Debt Solutions | Help & Advice

There are a wide variety of debt solutions out there, but it is not a ‘one size fits all’ scenario. Each solution has pros and cons that make some solutions better for some people than others.

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Debts Solutions & Advice

There are a number of debt solutions available. Further information on each can be found in the links below. Please be aware each solution has advantages and disadvantages.
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Debt Management Plan

A DMP is an informal flexible agreement between you and your creditors to repay all your debts. You make regular payments to a licensed debt management company.
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IVA

A legally binding solution to managing your money and paying off multiple debts. It is a formal repayment arrangement between you and your creditors.
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Bankruptcy

If you’re unable to repay any outstanding debt in England, Wales, or Northern Ireland, Bankruptcy is one of a number of wider financial solutions available to you.
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Debt Relief Order

A Debt Relief Order (DRO) is a formal insolvency process that can help you deal with your debts if you owe less than £30,000, don’t own your home, and have a monthly surplus of less than £75.
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Debt Consolidation Loan

Debt consolidation is a way to take out new credit to pay off your existing unsecured debts. A new loan is used to repay your current debts, so that you only have one loan repayment each month.
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Trust Deed (Scotland Only)

A legally binding solution to managing your money and paying off multiple debts. It is a formal repayment arrangement between you and your creditors.
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DAS (Scotland Only)

A Debt Arrangement Scheme may be suitable for someone who has money left over each month after paying his/her priority bills. It’s an option that helps you make affordable monthly payments to your non-priority debts.