Debt Solutions Tailored to You

When you complete our online debt advice tool, we instantly review the information you provide and recommend you the most suitable debt solution for your situation.

Your tailored recommendation appears on-screen straight away and is also sent to you by email so you can read it later. There’s no pressure to commit, and we won’t speak to your creditors unless you tell us to. If you prefer a conversation before deciding, our debt advisors are always on-hand to go through your choices in detail.

The fees depend on the type of debt solution and the provider. Angel Advance’s advice is always free – you won’t pay to learn about your options.

If you choose a Debt Management Plan (DMP) with us:

• The first 6 months of payments include a £50 per month fee. 
• After month 6, that monthly fee is reduced to £39.50.

The fee is capped, so you never pay more to us than towards your debts. These fees cover the day-to-day running of your plan, including negotiating with creditors and handling payments, as well as providing support from our customer service team when you need it. For more information, visit our DMP page.

Other debt solutions have different fee structures. For example:

• Individual Voluntary Arrangements (IVAs): Fees are included in your agreed monthly payment after your IVA is approved.
• Debt Relief Orders (DROs): DROs are a free debt solution, there are no application fees or monthly payments required.
• Bankruptcy: The fees for bankruptcy are £680. You can pay in instalments, but the whole amount has to be paid before you submit your application. Once your bankruptcy is approved, you may have to contribute a monthly amount for up to 3 years. 

A reputable provider will always explain costs clearly before you sign up.

The right debt solution for you will depend on factors like your total debt, income, assets and personal goals. For example:

• If you have a steady income and want flexibility, a DMP could work well.
• If you need legal protection from creditors and can make fixed payments, an IVA might be more suitable.
• If you owe a smaller amount, have a low income and own no assets, a DRO could be the most affordable choice.

The quickest way to find out which debt solution is right for you is to use our free online debt advice tool or speak directly to one of our professional debt advisors.

Yes, most formal and informal debt solutions will affect your credit rating, as reduced or missed payments are reported to credit reference agencies.

But the length of time the impact lasts varies. For example, an IVA or bankruptcy stays on your credit file for six years. While this can temporarily make getting credit harder, many people find that the relief of becoming debt-free outweighs the short-term effect.

In solutions like a Debt Management Plan (DMP), yes – you can typically keep both your house and car as it’s an informal, flexible arrangement.

For other debt solutions, like Individual Voluntary Arrangements (IVAs) or Bankruptcy, it depends on the value of your assets, if you’re still making payments towards them (i.e. car finance, mortgage, rent, etc.) and how much you owe.

Consulting with an expert to get debt advice will always be the best option when you have assets. This will help ensure they are protected and improve your understanding of how each option will impact your assets.

Debt solutions are usually private between you, your provider and your creditors. However, some are recorded on public registers.

For example, IVAs, DROs and bankruptcies appear on the Insolvency Register, which is mainly used by lenders and financial organisations, not the general public.

Yes, if your circumstances change, you can move from one debt solution to another. For example, you could move from a DMP to an IVA if you need stronger legal protection, or from an IVA to bankruptcy if your income drops sharply.

Switching usually means closing your current plan and starting a new one, so it’s important to get clear debt advice first.

You may be able to write off some or all of your debt through formal insolvency solutions, such as a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA), or bankruptcy. Each option has strict eligibility criteria and different consequences, so it’s important to seek professional debt advice before deciding. Here’s a more detailed breakdown of potential formal insolvency solutions:

• Debt Relief Order (DRO): Suitable if you have a relatively low level of debt, little spare income and few assets. After 12 months, qualifying debts are written off.
• Individual Voluntary Arrangement (IVA): A legally binding agreement where you make affordable payments for a set period (usually 5-6 years). At the end, any remaining unsecured debt is written off.
• Bankruptcy: Often seen as a last resort, bankruptcy can clear most debts quickly (usually 12 months), but it has significant impacts on your credit rating, employment and assets.

It’s important to note that not all debts can be written off. Court fines, child maintenance and student loans (depending on the type) are usually excluded.