Regain Control of Your Finances
Debt Solutions Available To UK Residents
Individual Voluntary Arrangement
A formal arrangement where included debts are repaid at an affordable rate for a set period, after which the remaining balances are written off.
Debt Relief Order
Freezes qualifying debt repayments for 12 months, after which, if finances have not improved, included debts are written off.
Bankruptcy
A formal process which writes off all qualifying debts. Used by those who have no way of repaying their debts.
Debt Management Plan
An informal plan where one manageable monthly repayment is divided between included debts until they are all fully repaid.
Release of Equity
Credit used to clear debts with the equity home-owners have in their property, including remortgages, secured loans and equity release plans.
Self-Help
Consumers contact their creditors directly to negotiate more affordable repayment terms, restructure their household budget to make savings or cutbacks in order to meet debt repayments.
Debt Solutions Available To Scottish Residents
Protected Trust Deed
A formal arrangement where included debts are repaid at an affordable rate for a set period, after which remaining balances are written off.
Release of Equity
Credit used to clear debts with the equity homeowners have in their property, including remortgages, secured loans and equity release plans.
Minimal Asset Process Bankruptcy
A cheaper alternative to sequestration for those with low income and few assets.
Debt Management Plan
An informal plan where one manageable monthly repayment is divided between included debts until they are all fully repaid. Scotland residents have other options which are usually more beneficial.
Sequestration
A formal process which writes off all qualifying debts. Used by those who have no way of repaying their debts.
Debt Arrangement Scheme
A formal plan where included debts are repaid in one affordable payment each month over a long period.