See if you qualify for an IVA.

We try to make your life as easy as possible, so we do as much of the work for you as we can. Here’s what happens when you get in touch:

Speak to us.

Tell us about your finances and the debts you’re having problems with.

Find a solution.

Based on your circumstances we’ll build a plan to get you out of debt, whether that’s with us, or not.

Let’s stick together.

We’ll either contact your creditors and tell them you’re with us, or make sure that you know who can help.

How does it work?

If you’re struggling with unaffordable debt you could be eligible to write off part of what you owe.

If you live in England or Wales we could help you reduce pressure from creditors, reduce your overall monthly payments to creditors and freeze interest and charges.

A debt solutions such as an Individual Voluntary Arrangement (IVA) can be a positive way to manage problem debt and get your life back on track

An IVA is a formal debt solution that is legally binding so it gives you all the protection you need and offers the opportunity to write off up to 80% of unsecured debts.

We do all the work for you so you don’t have to worry, speak to oe of the team today and find out more.

Benefits of an IVA.

  • Write off unaffordable debt.

  • Lower monthly repayments.

  • Freeze interest and charges.

  • No more contact from creditors.

  • Consolidate bills into one low payment.

  • Protect your home.

What debt are you most concerned about?

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Credit cards

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Store cards

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Payday loans

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Personal loans

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Overdrafts

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Overdue bills

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Payday loans

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Overdue bills

Alternative solutions to an IVA.

Debt Management Plan

Debt management plans (DMP) are one of many available debt solutions that offer a flexible way to sort out your finances. They can change when your circumstances do giving you better control, whilst still making positive steps to reduce your debt.

Benefits & Considerations

Benefits.

  • Affordable payment: Negotiate one lower, affordable, monthly payment.
  • Debts repaid: If you complete the Plan, the debts included will be paid in full.
  • In control: Making one regular monthly payment allows you better control over your finances.
  • Peace of mind: In many cases, you will no longer be contacted by creditors or debt collectors. If you chose a managed plan, you may be able to let the management company know if you do hear from creditors and they may speak to creditors on your behalf.

Considerations.

  • Residence: You must be a UK resident and meet basic eligibility criteria.
  • Timescale: There are no set timescales with a DMP and because you’ll be paying less each month, it may take longer to clear your debts in full. 
  • Interest & charges frozen: There’s no guarantee that interest and charges will be frozen. 
  • Fees: There may be fees involved if you chose a managed plan.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water. Failure to pay these types of debt could have serious consequences.
  • Credit rating: The DMP may show on your credit record, making it harder for you to get credit in the future. 
  • Joint debts: If you have a debt in joint names with someone else, this can be included in your DMP. However, your creditors may still chase the other person for all of the debt.

Protected Trust Deed

Trust deeds are voluntary agreements available to residents of Scotland. You agree to repay part of what you owe them. A trust deed is similar to an IVA in allowing you to make affordable monthly payments within a formal arrangement.

Benefits & Considerations

Benefits.

  • Affordable payment: You will make one affordable monthly repayment for a fixed period, usually 4 years.
  • Interest & charges frozen: Once approved, interest and charges are guaranteed to be frozen.
  • Creditor contact stopped: You will stop receiving letters and phone calls from your creditors and debt collectors.
  • Legal action stopped: Any legal action against you in respect of recovering the debts, such as bailiffs, will stop.
  • Joint debts: If you have a debt in joint names with someone else, this can be included in the Trust Deed. However, your creditors may still chase the other person for all of the debt.
  • Debt forgiveness: The outstanding balance of unsecured debts included within the Trust Deed will be written-off at the end; however, any unsecured debts not included will remain outstanding.
  • Assets protected: If you are a homeowner your house will be protected.

Considerations.

