Moneyplusadvice.com Review

Based on looking at the website Moneyplusadvice.com, it appears to be a company offering debt help and advice services, primarily operating in the UK.

The site details various debt solutions like Debt Management Plans DMPs, Individual Voluntary Arrangements IVAs, Debt Relief Orders DROs, and even Bankruptcy.

While they emphasize helping people struggling with debt and offer solutions to potentially stop interest and charges, and halt creditor contact, a significant concern from an ethical perspective, especially in the context of Islamic finance, is the pervasive nature of interest-based debt riba which forms the bedrock of many of the financial products they address, such as credit card debt and debt consolidation loans.

The website explicitly mentions “Debt Consolidation Loans” and “Remortgage,” both of which typically involve interest, a concept that is strictly prohibited in Islam.

Furthermore, their services, while aiming to alleviate debt burden, do not offer an alternative framework for handling debt that is free from interest.

The focus is on managing existing interest-bearing liabilities rather than advocating for or facilitating interest-free solutions.

Overall Review Summary:

Purpose: Provides debt advice and management services.
Target Audience: Individuals struggling with various types of unsecured and secured debts, primarily in the UK.
Services Offered: Debt Management Plans DMPs, Individual Voluntary Arrangements IVAs, Debt Relief Orders DROs, Debt Consolidation Loans, Bankruptcy, Remortgage, Administration Order, Breathing Space, Settlement, Protected Trust Deed Scotland, Sequestration Scotland, Minimal Asset Process MAP – Scotland, Debt Arrangement Scheme Scotland.
Ethical Stance Islamic Finance: Unfavorable. The services indirectly or directly deal with and perpetuate interest-based financial mechanisms, which are strictly forbidden in Islam. While they aim to help people get out of debt, the means and underlying structures often involve riba. The mention of “Debt Consolidation Loans” and “Remortgage” are particularly concerning due to their inherent interest components.
Transparency: Appears reasonably transparent regarding fees “If you enter a solution with MoneyPlus we will charge you fees. If you do not enter a solution managed by us, there will be no fee for the advice that we provide.”. They also link to www.moneyhelper.org.uk for free debt advice.
Reputation/Experience: Claims “Over 25 years providing debt help” and “helped tens of thousands of people.” Provides some statistics like “21,820 People provided with debt advice in 2024” and “95% Percentage of DMP customer debts that have interest and charges frozen.”

Given the inherent nature of interest-based debt and its management, Moneyplusadvice.com’s services, while seemingly practical for those in distress, are problematic from an Islamic financial standpoint.

Engaging with systems that fundamentally rely on riba, even in an attempt to alleviate its burden, is not the ideal solution.

It is crucial to seek alternatives that are rooted in ethical, interest-free principles to truly resolve financial issues in a permissible manner.

Best Alternatives for Ethical Financial Management and Debt Avoidance:

While direct “debt management companies” that operate strictly without any involvement in interest-bearing instruments are rare in conventional finance, the true ethical alternatives lie in adopting principles of sound financial management, avoiding interest-based debt from the outset, and seeking community support for those in dire need.

Here are some categories and resources that align better with Islamic principles:

