Debt Helpline goes down

Posted in 'Dealing with Debt' by Barry Stamp

29 December 2011

Debt Solutions Helpline – a Leeds based company that acted as an intermediary between debt management companies and Insolvency Practitioners – has itself gone into administration, according to Insolvency Today magazine.

The cause of the collapse of the helpline is given as a downturn in the number of suitable and profitable Individual Voluntary Arrangements – or IVAs as they are sometimes called. The website Moneyworries is reported to be the sole provider of potential cases to the helpline.

As we have previously reported, IVAs are in heavy decline following the easing of bankruptcy law – bankrupts can often be discharged within 12 months, compared to a typical 5 year term of an IVA. Debt Relief Orders – an even easier route to insolvency than bankruptcy – are also proving to be very popular and have grown at the expense of the decline in IVAs.

If you are in financial trouble, take a look at our free Debt Advice Centre which can guide you towards the solution that’s right for you.

Written in plain English, this sets out all of the options that are available to those in financial trouble of all types.

It’s always worth bearing in mind that if you choose insolvency as the way out of a serious debt problem, no matter what type of insolvency you pick, it will remain on your credit report for six years. This is whether the insolvency is discharged or not. It will also remain on HM Land Registry records for twelve years.

You can check your credit report for insolvencies by accessing our Multi Agency Credit Report - it’s free to trial for 30 days, then costs only £9.99 per month until you cancel, which you can do at any time.

Our Multi Agency Credit Reports are the most comprehensive available in the UK – containing more than twice the information than any other credit report.