What Debt Solutions are available in the UK?
There are a range of formal and informal debt solutions available in the UK for addressing unaffordable debts. When it comes to choosing the right one for you, it is best that you speak to a debt advisor who can asses your situation, then advise and provide information on all options. This means you can take the time to make an informed choice on how you would like to proceed. Below are some factsheets explaining a little bit more about some of the solutions available.
IVA
An IVA (Individual Voluntary Arrangement) is a formal Insolvency solution where you repay what you can realistically afford towards your debts. Remaining debts could be written off on completion.
More about IVAsView IVA Factsheet
Bankruptcy
Bankruptcy is a formal Insolvency solution. It is often viewed as a last resort solution, but can be the best option if you know you cannot repay any of your debts.
More about BankruptcyView Bankruptcy Factsheet
DRO
A DRO (Debt Relief Order) is a formal Insolvency solution that could help you if you cannot afford to pay your debts, have little or no assets and a low disposable income.
More about DROsView DRO Factsheet
DMP
A DMP (Debt Management Plan) is an informal solution, that could help if you are having difficulty managing monthly debt repayments and need to reduce the amount you pay.
More about DMPsView DMP Factsheet
Debt Consolidation
Debt Consolidation is a way of reorganising your debts by obtaining a loan to pay them off. Essentially, paying off debts with another form of credit.
More about ConsolidationView Consolidation Factsheet
Email Debt Advice
If you would like to find out more about the options available, but are hesitant to chat about it over the phone, use our "Email Debt Advice Service" for initial conversation.
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