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Debt Solutions

Deciding Which Option Is Best For You

The best option for you will depend on your individual circumstances, but there are some questions you should consider before making a decision.

  • Can you afford the solution? A Debt Management Plan or an IVA will require ongoing payments over a long period. Are you confident that you can maintain this commitment?
  • Will this be a “Full and Final” solution? Once the process is complete will you be free from debt with no possibility of creditors making a future claim?
  • Does it address all of your debt? Are all of your creditors included in the arrangement?
  • What about your credit rating? Will you need to be able to borrow again in future and how will your ability to obtain credit be affected.
  • Will it affect your employment? Some debt solutions may not be suitable for certain occupations, in particular the legal or accountancy professions or financial advisors. You may need to discuss this with your employer.
  • Is your home or other assets at risk? If you have equity in your home, or you own other assets, these may be a target for creditors. Asset protection is a key consideration in all proposed solutions.
  • How long will it take? When can you realistically expect to be debt free?

The following information provides details on each option for dealing with your debts.

  • Debt Management Plans


    A Debt Management Plan, or DMP, is an informal agreement between you and your unsecured creditors to pay back non-priority debts, reducing your monthly debt payments to a single affordable amount each month.

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  • Individual Voluntary Arrangement (IVA)



    An Individual Voluntary Arrangement, or IVA, is a formal arrangement to make an affordable payment over a fixed period.

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  • Debt Relief Orders

    Debt Relief Orders are designed for people with a relatively low level of debt and limited assets.

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  • Releasing Equity

    RELEASING EQUITY (Homeowners Only)

    Releasing equity in your property, whether via a remortgage or secured loan, to pay off debt involves you replacing, or extending, your existing mortgage, or taking out a loan against your property in order to borrow money.

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  • Bankruptcy


    Bankruptcy is a formal debt solution for those who have an amount of debt which they cannot repay.

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