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Our partners can help you become debt-free by consolidating all your debts into one affordable monthly payment.
This enables you to stop all creditor contact. No more letters, emails or phone calls.
You make one affordable monthly payment
The payment is then distributed between your creditors.
Some solutions mean that at the end of the term, unaffordable debt is written off.
An informal arrangement which can be made between you and your creditors.
A Debt Management Plan (DMP) allows you to pay off your debts at a rate you can afford.
It's suitable if you have non-priority debts like credit or store cards, overdrafts and personal loans.
Your DMP provider will help you work out an affordable payment and talk to your creditors.
You make one monthly payment to the DMP provider who then pays your creditors for you.
You can only use a Debt Management Plan for non-priority debts.
These include:
A formal arrangement which can be made between you and your creditors.
An Individual Voluntary Arrangement (IVA) freezes your debts and allows you to pay them back over a set period.
Any money you still owe after this period is then written off.
You can apply for an IVA if you can afford to pay something towards your debts but not necessarily the full amount your creditors want.
You will need to show you have a regular long-term income as the repayments will usually cover a period over 60 or 72 months (five to six years).
If you have a lump sum to pay towards your debts, you might also qualify for an IVA.
The IVA is set up by a qualified professional called an Insolvency Practitioner, who will work with you to put together a proposal to take to your creditors for approval.
An IVA is a legally binding agreement between you and the people you owe money to. This means once you've signed it, neither you nor your creditors can back out.
Is a way to have your debts written off if you have a relatively low level of debt and have few assets.
Suitable if you are on a low income with very few assets
Freezes debt for a year then writes it off completely if your circumstances haven't changed.
Once a Debt Relief Order is agreed, you make no further payments to the people you owe money to (your creditors).
You can apply for a Debt Relief Order if:
Is a legal process through which people or other entities who cannot repay debts to creditors.
A trust deed is a voluntary agreement between you and creditors, Scotland residents only.
A trust deed is a possible solution, though they are available only in Scotland. If you live in England, Wales or Northern Ireland, you might want to consider an Individual Voluntary Arrangement, which works in a similar way.
When you sign a trust deed, you agree to make affordable monthly payments over a fixed period of up to four years to reduce your debts. At the end of the four-year period, any remaining debts will be written off.
A trust deed is a legally binding arrangement and covers unsecured debts only, such as credit cards and personal loans. It does not apply to your mortgage or any hire purchase agreements.
A trust deed must be set up by an insolvency practitioner, who becomes the trustee and deals with the creditors on your behalf.
Reduce your debts and take back control
Our partners will help you take back control of your finances
Let’s Get StartedOur partners can help you become debt-free by consolidating all your debts into one affordable monthly payment.
This enables you to stop all creditor contact. No more letters, emails or phone calls.
You make one affordable monthly payment
The payment is then distributed between your creditors.
Some solutions mean that at the end of the term, unaffordable debt is written off.
The Money Helper is an impartial service set up by the Government to help people manage their money. To find out more about free debt advice, debt counselling, debt adjustment and credit information services, visit www.moneyhelper.org.uk
The Money Helper is an impartial service set up by the Government to help people manage their money. To find out more about free debt advice, debt counselling, debt adjustment and credit information services, visit www.moneyhelper.org.uk