Money Wellness

Debt Solutions

Below you’ll find all of the debt solutions services we offer, and you can find out how each one works.

Find my solution

Checking won’t harm your credit score

Moneywellness's Feefo rating

A wide range of debt solutions and services

Find out more about the different ways you can get your debt under control

Answer a few simple questions about your situation and we’ll suggest the best way forward.

Average Customer Rating:
4.9/5
Independent Service Rating based on 4013 verified reviews. Read all reviews
Money Helper

If we are unable to help you with all of your debts, or for further information and support to help you with your money troubles, please visit MoneyHelper.

There's a way forward

No matter how worried you are, we can help. So get in touch if you’re struggling with any of these

  • Credit Cards

  • Payday Loans

  • Overdrafts

  • Store Cards

  • Rent and Council Tax

  • Utilities

FAQs

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 £30,000 or less and don’t have much spare income or own anything of value. A DRO lasts for a year. If your finances don’t improve during that time, your debts are written off.  

Bankruptcy deals with debts you can’t pay, if the value of your possessions is less than the amount you owe. 

Debt consolidation involves using a loan to pay off your other debts. If you've got money worries, debt help may be a better option than borrowing more. 

Some debt solutions are free. Some aren’t. Most are likely to impact your credit score. We can talk you through everything you need to know. 

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 or a debt relief order, may be more suitable.  

We’ll take into account your immediate money worries and your long-term financial wellbeing before making a recommendation. 

Image of a couple staring into each others eyes drinking a cup of coffee

debt advice

20 Sep 2023

Telling a new partner about your debt

Married at First Sight UK returned to our screens this week. To celebrate its return, we've looked at the best way to speak to a new partner about debt

Image of someone counting money

debt advice

18 Aug 2023

9.8 million people aren’t confident in making financial decisions

A new study highlights people aren't confident in making financial decisions. Worryingly, 17% wrongly believed seeking free debt advice would impact their credit score - it won't. Here we clear up some myths and roundup what extra money support is available if you're struggling

Image of two phones - one with an online casino open and the other with a sports betting screen open

debt advice

27 Jul 2023

Have your say on changes to gambling laws to make the sector safer for all

The Gambling Commission is calling for people to have their say on proposed changes to gambling laws to make them fairer for all

Image of a man signing a financial contract

debt advice

20 Jul 2023

What does Consumer Duty mean for you?

With just days to go until Consumer Duty comes into effect, we take a look at the changes and what it’ll means for you as a customer

Image of the NewDay team who listened to the talks

debt advice

10 Jul 2023

Money Wellness highlights support needs of vulnerable customers in debt

We were invited to speak at two big events last week to help highlight the extra support some customers may need when they find themselves struggling with problem debt

image of people in a training centre

debt advice

29 Jun 2023

The Samaritans deliver resilience training at Money Wellness

Some of our advisers recently took part in Samaritans resilience training to support their own mental wellbeing wellbeing

Why choose Money Wellness