Financial Literacy & Budgeting Tools:
- You Need A Budget YNAB
  - Key Features: Zero-based budgeting, goal tracking, real-time sync, debt payoff tools.
  - Average Price: Approximately $14.99/month or $99/year.
  - Pros: Highly effective for gaining control over finances, promotes mindful spending, helps in proactive debt avoidance.
  - Cons: Requires consistent effort and commitment. subscription cost.
- Mint
  - Key Features: Free budgeting, bill tracking, credit monitoring, investment tracking.
  - Average Price: Free ad-supported.
  - Pros: Comprehensive, easy to use, integrates with most financial accounts.
  - Cons: Ads can be distracting. less hands-on than YNAB.
Ethical Investment Platforms for building wealth and avoiding debt:
- Wahed Invest Not available on Amazon, but a prominent halal investment platform
  - Key Features: Sharia-compliant investment portfolios stocks, sukuk, gold, easy-to-use app, low minimums.
  - Average Price: Advisory fees typically 0.25%-0.99% per year.
  - Pros: Ensures investments are halal, diversified portfolios, supports long-term financial security.
  - Cons: Not a direct debt solution. returns are not guaranteed.
- Amana Mutual Funds Not available on Amazon, a well-established halal mutual fund provider
  - Key Features: Actively managed Sharia-compliant mutual funds, various risk profiles.
  - Average Price: Expense ratios vary by fund, typically 0.90% – 1.25%.
  - Pros: Reputable, long track record, professional management.
  - Cons: Higher minimum investments compared to robo-advisors. not a direct debt solution.
Community-Based Financial Aid & Zakat Organizations:
- Islamic Relief USA Donation and charity, not a product on Amazon
  - Key Features: Provides assistance to those in need, including poverty alleviation, disaster relief, and sometimes direct financial aid for extreme hardship.
  - Average Price: N/A charitable organization.
  - Pros: Directly addresses root causes of poverty. relies on Zakat and charity which are permissible.
  - Cons: Not a systematic debt management program. assistance is needs-based.
- Local Mosques/Islamic Centers: Many local Islamic centers and mosques have Zakat funds or benevolent loan programs Qard Hasan that can provide interest-free financial assistance during crises.
  - Key Features: Interest-free loans Qard Hasan, Zakat distribution, community support networks.
  - Average Price: N/A community-based.
  - Pros: Direct, interest-free help. strengthens community bonds. personalized support.
  - Cons: Availability and capacity vary widely by location.
Educational Resources for Islamic Finance:
- Islamic Finance Education
  - Key Features: Books, courses, and online resources explaining principles of Islamic finance, ethical banking, and wealth management.
  - Average Price: Varies for books and courses e.g., $10-$50 for books, $100+ for courses.
  - Pros: Empowers individuals with knowledge to make Sharia-compliant financial decisions.
  - Cons: Requires self-study. theoretical rather than direct financial aid.

The key takeaway is to build a robust financial foundation that prioritizes avoidance of interest riba and engages in ethical, permissible avenues for earning, saving, and investing.

For existing debt, while the services on Moneyplusadvice.com might offer a pathway out of a difficult situation, it’s essential to recognize their inherent reliance on interest-based structures, which should be avoided whenever possible.

The ideal approach is to seek interest-free loans from benevolent sources, community support, or even work out direct, interest-free payment plans with creditors where possible, aligning with the principles of justice and equity.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Table of Contents

Moneyplusadvice.com Review & First Look

Moneyplusadvice.com positions itself as a guiding hand, offering various debt solutions.

Based on an initial review of their website, it’s clear they aim to provide comprehensive support for individuals struggling with financial burdens.

They highlight “Over 25 years providing debt help” and claim to have assisted “tens of thousands of people.” This immediately signals a well-established presence in the debt advice sector.

What is Moneyplusadvice.com?

Moneyplusadvice.com is a UK-based company specializing in debt advice and solutions.

Their core mission, as stated on their homepage, is “Helping people struggling with debt.” They offer a range of services designed to help individuals consolidate, manage, and ultimately reduce their unsecured debts.

This includes various formal and informal insolvency options, alongside general debt advice.

Services Offered

The website outlines a comprehensive suite of debt solutions catering to different financial situations and geographical locations within the UK. These include:

Debt Management Plan DMP: An informal agreement to repay creditors through one affordable monthly payment.
Individual Voluntary Arrangement IVA: A legally binding agreement with creditors, typically over 5-6 years, where remaining debt is written off after the period.
Debt Relief Order DRO: A solution for individuals with minimal assets and low disposable income.
Debt Consolidation Loans: Consolidating multiple debts into a single loan, typically involving interest.
Bankruptcy: A legal process to write off debts for those who cannot repay.
Remortgage: Using equity in a property to pay off debts, often involving new interest-bearing mortgage terms.
Breathing Space: A scheme offering legal protection from creditors for up to 60 days.
Scottish Debt Solutions: Including Protected Trust Deed PTD, Sequestration, Minimal Asset Process MAP, and Debt Arrangement Scheme.

