Debt Solution Advisor

Debt Solution Advisor: debt advice in the UK

Debt Solution Advisor is a trading style of J3 Debt Solutions Ltd, a firm of insolvency professionals based in Glasgow. The company presents itself as a specialist in advice and solutions for people with debt difficulties in the UK, with a free, confidential and no-obligation initial approach. Its activity focuses on assessing the financial situation of the interested party and guiding them towards the formal solution that best suits their case.

Debt solutions offered

The range of solutions described by the firm includes several formal and informal routes for dealing with unsecured debts:

• IVA (Individual Voluntary Arrangement): an individual agreement that can write off part of the debt through a single, lower and more affordable payment. According to the company's information, to qualify for debt write-off through an IVA, you usually need to have at least £7,000 of unsecured debt with two or more creditors.
• DRO (Debt Relief Order): aimed at people with no ability to pay, low-value assets and a maximum debt of £50,000.
• Bankruptcy: an option generally considered a last resort, suitable when debts cannot be paid within a reasonable time.
• Debt management: a company negotiates with creditors on behalf of the client; the client pays the plan administrator, who in turn pays the creditors.
• Debt consolidation: normally involves a new loan to combine several debts into a single more effective payment.
• Scottish solutions: for Scottish clients, information is offered on Trust Deeds, Debt Arrangement Schemes and other alternatives.

The firm states that the solutions presented on its page are applicable only to residents in England, Wales and Northern Ireland, and that advice is only provided after completing or receiving an initial fact find in which the interested party meets the criteria for one of its insolvency solutions.

Types of debt handled

The company states that it deals with all types of debt, from those taken out with traditional credit institutions to high-risk loans, with tailored solutions. Among the categories it mentions are credit cards, unsecured loans, store cards, business debts, utility bills, catalogues, overdrafts, debts assigned to collection agencies, debts with bailiffs and court debts or CCJ-type judgments.

Assessment process and contact

The site offers an initial questionnaire to check whether the user may be eligible for help. The questions cover the total amount of debt (less than £6,000, between £6,000 and £30,000, or £30,000 or more), employment status (unemployed, self-employed, employed or retired), residential status (homeowner, tenant, living with family or other), and monthly affordability (less than £99, between £100 and £149, between £150 and £199, or more than £200). If the result indicates that the user may qualify, they are asked to complete a form to receive the results, and it is warned that a follow-up call will be required to confirm the details and discuss the advantages and disadvantages of the solutions.

The company stresses that conversations are confidential and without obligation, and that the information is provided to the highest possible quality. It also notes that entering into a debt solution can affect your credit rating for at least 72 months and that fees may apply if ongoing services are provided.

Reviews and resources

Debt Solution Advisor states that it has numerous positive reviews and testimonials from clients who trust it for debt solutions and personalised financial guidance. It also maintains a blog with articles on topics such as credit files, the impact of an IVA on employment status and the potential problems of credit cards. The company also refers to MoneyHelper, an independent government service offering free and impartial money management advice.

Corporate and regulatory information

Debt Solution Advisor is a trading style of J3 Debt Solutions Ltd, a firm of licensed insolvency practitioners. The company is registered in Scotland, with its registered office at 144 No. 1 West Regent Street, Glasgow, G2 1RW. Its company registration number is SC612868 and its Information Commissioner's Office registration number is ZA474414. Jamie Carmichael is authorised to act as an insolvency practitioner in the UK by the Institute of Chartered Accountants of Scotland. The company has professional indemnity insurance with CNA Insurance Company Limited, with worldwide coverage.

Location and contact

144 No. 1 West Regent Street, Glasgow, Scotland, G2 1RW