Debt Solutions & Financial Help

Debt Management Plan (DMP)

A debt management plan (DMP) is a debt solution which can help you to pay back what you owe, at a more affordable rate. It can help you to reduce your debt payments into one affordable amount.

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Administration Order

Administration orders are a debt solution which involves an agreement being made between you and your creditors about paying back what is owed over a specified period of time. An administration order is a legal debt solution that creditors and courts are required to adhere to.

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Debt Relief Order

A debt relief order (DRO) is a debt solution which may enable you to get most of them written off. It is a debt solution for those who owe less than £30,000 (£20,000 or less in Northern Ireland), but is one which needs to be approved.

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Bankruptcy

If you can’t pay your debts and the amount you owe is more than the value of your belongings, you may be able to declare bankruptcy - but it’s important to make sure it’s the right debt solution path for you.

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Trust Deed (Scotland only)

A trust deed is a voluntary debt solution agreement between you and your creditors, where you agree to pay a regular amount towards your debts. Any debts remaining at the end of the specified period of time may then be written off.

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Debt Arrangement Scheme (Scotland Only)

The debt arrangement scheme is a debt solution which allows you to apply for a debt payment programme, enabling you to repay any debts by making affordable monthly payments.

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IVA

Individual voluntary agreements (IVA) are a debt solution which enables you to lower debt repayments for unsecured debts, fitting them in around any other financial commitments you may have.

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Breathing Space

The Breathing Space scheme, also known as the debt respite scheme, is a Government scheme which is designed to help consumers who are under financial pressure from debt creditors and who may be struggling. Although not a debt solution, Breathing Space can give people a little extra time to repay their debts and figure out what the best debt solution is for them.

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