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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

    Debt management plans are used to deal with unsecured debt, so mortgages or other secured loans cannot be included.

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  • Individual Voluntary Arrangement (IVA)

    An IVA is basically a contract between you and your creditors, under which you voluntarily agree to repay your debt.

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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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  • Informal Settlements

    As the name suggests, this form of settlement does not involve a statutory process.

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  • Bankruptcy

    Bankruptcy is a way of dealing with debts that you have no realistic prospect of being able to repay.

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