  • Residence: A Trust Deed is only available for residents of Scotland.
  • Fees: As a formal insolvency procedure, a Trust Deed is a legally binding agreement with your unsecured creditors and requires an insolvency practitioner. There are fees involved, but these do not impact on your payment which will always be calculated as an amount affordable to you. 
  • Credit rating and public register: The Trust Deed will appear on your credit file for 6 years. Your credit rating will therefore be affected while you’re subject to the Trust Deed and for a period thereafter. Your details will also be recorded on the Register of Insolvencies, which is public.
  • Assets: If you are a homeowner you may need to release equity from the value of your home, which may attract a higher rate of interest. If no remortgage is available, the Trust Deed may be extended for 12 months. 
  • Expenditure restrictions and windfalls: To ensure the repayments are fair to you and your creditors there are restrictions on the expenditure of a person who enters into a Trust Deed. If you have a windfall, such as inheritance or a lottery win, you will need to pay a proportion of this into the PTD.
  • Approval: Your creditors may not approve the Trust Deed and therefore it will not become protected.
  • Failure: If the Trust Deed fails there is a risk this may lead to bankruptcy.
  • Employment: Most jobs will not be affected by a Trust Deed. However, if you get a Trust Deed it is possible that you may be disqualified from holding certain posts or offices. Check the terms and conditions of your contract or your professional codes of practice to see if there are restrictions.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water, as failure to pay these types of debt could have serious consequences.

Debt Relief Orders

Individuals with relatively low liabilities, small surplus income and few or no assets and who are possibly not in a position to pay off their debts in a reasonable time may be eligible for a debt relief order.

Benefits & Considerations

Benefits.

  • Quick: A DRO only lasts for 12 months at the end of which your debts are written-off. 
  • No payments: You don’t have to make any payments at all.
  • Creditor contact stopped: Your creditors can’t chase you for payment once the DRO is approved.
  • Legal action stopped: Your creditors can’t take you to court or send round bailiffs once the DRO is approved.
  • Joint debts: If you have a debt in joint names with someone else, this can be included in the DRO. However, your creditors may still chase the other person for all of the debt.
  • Debt forgiveness: At the end of a year, your debts are written-off.
  • Interest & charges frozen: If the Debt Relief Order is approved, interest and charges are guaranteed to be frozen.

Considerations.

  • Fees: A DRO application is made via an Approved Intermediary for a one-off fee of £90. This payment can be made in instalments if required.
  • Credit rating and public register: The DRO will appear on your credit file for 6 years. Your credit rating will therefore be affected while you’re subject to the DRO and for a period thereafter. Your details will also be recorded on the insolvency register, which is public.
  • Assets: If any of your debts are for goods bought on hire purchase, you may need to give the goods back.
  • Further credit: You can’t borrow £500 or more without telling the creditor about the DRO.
  • Employment: Most jobs will not be affected by a DRO. However, if you get a DRO it is possible that you may be disqualified from holding certain posts or offices. Check the terms and conditions of your contract or your professional codes of practice to see if there are restrictions.
  • Failure: If your circumstances change during the 12 months of the DRO and you no longer meet the eligibility criteria it is likely the DRO will be cancelled and you will need to make alternative arrangements to pay your debts.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water, as failure to pay these types of debt could have serious consequences.

Debt Arrangement Scheme

A debt arrangement scheme (DAS) is a debt management program available to Scottish residents, which allows you to repay your debts over an extended period of time whilst providing you protection from your creditors.

Benefits & Considerations

Benefits.

  • Affordable payment: The DAS is designed to be a flexible debt solution so you pay one monthly payment that you can afford to your creditors.
  • Interest & charges frozen: Interest rates are frozen and creditors are not allowed to add extra charges to your debts. This means your debts won’t increase while you are in a DAS and you will be able to pay off your debts quicker.
  • Legal action stopped: Once you have entered a DAS, and providing you continue to follow your agreement, your creditors will not be able to take any legal action against you.
  • Assets protected: Normally, your assets are not taken into consideration so unlike debt solutions like sequestration your home and car are protected.
  • Flexible: It may be possible to amend your payment if you have a change in circumstances and if you have a temporary reduction of income you may be able to take a payment break of up to 6 months.
  • Joint debts: If you have a debt in joint names with someone else, this can be included in the DAS. However, your creditors may still chase the other person for all of the debt.
  • Informal: Unlike Trust Deed and Sequestration it is not classed as formal insolvency.

Considerations.

