Debt management plan (DMP)
Our DMPs are a 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)
IVAs are a legally binding arrangement between you and your creditors, where you repay your debts over a 5 or 6 year period. During this time you make one monthly payment and at the end of this time any remaining debt is written off. Our IVA company, StepChange Voluntary Arrangements, can set up, run and manage 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 £20,000. We are one of the few organisations that can submit a DRO application on your behalf. Find out more about applying for a DRO.
Bankruptcy is a form of insolvency. Normally, it is only suitable if you can’t pay back your debts in a reasonable amount of time. Assets that you own, such as your car or house, 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 isn't likely 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 cant afford to pay your creditors you may have to arrange a temporary repayment plan. This is where you make a small payment towards your debts as a token to show you’re willing to deal with your debt 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 information.
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. If you're considering this option, please read our detailed information on debt consolidation.
This is when you get a new mortgage to give you extra money to repay your debts. Find out more about what you need to do before remortgaging.