Initial Impressions on Ethics

From an ethical perspective, particularly through the lens of Islamic finance, Moneyplusadvice.com presents a challenging scenario.

While their stated goal of helping people alleviate debt is commendable, many of the mechanisms they offer, such as “Debt Consolidation Loans” and “Remortgage,” are inherently tied to interest riba. Riba is explicitly prohibited in Islam due to its exploitative nature and its potential to exacerbate financial inequality.

Even solutions like DMPs and IVAs, while restructuring debt, are typically dealing with pre-existing interest-bearing liabilities. Vapeinc.com Review

The site doesn’t offer any Sharia-compliant alternatives or advice on how to manage debt without engaging in interest.

This makes their services fundamentally misaligned with Islamic financial principles, despite their good intentions of assisting those in financial distress.

Moneyplusadvice.com Pros & Cons Focus on Cons

When evaluating a service like Moneyplusadvice.com, it’s crucial to weigh its potential benefits against its drawbacks, especially when considering ethical frameworks.

While the website aims to assist individuals in dire financial straits, its reliance on conventional financial instruments presents significant cons, particularly for those adhering to Islamic financial principles.

The Problematic Aspect: Interest-Based Debt Solutions

The primary and most significant drawback of Moneyplusadvice.com, from an Islamic ethical standpoint, is its fundamental engagement with and promotion of interest-based financial solutions.

The very essence of most modern debt, be it credit card debt, personal loans, or mortgages, revolves around interest riba, which is strictly forbidden in Islam.

Debt Consolidation Loans: These are often presented as a solution, yet they typically involve taking out a new interest-bearing loan to pay off existing ones. This doesn’t remove the element of riba. it merely repackages it, sometimes at a different rate, but still within the impermissible framework.
Remortgage: Similar to consolidation loans, remortgaging involves refinancing a property loan, almost always with interest. While it might free up cash for debt repayment, it ties the individual into another interest-bearing obligation, which is a significant concern.
Existing Debt Structures: Even when Moneyplusadvice.com helps manage existing debts through DMPs or IVAs, these debts originated from interest-based transactions e.g., credit cards, conventional loans. While the services aim to reduce or freeze interest, the core issue of dealing with riba-laden agreements remains.

Lack of Sharia-Compliant Alternatives

The website makes no mention of or provision for Sharia-compliant financial solutions.

This is a critical omission for individuals seeking ethical ways to manage their finances. There’s no advice on:

Qard Hasan Benevolent Loans: Interest-free loans offered by individuals or Islamic institutions.
Halal Financing Options: Alternatives to conventional mortgages or loans that adhere to Islamic principles, such as Murabaha cost-plus financing or Ijarah leasing.
Zakat-based Assistance: Utilizing Zakat funds for those in extreme poverty or debt, which is a permissible form of aid.

Encouraging a Cycle of Debt Indirectly

While the goal is to get people out of debt, the promotion of solutions like “Debt Consolidation Loans” or “Remortgage” can, in some cases, inadvertently encourage a reliance on debt as a solution. Instead of fostering true financial independence through savings, ethical earning, and responsible spending, these solutions might appear as quick fixes that keep individuals within the conventional, interest-driven financial system. The long-term objective should be to exit such systems entirely, rather than just restructuring one’s position within them.

Potential for Fees

The website clearly states, “If you enter a solution with MoneyPlus we will charge you fees.” While this is transparent, any fees associated with services that are fundamentally tied to interest-based systems become problematic for someone seeking a fully ethical approach. Aeticon.com Review

Paying a fee to manage something impermissible can itself be seen as indirectly supporting an impermissible transaction.

Focus on UK-Specific Regulations

The solutions provided are highly specific to UK legal and financial frameworks e.g., IVA, PTD, Sequestration, MAP. This limits their applicability and advice for a global audience or for those seeking universally ethical principles that transcend geographical boundaries.

While this isn’t a direct ethical “con,” it highlights the localized nature of their conventional debt management.

Moneyplusadvice.com Alternatives

Given the ethical considerations surrounding interest-based financial solutions, exploring alternatives that align with principles of ethical finance is crucial.

