Our debts solutions
A summary of our Services
At W3 Debt Solutions, we have a debt solution for every individual problem. Depending on your situation, we are sure one of the following solutions can help you control your debt whilst enabling you to regain control of your finances.
Individual Voluntary Arrangement
An IVA is an 'Individual Voluntary Arrangement', a legally binding agreement between creditor and debtor, which involves the debtor only repaying what they can afford to each month. W3 Debt Solutions approach the creditors and agree a contribution to the IVA on behalf of the debtor, based on their income, living expenses and assets. Unlike bankruptcy, an IVA is not publicly advertised.
In order to qualify for an IVA you must have unsecured debts of over £15,000 owed to three or more creditors and a 'disposable income' of £200, or more per month.
For more information on IVAs please click here.
DMP
A 'Debt Management Plan' is an informal arrangement between debtor and creditors that allows the debt to be repaid through affordable, monthly payments determined by income and living expenses. Essentially a Debt Management Plan only involves cashflow, as no assets are involved. As such it is often the best policy in dealing with debt simply and anonymously.
To qualify for a debt management plan you must have a minimum unsecured debt of £1000, owed to two or more creditors and a minimum disposable monthly income of £100 per month.
For more information on DMPs please click here.
Loans & Remortgages
Loans and re-mortgages enable you to consolidate your debt, making it more manageable through a single monthly payment. This makes it easier to control by enabling you to make repayments on your own terms, for example: finding a lower rate of interest, or repaying for a term that suits you best.
For more information on loans and remortgage options please click here.
Bankruptcy
Bankruptcy may be the only option if you are unable to keep up with repayments on your debts and you don't meet the criteria for other arrangements such as an IVA or a debt management programme. In some cases bankruptcy can be a breach of employment contract.
For more information on bankruptcy please click here.