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Popular Debt Solutions
Debt Management Plan (DMP)
Usually suitable for people with unsecured debts totalling under £15,000, a debt management plan (DMP) is an informal way to repay your creditors by making a single, affordable payment every month. As DMPs are flexible, the amount you pay can change depending on your financial circumstances.
Individual Voluntary Arrangement (IVA)
An individual voluntary arrangement (IVA) is a legal procedure for people in financial difficulties with unsecured debts. It is a legal agreement between you and your creditors to only pay what you can actually afford to pay off your debts.
Bankruptcy
If your debt has reached an unmanageable level, bankruptcy is one way of managing it, especially if you are in no position to pay off your debts in a reasonable time frame.
Other Debt Solutions
No matter what your debt trouble, there is a solution for you!
Debt Relief Order
A debt relief order (DRO) is a formal debt relief option to help repay your debts if you have few assets and a low debt level.
Debt Arrangement Scheme
An debt solution for the residents of Scotland, a debt arrangement scheme (DAS), lets you repay your creditors with just one monthly, affordable payment.
Sequestration
Sequestration is the Scottish equivalent of bankruptcy, and is to be used when you can no longer meet the agreed repayment on your debts.
Protected Trust Deed (PTD)
Only for resident of Scotland, a protected trust deed (PTD) is similar to an IVA in that it is a legally-binding agreement between you and your creditors, whereby you make one, affordable monthly payment.