These alternatives focus on avoiding interest, promoting responsible financial behavior, and seeking permissible forms of assistance.

1. Financial Literacy and Budgeting Education

Why it’s a better alternative: Prevention is always better than cure. Understanding how money works, how to budget effectively, and how to avoid falling into debt traps is paramount. This empowers individuals to make informed decisions and live within their means.
Key aspects:
- Zero-based budgeting: Every dollar has a job, ensuring no money is unaccounted for. This method, popularized by tools like YNAB, is about strict allocation.
- Emergency funds: Building a safety net to prevent reliance on high-interest loans during unforeseen circumstances.
- Understanding wants vs. needs: Distinguishing between essential expenditures and discretionary spending.
- Debt avoidance strategies: Learning to say no to credit, understanding repayment terms, and building wealth without debt.
Resources:
- You Need A Budget YNAB
- Dave Ramsey’s Financial Peace University focus on debt payoff without interest, though some advice might need adaptation for strict Sharia compliance, the core principles of debt avoidance are sound
- Books on personal finance
- Free online courses from reputable financial education institutions.

2. Ethical Investment Platforms Halal Investing

Why it’s a better alternative: Instead of borrowing and dealing with interest, the focus shifts to generating permissible income and building wealth through ethical investments. This allows individuals to grow their assets responsibly and potentially have funds available for future needs without resorting to debt.
- Sharia-compliant portfolios: Investments that avoid industries like alcohol, gambling, conventional banking interest-based, and pornography.
- Sukuk Islamic bonds: Asset-backed instruments that offer returns without interest.
- Real estate investment: Direct ownership and leasing arrangements that avoid interest.
- Wahed Invest a leading global halal robo-advisor for investments
- Amana Mutual Funds long-standing provider of Sharia-compliant mutual funds
- Books on Islamic finance and investment

3. Qard Hasan Benevolent Loans and Community Funds

Why it’s a better alternative: This is the most direct and permissible way to address financial hardship without involving interest. Qard Hasan literally means a “good loan” and is given without any interest or fees.
- Community-based initiatives: Many mosques and Islamic centers maintain benevolent funds funded by donations, providing interest-free loans to members in need.
- Individual generosity: Seeking help from family, friends, or trusted community members who might be willing to offer interest-free assistance.
- Zakat distribution: For those who qualify, Zakat obligatory charity can be distributed to relieve debt.
- Local mosques and Islamic centers contact their social services or financial aid committees.
- Reputable Islamic charities and aid organizations e.g., Islamic Relief, Zakat Foundation which might have programs for debt relief for the truly needy.

4. Direct Negotiation with Creditors Interest-Free wherever possible

Why it’s a better alternative: While difficult with institutional creditors, individuals can sometimes directly negotiate terms to manage existing debt. The goal here is to reduce or eliminate interest and agree on a manageable, interest-free repayment plan.
- Hardship programs: Many creditors have programs for customers experiencing financial hardship, where they might temporarily lower payments, freeze interest, or waive fees.
- Settlement offers: If a lump sum even if smaller than the total debt can be raised through permissible means e.g., Qard Hasan, negotiating a settlement with creditors to close the account without further interest accumulation is an option.
- Prioritizing debt repayment: Creating a strict plan to pay off existing, high-interest debts first, using surplus income or permissible funds.
- Non-profit credit counseling agencies ensure they focus on debt management without promoting new interest-bearing loans.
- Direct communication with creditors to explain the financial situation and seek concessions.

5. Ethical Business and Entrepreneurship

Why it’s a better alternative: Building legitimate, ethical businesses and seeking permissible means of earning income can generate wealth and reduce reliance on conventional financial systems. This includes small businesses, ethical trade, and providing valuable services.
- Halal income streams: Ensuring all earnings come from permissible sources.
- Bartering and exchange: Engaging in non-monetary trade where appropriate.
- Shared risk and profit-sharing: Business models that align with Islamic finance, such as Mudarabah profit-sharing or Musharakah joint venture, rather than fixed-interest loans.
- Books on ethical business and entrepreneurship
- Small business development centers look for resources on ethical trade.

