Creditfix

Creditfix, debt advice in the UK

Creditfix is a financial advice firm specialising in solutions for people with unsecured debts in the UK. According to its own presentation, it has helped over 250,000 people across the country find a debt solution suited to their situation. The company operates through its website and offers telephone and live chat support.

Debt solutions it offers

The firm's range of solutions covers various formal and informal instruments, tailored to the legislation of each nation of the UK:

• IVA (Individual Voluntary Arrangement): a formal and legally binding agreement between the debtor and their creditors to repay all or part of the debts over a period, available in England, Wales and Northern Ireland.
• Scottish Trust Deed: a legally binding debt relief solution for residents in Scotland with £5,000 or more of unsecured debt.
• Debt Arrangement Scheme and Sequestration: alternatives considered under the Scottish framework.
• Administration Order and Bankruptcy: formal insolvency procedures.
• Debt Relief Order (DRO) and Debt Settlement Offers: options for specific debt profiles.
• Debt Management Plan and Debt Consolidation Loans: management and payment consolidation plans.

The company also advises on specific types of debt, such as business debts, Council Tax, credit and debit cards, gambling debts, income tax, logbook loans, payday loans, secured loans, student loans, utility bills, rent arrears and mortgage arrears.

Advice process

The firm describes a three-step working method: the user completes an online questionnaire with their details; an advisor explains the available help options; and the client decides on their plan with all the information provided. Creditfix states that its policy is to listen and understand each person's situation first before proposing a solution, and it offers a debt write-off calculator to estimate the amount that could be cancelled.

Reach and recognition

The company claims to have helped over 250,000 people across the UK and has a rating of 4.9 on Trustpilot based on 31,000 reviews. Its site includes customer testimonials with IVAs and mentions that its services have been featured on stations such as Capital, Heart Radio and LBC Radio. The company warns that an IVA affects your credit history and may not be suitable in all circumstances, with possible associated fees.

Frequently asked questions about IVAs

The firm details on its website the conditions and consequences of an IVA: it is a formal agreement with creditors for those who can pay part of the debt but not the total; it appears on your credit report for six years from approval; in most cases it does not affect employment, although in professions such as accounting or law it may restrict practice; once in force, creditors cannot contact the debtor directly; interest and fees are frozen during the plan and the remaining debt is written off at the end. Among the disadvantages, the company points to the impact on your credit rating, the possible requirement for homeowners to release equity from their home, and the public register of the agreement.