Debt Solutions Explained
Each guide explains how the solution works, who it suits, what it costs and the drawbacks, so you can have an informed conversation with a regulated adviser.
Individual Voluntary Arrangement (IVA)
An IVA is a formal, legally binding agreement between you and your creditors to repay what you can afford over a fixed period – usually five or six years. At the end,…
Read the guide →Debt Management Plan (DMP)
A Debt Management Plan is an informal arrangement to repay your unsecured debts at a rate you can afford. You make one monthly payment to a DMP provider, who distributes…
Read the guide →Debt Relief Order (DRO)
A Debt Relief Order is a low-cost formal solution for people in England, Wales and Northern Ireland who have relatively low debts, little spare income and few assets. If…
Read the guide →Bankruptcy
Bankruptcy is a formal legal process that can clear unaffordable debts, usually within 12 months. It is a serious step with lasting consequences, but for some people it…
Read the guide →Protected Trust Deed (Scotland)
A Protected Trust Deed (PTD) is Scotland's closest equivalent to an IVA. You transfer your assets to a trustee (an Insolvency Practitioner) and make an affordable…
Read the guide →Debt Arrangement Scheme (DAS)
The Debt Arrangement Scheme is a statutory Scottish scheme that lets you repay your debts in full through a single affordable monthly payment, with interest and charges…
Read the guide →Minimal Asset Process (MAP) Bankruptcy
The Minimal Asset Process is a streamlined route into Scottish bankruptcy for people on a low income with very few assets. It is quicker and cheaper than full…
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