The journey to financial stability without interest is challenging in a conventional system, but it is achievable through diligent effort, sound financial education, community support, and adherence to ethical principles.

Moneyplusadvice.com Pricing

Understanding the cost of any financial service is critical, and Moneyplusadvice.com is reasonably transparent about its fee structure, though the underlying implications for an ethically-minded individual are important to consider. The website states, “If you enter a solution with MoneyPlus we will charge you fees. If you do not enter a solution managed by us, there will be no fee for the advice that we provide.” This bifurcated approach is common in the debt advice industry.

What Does “Free Advice” Entail?

Moneyplusadvice.com offers initial “free debt advice.” This means that individuals can contact them, discuss their financial situation, and receive recommendations on potential debt solutions without incurring any upfront cost.

This initial consultation is crucial for understanding one’s options. Holidaytaxis.com Review

They also direct users to www.moneyhelper.org.uk for free debt advice, which is a positive sign of transparency and a willingness to refer to independent, free resources.

When Do Fees Apply?

Fees are applied only if a client chooses to enter a debt solution managed by MoneyPlus Advice. This typically refers to:

Debt Management Plans DMPs managed by them: MoneyPlus would act as an intermediary, collecting one monthly payment from the client and distributing it to creditors. For this service, they charge a fee. The website has a dedicated page for “Debt Management Plan DMP Fees” moneyplusadvice.com/debt-solutions/debt-management-plan/fees/, which provides a breakdown. In 2024, the average total debt of new DMP customers was £19,203, implying significant sums being managed.
Individual Voluntary Arrangements IVAs: IVAs are formal insolvency procedures that require an Insolvency Practitioner IP to manage the arrangement. MoneyPlus Advice, or an associated IP, would charge fees for setting up and overseeing the IVA. The website has a specific page: “IVA Costs & Fees – How much do IVAs cost?” moneyplusadvice.com/debt-solutions/individual-voluntary-arrangement/iva-costs-fees-how-much-do-ivas-cost/.
Other Managed Solutions: While not explicitly detailed on the main page for all solutions, it’s reasonable to infer that any other formal or informal solution they “manage” on behalf of the client would incur a fee for their administrative and advisory services.

How are Fees Charged?

Typically, for DMPs, the fee is a portion of the monthly payment, often deducted before the remaining amount is distributed to creditors.

For IVAs, the fees Nominee’s Fee and Supervisor’s Fees are statutory and agreed upon by creditors, usually paid out of the monthly contributions.

The website states, “All fees and risks will be explained in full before you enter into a solution.” This commitment to full disclosure is important.

Ethical Implications of Fees

From an ethical perspective, the fees themselves are problematic when they are tied to interest-based transactions.

If a service facilitates the management of debt that originated from riba or promotes solutions like “Debt Consolidation Loans” which involve new interest, then paying fees for such a service can be seen as indirectly participating in or supporting an impermissible financial structure.

Even if the fees are for administrative services, the core subject matter—interest-bearing debt—remains the ethical concern.

The ideal solution would be to seek advice and engage in transactions that are entirely interest-free from their inception, including any associated service charges.

Moneyplusadvice.com vs. Alternative Approaches

When examining Moneyplusadvice.com against alternative, ethically sound approaches to financial management, the distinctions become stark. Tutugiovannaproperties.com Review

It’s not merely a comparison of services, but a contrast of foundational philosophies regarding money and debt.

Moneyplusadvice.com’s Approach Conventional Debt Management

Moneyplusadvice.com operates squarely within the conventional financial system, which is largely built upon interest riba. Their approach is to:

Manage Existing Debt: Primarily focus on restructuring and negotiating down existing debts that have accrued interest.
Provide Legal/Formal Solutions: Offer solutions like IVAs, DMPs, Bankruptcy, which are regulated by statutory frameworks designed for the conventional system.
Facilitate Conventional Lending: Even when advising on “Debt Consolidation Loans” or “Remortgage,” they are directing clients towards instruments that are inherently interest-bearing.
Reduce Burden, Not Eliminate Riba: While they aim to reduce the burden of debt by potentially freezing interest or writing off portions, they do not inherently challenge or eliminate the concept of riba from the financial equation. The debt, at its core, remains a product of an interest-based system.
Fees for Service: They charge fees for managing these conventional debt solutions.

