell your home as part of the agreement. Interest charges are not usually stopped and Debt Management companies may or may not charge a fee for their services.

Is a secured loan or remortgage right for me?
This is down to individual choice, mortgage rates are usually lower and set up fees higher than those of loans because of the length of time involved and your home will be at risk in with both a remortgage and secured loan if you cannot meet the repayments.

Will a consolidation loan help me?
If you can consolidate all of your existing debts into a loan that offers lower total repayments then a consolidation loan might be the best solution; you will save money in the long run and avoid more drastic solutions. This might not be possible in some cases as many people who are experiencing serious financial difficulties tend to have poor credit ratings; if this is the case then taking on more financial responsibility is likely to make your situation worse.

Can I remortgage if I have a fixed / discounted mortgage?
Yes, but you will normally have to pay an early settlement charge to your lender. If your settlement charge is high it might be best to opt for a secured loan.

How long does the process take?
Remortgages normally take approximately 6 weeks and secured loans approximately 3 weeks.

Are there any up front fees?
Not on Secured loans. A remortgage application fee will cover the cost of valuation, mortgage reference and administration costs.

Who are you regulated by?
Debt Free Direct is a member of DEMSA whose code of conduct is approved by the Office of Fair Trading. 

What if I change my mind?
You are under no obligation to proceed with any of the solutions we advise on. Should you change your mind after signing the proposal, you are provided with a cooling off period of 14 days under the Consumer Protection (Distance Selling) Regulations 2000.

Please see our Debt Management Terms of Business (PDF) for full details on your right to cancel.

Please note that an IVA is a legally binding arrangement and cannot be cancelled once a meeting of creditors has been accepted. Failure to maintain payments towards your IVA could result in a termination of your IVA.

How will it affect my credit rating?
Yes, your credit rating will be affected. Credit reference agencies such as Experian, Equifax and Call Credit maintain records of your credit accounts. Failure to maintain contractual payments towards any debts will result in a default notice being made on your credit file. These notices will remain on your credit file for 6 years (unless the creditor agrees to remove them prior to this) and may affect your ability to obtain credit.

Back to top

Latest IVA & Debt Video News

Customer Reviews

Mrs H Lockley
Debt: £44,000
Solution: IVA

Since 2000, my husband and I used credit for various reasons such as home improvements and general living costs. Over the years our debt continued to build up. Eventually we owed £44,000 and keeping up with the payments was getting harder and harder.

Read more