Debt Solutions

There are several solutions out there for your debts. We’ve laid them all out below for you to explain how each one works and what it can do for you.

IVA – Individual Voluntary Arrangement

IVAs are legally binding agreements between you and your lenders. You will pay one affordable payment each month for a period of five years and any remaining balances will be written off once it has been completed.

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Debt Settlement Offers

This is an offer to make partial settlement of your debts and is usually agreed upon on the basis that the remainder of the balance is written off. Generally a lump sum is offered.

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Debt Arrangement Scheme

DAS is a solution that was introduced by the Scottish Government in 2004 as an alternative to a Trust Deed. It’s only available to those living in Scotland and allows them to pay back their debts over a reasonable timeframe.

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Minimal Asset Process (MAP)

MAPs are another form of bankruptcy in Scotland that is aimed at people with very low income and little or no assets. You generally won’t need to make any payments and it will normally last about six months.

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Sequestration

This is the Scottish version of bankruptcy and is, again, often used as a last resort for those who feel unable to pay back their debts in a reasonable timeframe. A trustee will take control of all your assets.

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Administration Order

Administration Orders are a solution for those who have a County Court Judgement against them. The court will place an order to cover your debts and protect you from further legal action. You will make one monthly payment.

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Debt Relief Orders

A Debt Relief Order is a solution available to those living in England, Wales or Northern Ireland and are designed to be an alternative to bankruptcy. Your debts will be frozen for a period of 12 months.

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Debt Consolidation Loans

Debt Consolidation Loans are designed to help you pay back all your debts in one go. This then means that you will solely pay back the loan instead of multiple debt repayments.

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Debt Management Plans

DMPs are an informal arrangement between you and your lenders to pay back your debts over a reasonable timeframe at a rate that’s affordable to you. It can be arranged either on you own or through a licenced company.

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Bankruptcy

This is generally a last resort solution for most people who feel they have no way to pay back their debts. All your assets are signed over to the court to be sold to pay your debts.

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