Pros of Moneyplusadvice.com from a conventional viewpoint:

Practicality: For those entrenched in conventional debt, their solutions can provide immediate relief and a structured path to repayment.
Expertise: They claim “Over 25 years providing debt help,” suggesting significant experience.
Creditor Negotiation: They handle the often-stressful process of negotiating with multiple creditors.

Cons of Moneyplusadvice.com from an ethical viewpoint:

Riba Involvement: Their services are fundamentally tied to interest-based debt, which is impermissible.
No Halal Alternatives: They do not offer Sharia-compliant solutions or advice.
Perpetuates Conventional System: By operating within this system, they indirectly contribute to its continuation rather than promoting ethical alternatives.

Alternative Approaches Ethical Financial Management

Ethical financial management, particularly in Islamic finance, takes a completely different stance.

The goal is to build wealth and manage finances without recourse to interest.

1. Proactive Financial Planning & Halal Wealth Building

Focus: Avoiding debt altogether through sound budgeting, saving, and investing in Sharia-compliant assets.
Methodology:
- Strict budgeting: Using tools like YNAB to manage every dollar and prevent overspending.
- Emergency fund: Building a buffer to handle unexpected expenses without borrowing.
- Halal investments: Investing in ethical industries, stocks, and Sukuk, avoiding conventional interest-bearing bonds or loans.
Comparison: This approach aims to prevent the problem from occurring, whereas Moneyplusadvice.com deals with the aftermath.

2. Qard Hasan Benevolent Loans & Zakat

Focus: Providing interest-free financial assistance during hardship.
- Community support: Individuals or institutions providing loans without any interest or fees to those in need.
- Zakat utilization: For eligible recipients, Zakat funds are disbursed to relieve debt, providing true financial freedom without obligation to interest.
Comparison: This offers a compassionate, interest-free solution to immediate debt, directly contrasting with Moneyplusadvice.com’s fee-based, interest-adjacent services.

3. Direct Negotiation & Ethical Repayment

Focus: Engaging directly with creditors to work out permissible repayment terms.
- Interest waivers: Attempting to negotiate with creditors to waive or freeze interest on existing debts due to hardship.
- Settlement: Raising funds through permissible means e.g., Qard Hasan to offer a lump sum settlement to close interest-bearing accounts.
- Prioritizing payment: Strategically paying off interest-bearing debt first using ethical funds.
Comparison: While Moneyplusadvice.com also negotiates, the ethical approach emphasizes doing so with the explicit goal of eliminating or minimizing the interest component as much as possible, and not incurring new interest.

4. Ethical Business and Trade

Focus: Generating permissible income through honest business and trade, avoiding interest-based financing for ventures.
- Partnerships Musharakah/Mudarabah: Profit-sharing and risk-sharing models for business financing, rather than fixed-interest loans.
- Asset-backed financing: Utilizing legitimate assets for trade and income generation.
Comparison: This is a long-term strategy for financial independence and wealth creation, a proactive measure that goes beyond mere debt management.

In conclusion, while Moneyplusadvice.com provides a functional service within the conventional financial framework, its reliance on and integration with interest-based systems makes it less than ideal for those committed to ethical financial principles.

The alternative approaches prioritize prevention, interest-free solutions, and community-based support, offering a fundamentally different and more permissible path to financial well-being.

How to Cancel Moneyplusadvice.com Subscription

If you’ve engaged with Moneyplusadvice.com for a managed debt solution, such as a Debt Management Plan DMP or an Individual Voluntary Arrangement IVA, you would likely have a formal agreement outlining the terms, including cancellation procedures.

It’s crucial to consult this agreement first, as specific details can vary. Setyres.com Review

However, generally, the process involves direct communication and understanding the implications of termination.

Cancelling a Debt Management Plan DMP with Moneyplusadvice.com

A Debt Management Plan is an informal agreement, which typically offers more flexibility for cancellation compared to formal insolvency procedures like an IVA.

