118 118 Money Debt Help and Debt Advice
If you are of a certain age, you will remember 118 118 being a directory services company that pivoted into financial services in recent years. 118 118 Money started trading in 2013, offering unsecured personal loan products.
118 118 Money offers loans if you have a lower-than-average credit score and may not be able to borrow money from a high street bank. They do not require a guarantor, making them a widely used lender.
They typically provide loans from £1,000 up to £5,000, but due to their target demographic of applicants, it is not uncommon for us to speak to people struggling with debts, including a 118 118 Money loan.
If you have taken a loan from 118 118 money and are struggling to meet the minimum monthly repayments, debt advice and debt help are available.
In England, Wales and Northern Ireland, debt solutions such as a Debt Management Plan (DMP), Debt Relief Order (DRO), Bankruptcy and an Individual Voluntary Arrangement (or IVA) may be an option to consider. Hence, you must take debt advice from a debt advisor to establish your options and understand each debt solution’s advantages and disadvantages.
118 118 Money Debt Help and Debt Advice
If you are having trouble repaying a loan from 118 118 Money, there are a few steps you can take to get help:
- Contact 118 118 Money: Reach out to the company’s customer service team and explain your financial situation. They may be able to work with you to come up with a payment plan or extend the loan term.
- Seek debt advice: If you are struggling to manage your debt, consider seeking help from a debt advisor who can provide guidance and advice on managing your debt and help you explore other options such as debt consolidation.
- Look into debt solutions: If you’re unable to repay your loan, you may want to consider debt solutions like a Debt Management Plan (DMP) or an IVA (Individual Voluntary Arrangement) which can help you to repay your debt over a longer period of time, or in some cases even writing off part of the debt.
- Be aware of your rights: 118 118 Money should act within the regulations, they should treat you fairly, and not harass you, they should not contact you at inconvenient times, or in inconvenient places and must tell you about any charges and interest.
It’s important to remember that ignoring the loan will not make it go away and the sooner you address it, the better your chances of resolving the situation.
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Which Debt Plans apply to you?
We assess your circumstances based on your individual circumstances and will assess for all available debt advice solutions.
Please find below a list of debt solutions we will evaluate for:
- Debt Management Plan (DMP) – Information on a debt management plan
- Individual Voluntary Arrangement (IVA) – Information on an IVA
- Debt Relief Order (DRO) – information on a DRO
- Bankruptcy – information on Bankruptcy
If you have used our online application form, we will contact you to run through your income and outgoings and discuss your options so you can make an informed choice. At Debt Support Direct, we offer all statutory debt solutions in England, Scotland, Wales, and Northern Ireland so that you can choose the debt solution tailored to you and your circumstances.
If you have an attachment of benefits and have chosen the debt solution that you feel is the most appropriate, there will be some paperwork to fill in to put the debt solution programme in place.
Our debt advice is free, non-judgmental, and friendly, so if you are struggling with debt, speak to one of our experienced debt experts for a confidential chat on 0161 549 9848.
Free and impartial money advice is available from the Money Helper, an organisation set up by the Government for people in debt.
Debt Support Direct does not administer any debt solutions; we will assess your debts, circumstances and affordability and signpost you to an organisation or charity that can set up and help the debt plan you decide suits your circumstances.
All debt solutions should be very carefully considered. Some providers may charge fees if a solution is taken; if applicable, these will be outlined during your consultation.
Your ability to obtain further credit in the short term will likely be affected, which may also be the case over the medium to long term. Calls from mobile phones and other networks may be charged to our free phone number.
The Financial Conduct Authority regulates Ruby Holdings Limited, trading as Debt Support Direct. We can offer debt advice for both formal and informal solutions. All debt solutions must be carefully considered, and you must take independent advice.
There are sources of free debt advice and services. You can find out more by contacting the Money Helper on 0800 138 7777 or visiting moneyhelper.org.uk
Here are some links to UK debt charities that can provide help and advice on managing debt:
Please carefully read the information on these websites to understand what services they offer and if they would fit your needs. Reaching out for help as soon as you start having difficulties managing your debts is important. These organisations can help you understand your options and work with you to develop a plan to get back on track.