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What debt solutions do Money Wellness offer?

If you’re struggling with debt, there are a range of solutions available. We can advise you on all of them. A debt management plan (DMP) is an informal agreement with your creditors giving you longer to pay back non-priority debts like credit cards, buy now pay later and personal loans. An individual voluntary arrangement (IVA) is a legally binding agreement for you to pay back your non-priority debts at a rate you can afford. It usually lasts five or six years. Afterwards, any remaining debt is written off. A debt relief order (DRO) may be suitable if you owe £50,000 or less and don’t have mu

What should I do if I can’t pay my debts?

If you’re struggling to pay your debts, it’s a good idea to get debt advice. We can talk you through everything from better budgeting to formal debt solutions. You may be surprised at the range of help available. We’ll explain your options and help you decide on the best way forward. There’s no charge for our advice. We’ll look at the money you have coming in and your living expenses. From there, we’ll be able to work out what help is most appropriate. It may be that you’re not claiming all the benefits you’re entitled to. Or a formal debt solution, such as an individual voluntary arrangement

What’s the difference between priority and non-priority bills?

There are two types of bills: priority and non-priority. Priority bills are the ones that could have the most serious consequences if you don’t pay them. They include: * gas and electricity bills * rent and mortgage * secured loans * council tax * court fines * child support and maintenance * benefit overpayments * some essential hire purchase items e.g. kitchen appliances If you don’t keep up with priority debt payments you could lose your home, be visited by bailiffs, have your energy supply cut off or be forced onto a prepayment meter or lose essential hire purchase items. Non-priority debt

What’s breathing space?

Breathing space gives you temporary protection from creditors you owe money to. If you’re struggling with debt, breathing space gives you time to get advice. It’s available in England and Wales. During breathing space: * most interest, fees and charges on your debt are frozen * creditors can’t chase you to pay your debts * enforcement action is paused There are two types of breathing space: * standard * mental health crisis We can apply for standard breathing space for you. It lasts for 60 days. There is a special type of breathing space for people in mental health crisis treatment. An approve

What should I do if a bailiff comes to my home?

If a bailiff turns up at your house, try not to let them in. You should get advance notice that they're coming, so keep doors locked. They’re allowed to come into your home through an unlocked door. Refuse to deal with them if they turn up between 9pm and 6am. They’re not allowed to do this. Bailiffs collecting tax debts or unpaid magistrate’s court fines can force entry by asking a locksmith to open your door, but this is unusual. If you’re physically threatened, call the police on 999.

How do I decide which debt solution is right for me?

So you’ve decided you need to take action to deal with your debt. But how do you know which solution is right for you? It’s not easy. There’s a lot to consider when you’re thinking about a debt solution. That’s why it’s really important to get debt advice. Our debt advice is free and independent. We’ll look at the money you have coming in and what you’re spending that money on. From there, we’ll be able to talk you through your options and tell you what course of action we recommend. It may be that there are benefits you could be claiming that would help you get back on track with money. Or a

Can I get my debts written off on medical grounds?

Dealing with debt and illness at the same time can be tough. If you’re in this position, you might be able to get some of your debt written off. Medical write off involves asking a lender to forgive your outstanding debt in light of your physical health problems. This means you won’t be asked to pay it off. Lenders are not guaranteed to accept medical write off requests. Some may agree, while others refuse. To be considered, you’ll need medical evidence of your condition. This evidence must: * be dated in the last six months * be from a doctor or medical professional (such as a nurse or psychi

Can I get my debts written off because of a mental health problem?

If a mental health condition has contributed to your money problems, some lenders may be prepared to write off your debt. You can use a debt and mental health evidence form (DMHEF) to ask a health-and-social-care professional to give information about your situation. You can then share that information with your lenders. Health professionals can’t charge for filling in the form. Each lender will look at requests on a case-by-case basis.