Review your DMP Agreement: The first step is always to refer to the initial agreement you signed with Moneyplusadvice.com. This document will outline the terms of your DMP, including sections on termination or cancellation. It should specify any notice periods required.
Contact Moneyplusadvice.com Directly: The most straightforward way to cancel is to contact their customer service or your assigned debt advisor.
- Phone: Call them directly at their stated number e.g., 0161 837 4000. Be prepared to explain your reasons for cancelling.
- Written Communication: Follow up any phone call with a written cancellation request via email or postal mail. This creates a clear record. Include your name, account number, and a clear statement that you wish to cancel your DMP.
Understand the Implications: Cancelling a DMP means Moneyplusadvice.com will cease to manage your payments to creditors.
- Creditor Contact: Creditors will likely resume direct contact with you to collect payments.
- Interest and Charges: Any interest and charges that were frozen or reduced under the DMP may be reapplied.
- New Payment Arrangements: You will be responsible for making new payment arrangements directly with each of your creditors.
- Impact on Credit File: Cancelling a DMP might affect your credit score, especially if you then default on direct payments.

Cancelling an Individual Voluntary Arrangement IVA with Moneyplusadvice.com

An IVA is a legally binding agreement, making its termination more complex and less straightforward than a DMP. An IVA can only be ended if:

Successful Completion: You have fulfilled all the terms of your IVA, including making all agreed payments.
Failure of the IVA: If you cannot maintain your payments, the IVA might fail. This is a serious situation and can have significant consequences.
- Creditor Options: If an IVA fails, your creditors revert to their original rights and may pursue legal action, including bankruptcy.
- Insolvency Practitioner’s Role: Your Insolvency Practitioner IP, who manages the IVA, will inform creditors of the failure.
Application to Court: It is possible, though rare and complex, to apply to the court to have an IVA annulled or set aside. This usually happens if there was a material irregularity or if the debtor can prove they can pay off all debts.
No Simple “Cancellation” Button: Unlike a subscription, you cannot simply “cancel” an IVA. It’s a formal legal process.
- Contact Your Insolvency Practitioner: If you are considering ending your IVA, or are struggling to make payments, you must speak to your Insolvency Practitioner immediately. They are legally bound to advise you on the consequences and next steps.
- Do Not Stop Payments: Do not simply stop making payments without informing your IP, as this will lead to the failure of the IVA and potentially worse outcomes.

General Advice for Any Service Termination

Keep Records: Always keep copies of all correspondence, including emails, letters, and notes from phone calls date, time, person spoken to.
Seek Independent Advice: Before cancelling any formal debt solution, especially an IVA, it is highly advisable to seek independent, free debt advice from an organization like MoneyHelper www.moneyhelper.org.uk or Citizens Advice. They can help you understand the full implications and explore alternative options.

For ethical considerations, cancelling a service that manages interest-based debt is a step towards disengaging from such a system.

However, the subsequent steps to manage the debt directly must also be approached with a focus on ethical, interest-free solutions if possible, such as negotiating interest waivers or seeking Qard Hasan.

Frequently Asked Questions

Moneyplusadvice.com is a UK-based company that offers debt advice and various debt solutions to individuals struggling with financial difficulties.

They provide services like Debt Management Plans DMPs, Individual Voluntary Arrangements IVAs, and advice on bankruptcy.

Is Moneyplusadvice.com a legitimate company?

Yes, Moneyplusadvice.com appears to be a legitimate company operating in the UK debt advice sector, claiming over 25 years of experience and providing clear contact details and addresses. They are regulated by relevant authorities.

What types of debt solutions does Moneyplusadvice.com offer?

Moneyplusadvice.com offers a range of debt solutions including Debt Management Plans DMP, Individual Voluntary Arrangements IVA, Debt Relief Orders DRO, Debt Consolidation Loans, Bankruptcy, Remortgage, Administration Order, Breathing Space, Settlement, and Scottish-specific solutions like Protected Trust Deeds PTD and Sequestration.

Does Moneyplusadvice.com charge for its advice?

