Numo

Numo, debt advice based in Manchester

Numo is a debt advice firm aimed at people with financial difficulties in the UK. Its team works from Manchester and handles enquiries about various insolvency solutions and payment restructuring. The company presents itself as an approachable service, made up of people who understand the difficulties of managing strained personal finances.

The site states that calls are directed to The Insolvency Guidance Group Limited, company registration number 11814670, or to one of its regulated partners. This entity is regulated in the UK by the Insolvency Practitioners Association (IPA).

Debt solutions it arranges

The activity is organised around four main routes, which appear in the navigation menu and in the site content:

• IVA (Individual Voluntary Arrangement), a voluntary individual agreement with creditors.
• Debt management.
• Bankruptcy.
• Debt Relief Order (DRO).

Numo states that it can only help with unsecured debt. Among the types of debt it claims it can reduce are loans, finance, credit and store cards, overdrafts, debts with HMRC or Council Tax, debts in the hands of debt collectors or bailiffs, and payday or short-term loans.

How the process works

The site describes a three-step journey: get in touch, explain your personal situation and receive the available options. Before starting the process, users can check their eligibility using an application form.

The firm notes that, if the client meets the requirements, the resulting payments will be affordable and that, if accepted, it is possible to stop calls, emails and claims from creditors. It also warns that entering into an IVA affects your credit rating and that fees may apply.

Illustrative IVA examples

The website includes hypothetical examples of how an IVA could work, with cases of debts of £9,000, £13,000 and £16,000 and new monthly payments of £107, £123 and £147 respectively. The examples themselves indicate that they may not be suitable in all circumstances and that the actual debt write-off, which the firm realistically places between 25% and 75%, varies depending on individual financial circumstances and is subject to creditor approval.

Regulation and case referral

According to the published information, The Insolvency Guidance Group Limited provides advice in reasonable contemplation of an IVA appointment and provides information on all solutions so that the client can make an informed decision. When an IVA is approved, this company seeks to administer it if its resources permit. If Sharon Whitley cannot administer it, due to lack of resources or because the client does not meet the criteria, the case is referred to the appropriate provider.

Numo's panel of third-party providers is regulated in the UK by the Financial Conduct Authority (FCA), the Insolvency Practitioners Association (IPA) or the Institute of Chartered Accountants in England and Wales (ICAEW), and covers solutions for England, Wales, Northern Ireland and Scotland. Sharon Whitley is authorised in the UK to act as an insolvency practitioner by the IPA. If they cannot help or the client wishes to discuss the Breathing Space mechanism, they are referred back to Numo to complete an advice call.

Free and independent advice

The site reminds clients that they can get free and impartial debt advice through MoneyHelper, an organisation set up by the UK Government, and that there is government guidance on how to deal with creditors.

Team and approach to service

Numo describes its team as a group of real people with more than five years of experience, willing to support the client from day one and to deliver what they promise. The firm insists on treating each person individually and not as just a number.

Location and contact

Phone: 0330 043 9047