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Debt solutions

There are many debt solutions and different ways to resolve a debt problem. Not all solutions may help with your particular situation, or be available in your country.

Getting debt advice is important so that you understand the options available to you.

In this section we talk about each of the debt solutions that we recommend as part of our service.

Administration order

A payment plan, managed for you by the court. Debts can sometimes be written off.

England, Wales, Northern Ireland

Arranging payment with creditors

Contact any creditors you're in arrears with and make an arrangement with them to get your payments up to date.

Throughout the UK

Bankruptcy

A legal process that writes off your unsecured debts. Bankruptcy can offer you a fresh start.

England, Wales, Northern Ireland

Debt arrangement scheme (DAS)

A debt payment programme is part of DAS. You’ll pay back what you owe, based on what you can afford.

Scotland only

Debt consolidation

Consolidating debt usually means taking out credit to reduce monthly payments or the number of creditors.

Throughout the UK

Debt management plan (DMP)

You make a single monthly payment based on what you can afford, and it's shared among your creditors.

Throughout the UK

Debt relief order (DRO)

Debts are frozen for 12 months and, if your financial situation hasn’t changed, they'll be written off.

England, Wales, Northern Ireland

Individual voluntary arrangement

An IVA is a formal agreement where you repay an affordable monthly amount over five or six years.

England, Wales, Northern Ireland

Insolvency

Being insolvent means you can’t afford to pay back your debts at the time they're due.

Throughout the UK

Minimal assets process (MAP)

MAP is a way of going bankrupt for those on lower incomes with fewer assets.

Scotland only

Protected trust deed

This is a formal agreement where you repay an affordable monthly amount over four years.

Scotland only

Releasing equity

If you’re at retirement age, you could use equity release to access money that’s tied up in your home to pay off your debts.

Throughout the UK

Remortgaging to pay off debt

A remortgage is when you replace your existing mortgage with a new one.

Throughout the UK

Selling assets to pay debts

An asset is anything you own that has a monetary value. You may be able to release money from assets.

Throughout the UK

Surrendering your property

If you can’t afford to continue making mortgage payments, one option is to sell your property.

Throughout the UK

Settlement offers

Some creditors may be willing to accept an offer lower than the amount you owe to clear your debts.

Throughout the UK

Sequestration

Also known as 'full administration bankruptcy'. This is a legal process that writes off your debts.

Scotland only

Temporary repayment plan

This is when you make a small payment to your creditors because you’re unable to afford to pay more.

Throughout the UK

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