Debt management plan (DMP)
Our DMPs are completely FREE and available nationwide. You make one affordable monthly payment to us each month and we distribute this fairly to your creditors. Our DMPs give you the peace of mind that every single penny you pay to us is going towards repaying your debt. To find out more about how our DMPs work visit our DMP page.
Individual voluntary arrangement (IVA)
An IVA is a legally-binding agreement between you and your creditors, in which you repay your debts over a 5 or 6 year period. During this time you make one monthly payment and any remaining debt is subsequently written off. If you are recommended an IVA and you live in Northern Ireland, you'll be referred to a third party organisation called Grant Thornton who will set up and administer your IVA. Find out more about our IVAs.
Debt relief order (DRO)
DROs are a way of writing off your unsecured debt if you have a low income and you owe less than £15,000. We are one of the few organisations that can submit a DRO application on your behalf. Find more about applying for a DRO.
Bankruptcy is a form of insolvency and it is normally only suitable if you are unable to pay back your debts in a reasonable time. Assets that you own, like your house or car, will usually be sold to pay off your debts. This means if your assets are worth more than your debts, or if all of your regular payments are up to date and you can afford to keep paying them, bankruptcy is unlikely to be the best option for you. Find out more about the criteria for bankruptcy.
Equity release can help free up money that is tied up in your home so you can improve your financial situation, without the need to move. We have our own equity release advisors who can guide you through the process. Our equity release information will give you more details on how this works and whether you qualify.
Temporary repayment plan
If you can’t afford to pay your creditors, you may have to arrange a temporary repayment plan. You make a small payment towards your debts, as a token, to show you’re willing to deal with your debts but can’t afford to pay them. This isn’t a long term solution, but to find out more you can read our information on temporary repayment plans.
If you have a lump sum of money or an asset, for example a property, a car or savings, you may be able to use these to help clear your unsecured debt. You can find out more about this by reading our settlement offers .
Debt consolidation is when you take out one large loan to repay all of the other debts you have. This can be a risky solution to your debt problem. Find out more about debt consolidation.
This is when you get a new mortgage to give you extra money to repay your debts. There are lots of different things to consider before you remortgage. Find out more about remortgaging.