Have you been refused credit?
If you have been refused credit like a loan or credit card, it might be time to consider other options.
We work with most major brands of loan brokers, so if you can’t get a loan on these platforms, it’s unlikely you’ll be able to obtain a loan anywhere.
Why have I been refused a loan?
Your ability to lend money is determined by a few factors, some of which are below:
Credit score
Little or no credit history, past financial difficulties, or even moving home regularly can negatively impact your credit score and result in you having little or no options for lending money.
Debt-to-credit ratio
This is the amount of credit you are using divided by the amount of credit available to you. This is a measure as to what you can afford on a monthly basis. Lenders like to see a debt-to-credit ratio of 30% or lower.
Debt-to-income ratio
This is the amount of debt you have versus your income. Lenders like to see less than 30%.
What is debt advice?
Debt advice looks at your finances as a whole to work out how much you can afford to pay towards your debts, making your monthly payment affordable and reducing that monthly stress.
Who are MoneyPlus Advice?
- We’re one of the UK’s largest and most trusted providers of professional debt advice helping tens of thousands of people.
- We’re one of the only FCA-regulated firms that can offer a whole range of market solutions, such as Debt Management Plans, IVAs and DROs.
Our team specialise in providing FCA-regulated debt advice and we understand that everyone’s financial situation is unique. Whether you’re looking for advice on managing your debts, or you’d just like some information about what other options are available to you, we have a dedicated team of experts ready to help
To find out more about managing your debt and receiving free debt advice visit www.moneyhelper.org.uk or read Options for paying off your debt.
What are debt solutions?
Did you know that a loan isn’t the only way to consolidate debt repayments? Debt solutions are agreements between you and your creditors to pay back your debts at a rate you can afford. They don’t involve getting into more debt, and depending on which solution you choose, they could reduce the total amount you have to repay.
When you contact MoneyPlus Advice, we’ll review your income and expenditure to work out what you can realistically afford to repay each month. If that’s lower than what you’re paying now, we’ll propose this lower amount to each of your creditors, and work to get interest and charges frozen.
On a Debt Management Plan, your debts will then be repaid at this rate over an extended period of time, with an Individual Voluntary Arrangement, you’ll repay what’s affordable for a set period of time, usually 5 or 6 years, and then anything remaining will be written off.
Why choose MoneyPlus Advice?
14,000
Based on our numbers up to May 11th, we’re expecting to give debt advice to over 14,000 people this year!
1 million +
For our most vulnerable customers, we successfully fought for £1,042,722 of unmanageable debt to be written off.
£240
We save our Debt Management Plan customers on average £240 each month in Interest & Charges.
Are you eligible for a Debt Management Plan?
You will need to be a UK resident, and you’ll also need:
- At least £100 in disposable income each month
- At least £2,000 in unsecured debt
- At least 2 unsecured debts
Our expert advisors will be able to tell you what solutions you’re eligible for, as well as which would be the best fit for your lifestyle and your goals.
A debt solution is a commitment to taking control of your finances, we know how important it is to you. It’s important to us to, and we know you can do it.
“I was amazed at how easy it was to talk to a stranger about my debt.“
— Kevin, Greater London
Read Kevin’s story…
Calculate you Debt to Income Ratio
Living with a Debt Management Plan
A Debt Management Plan gets to work almost immediately when accepted, meaning that once you have considered your budget, you can begin making your new manageable payments.
It’s worth noting that creditors can still contact you and may continue to request payments. If your plan is managed by MoneyPlus Advice, you can refer any creditor contact to us, and you won’t need to reply.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
Alternative debt solutions that can help
There are a number of debt solutions available and you can find more information on all of the below solutions on our website.
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a form of insolvency that allows you to write off up to 80% of your debt as an alternative to bankruptcy. It’s a formal solution that can reduce your monthly repayments.
Debt Relief Order (DRO)
A DRO is an alternative to bankruptcy for people with debts of less than £30,000 (£20,000 in Northern Ireland) and less than £75 a month in disposable income.
Protected Trust Deed
A formal debt solution, for residents of Scotland, that’s intended to remove the pressure of unmanageable debts, by combining them into a single monthly payment.
Minimal Asset Process (MAP)
A Minimal Asset Process is a scheme designed for people who possess little, or no, assets or surplus income to realistically contribute to debt repayments.