Moneyplusadvice.com offers free initial debt advice. Getstride.com Review

However, if you choose to enter into a debt solution managed by them, they will charge fees for their services.

What are the main ethical concerns with Moneyplusadvice.com?

The main ethical concern, particularly from an Islamic finance perspective, is their involvement with and promotion of interest-based debt solutions like Debt Consolidation Loans and Remortgages.

While they help manage existing debt, the underlying financial mechanisms often involve riba interest, which is prohibited.

Can Moneyplusadvice.com help with credit card debt?

Yes, Moneyplusadvice.com explicitly mentions credit card debt as one of the types of debt they can help with, often through solutions like DMPs or IVAs.

What is a Debt Management Plan DMP according to Moneyplusadvice.com?

According to Moneyplusadvice.com, a DMP is an informal agreement where they help you consolidate your unsecured debts into one affordable monthly payment, which they then distribute to your creditors. It’s not an insolvency solution.

What is an Individual Voluntary Arrangement IVA?

An IVA, as described by Moneyplusadvice.com, is a legally binding agreement with your creditors where you pay an affordable monthly sum for a fixed period usually 5-6 years, after which any remaining included debt is written off.

Does Moneyplusadvice.com offer solutions for Scottish residents?

Yes, Moneyplusadvice.com provides specific debt solutions for residents in Scotland, including Protected Trust Deeds PTD, Sequestration, Minimal Asset Process MAP, and the Debt Arrangement Scheme.

How does Moneyplusadvice.com help to stop interest and charges?

Moneyplusadvice.com states that their debt solutions, particularly DMPs, aim to freeze interest and charges.

They claim to succeed in doing so for over 95% of their DMP customers.

How does Moneyplusadvice.com claim to stop creditor contact?

While not guaranteed, some solutions managed by Moneyplusadvice.com, such as DMPs or IVAs, are designed to potentially stop direct contact from creditors, as communication would then go through MoneyPlus. Bidandbox.com Review

What is “Breathing Space” offered by Moneyplusadvice.com?

Breathing Space, also known as the Debt Respite Scheme, is a solution offered by Moneyplusadvice.com that provides legal protection from creditor action for up to 60 days, including stopping interest, charges, and most enforcement actions.

What are some ethical alternatives to Moneyplusadvice.com for debt management?

Ethical alternatives include focusing on financial literacy and budgeting e.g., YNAB, seeking Qard Hasan benevolent, interest-free loans from community organizations, utilizing Zakat for debt relief, and directly negotiating with creditors to waive interest wherever possible.

Can Moneyplusadvice.com help with gambling debt?

Yes, Moneyplusadvice.com specifically lists “Gambling Debt” as one of the types of debt they can assist with, providing advice and solutions for managing it.

What happens if I stop paying my Moneyplusadvice.com managed solution?

If you stop paying for a managed solution like a DMP, Moneyplusadvice.com will cease payments to your creditors, and you will become directly responsible for them again.

For an IVA, stopping payments can lead to its failure, potentially resulting in creditors pursuing legal action or bankruptcy.

Does Moneyplusadvice.com offer solutions for business debt?

Yes, Moneyplusadvice.com lists “Business Debt” among the types of debt they can assist with, providing advice tailored to business financial difficulties.

How long does an IVA typically last with Moneyplusadvice.com?

According to Moneyplusadvice.com, an Individual Voluntary Arrangement IVA typically lasts for 5 or 6 years, during which you make affordable monthly payments.

Is a Remortgage an ethical solution for debt according to Islamic principles?

No, a Remortgage, as a conventional financial product, typically involves interest riba, making it impermissible under Islamic financial principles.

It is generally advised to avoid solutions that incur new interest.

What is the average debt of Moneyplusadvice.com’s DMP customers?

Moneyplusadvice.com states that the median average total debt of new DMP customers in 2024 was £19,203. Storetasker.com Review

How do I contact Moneyplusadvice.com?

You can contact Moneyplusadvice.com by phone at 0161 837 4000 or through their “Contact us” page on their website, which may include online forms or email addresses. They also have a “Make a payment” option online.