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Frequently Asked Questions

At Creditfix, clarity is important to us. We have created a video series that details the most frequently asked questions we receive about our debt solutions. Hope these will answer any questions you might have.



How long does it take to set up my insolvency arrangement?


How does an IVA become approved?


What if I dont hear anything on my creditor meeting date?


What is a modification?


How does a Trust Deed become approved?


What if my creditors are still contacting me?


What if I cant access my bank account?


What do I do if I receive hassle from a Bailiff?


What if money is being taken from my wages or benefits?


What if I have been contacted by the court?


How do I pay my IVA?


What if I miss payments on my arrangement?


What if I cant afford to make a payment?


What is an annual review?


What if my circumstances change or I am unable to make payment?


What should I do if I come into money?


Can I sell my property when in an arrangement?


Can I finish my arrangement early?


When will I receive my closure documents?


Who updates the insolvency register and my credit report?


Many people are confused about their finances when they first approach us and as such we want to make this process as simple as possible. Whether you are a new or existing customer we will aim to answer all your questions to the best of our ability. In order to make our process as good as possible we have added some of our more frequently asked questions.If you don’t find an answer to what you are looking for here just give one of our staff a call on 0808 208 5198 or go to the contact us section and we will help as best we can.

We will review your income and expenditure to agree a realistic monthly contribution payment based upon your surplus income. This will be reviewed on a regular basis.

Secured debts are tied to an asset, such as a property, which the lender will seek to claim if regular payments are not maintained. Your property may be a risk if you do not maintain repayments on these debts. Unsecured debts are not tied to an asset and will form part of your arrangement, all payments to these debts will cease upon acceptance of the Insolvency arrangement.

You should only notify your employer if you owe your employer money or your contract of employment states that you should disclose the agreement. We would also recommend that you review your contract of employment prior to entering an agreement.

Once you enter an agreement your creditors will be contacted in writing and asked to submit details of the debt due by you. They must update their systems and liaise directly with us. Please note that it can take a few weeks for the information to reach the correct department and for calls and correspondence to stop. If you continue to receive calls and correspondence from your creditors, then you should contact our customer service department on 0141 565 1300 and we will arrange to contact the creditor on your behalf.

We recommend that you change your bank account, if you have any debts with your current provider. This will extend to all brands connected with your provider, for example RBS and NatWest are connected. Lloyds, Halifax and Bank of Scotland are all connected to each other.

Our debt solutions


IVA stands for Individual Voluntary Arrangement. It is a formal agreement between you and your unsecured creditors, which allows you to make repayments based on what you can afford...

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IVA for a Self-Employed

As with a typical IVA, this solution involves making monthly payments to your creditors based on what you can afford each month. This type of IVA can offer a lot more flexibility...

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Trust Deed

In a Trust Deed, you make a single monthly instalment towards your unsecured debts. This is based on your income and expenditure, so is tailored to be affordable for your circumstances. You usually make...

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Debt Arrangement Scheme

The Debt Arrangement Scheme (DAS) was introduced to Scottish law in 2004. Unfortunately no equivalent solution is currently available to people living in England. As with a Trust Deed, a DAS protects...

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Administration Order

If you have a County Court Judgement against you, an Administration Order can prevent your creditors from taking further legal action against you, and protect your assets. Instead of making multiple payments...

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Bankruptcy is usually considered a last resort for people who are unable to pay off their debts in a reasonable amount of time. The bankruptcy process involves transferring control of your finances to an Official...

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Our Insolvency Practitioners have over 70 years’ combined experience