  • Residence: A DAS is only available for residents of Scotland.
  • Credit rating and public register: The DAS will appear on your credit file for 6 years from when it commences, or until it completes if that’s longer than 6 years. Your credit rating will therefore be affected while you’re subject to the DAS and for a period thereafter. Your DAS will also be recorded on a public register.
  • Fees: A charge of 10% is made from the payments made into the DAS. As such 90% of your payment is received by creditors.
  • Failure: If you miss two payments and a third is due, it’s possible that your DAS will fail. This is unless a payment break has been granted. This means your creditors can apply interest and charges, take legal action or even petition for your bankruptcy. 
  • Timescale: Because you are reducing your repayments, it could take you longer to pay off your debts. 
  • Further credit: It is normally a condition of your DAS that you cannot obtain any further credit. As your credit rating will be affected, it is also unlikely that you will be able to obtain credit without paying a higher than average interest rate.
  • Debts repaid: Only debts that were included in the original DAS would be discharged at the end of the period, so if you had taken out any further debts these won’t be included and you’d still have to repay them.
  • Debt forgiveness: You can apply for debt write-off if you have been in a DPP for 12 years and paid back 70% of your debts.  However compared with a Trust Deed, Sequestration or MAP, the write off time is a lot longer.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water, as failure to pay these types of debt could have serious consequences.

Bankruptcy

Bankruptcy is a legally binding form of Insolvency and usually lasts 12 months. Most debts will then be written off. However, your assets may be sold to pay towards your debts. Your home may also be considered for sale if there is equity available.

Benefits & Considerations

Benefits.

  • Debt forgiveness: All debts included will be written off.
  • Quick: Bankruptcy is a relatively quick solution, often lasting just a year. 
  • Peace of mind: The pressure is taken off you and you don’t have to deal with your creditors anymore.
  • Assets: You’re allowed to keep certain things, like household goods, a vehicle of a reasonable value and sufficient money to live on.
  • Creditor contact stopped: Your creditors can’t chase you for payment once the bankruptcy order is made.
  • Legal action stopped: Creditors have to stop court action to get their money back following a bankruptcy order.
  • Joint debts: If you have a debt in joint names with someone else, this can be included in the bankruptcy. However, your creditors may still chase the other person for all of the debt.

Considerations.

  • Residence: Bankruptcy is available for all UK residents and can be applied for online. There are differences in Scotland (see Sequestration) and Northern Ireland residents will have to go to court. 
  • Fees: To apply to go bankrupt you’ll need to pay a £680 fee (£676 in Northern Ireland), although some people may qualify for help with these fees. 
  • Timescale: If your income is high enough, you’ll be asked to make payments towards your debts for up to 3 years.
  • Credit rating and public register: The bankruptcy will appear on your credit file for 6 years. Your credit rating will therefore be affected while you’re subject to bankruptcy and for a period thereafter. Your details will also be recorded on the insolvency register, which is public. 
  • Assets: If you own your home, it might have to be sold. In addition, some of your possessions might have to be sold, for example, your car (depending on value) and any luxury items you own.
  • Employment: Most jobs will not be affected by bankruptcy. However, if you enter bankruptcy it is possible that you may be disqualified from holding certain posts or offices. Check the terms and conditions of your contract or your professional codes of practice to see if there are restrictions.
  • Windfall: If you have a windfall, such as inheritance or a lottery win, you will need to pay this into the bankruptcy.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water, as failure to pay these types of debt could have serious consequences.

Sequestration

If you currently live in Scotland, or resided there in the past 12 months, owe more than £1,500 in unsecured debts, and can’t repay your debts, you (or your creditors) can apply for sequestration.

Benefits & Considerations

Benefits.

  • Quick: It is fairly easy to complete the forms and apply for sequestration. You will be discharged from sequestration after just a year. 
  • Affordable payments: You only have to make monthly payments into the Sequestration if you can afford them.
  • Interest & charges frozen: You don’t have to worry about your debts increasing – as creditors are legally obliged to freeze interest & charges.
  • Debt forgiveness: Once you are discharged from sequestration, the balance of any debts included will be written-off.
  • Joint debts: If you have a debt in joint names with someone else, this can be included in the sequestration. However, your creditors may still chase the other person for all of the debt.

Considerations.

  • Residence: Sequestration is only available for residents of Scotland. 
  • Credit rating and public register: The sequestration will appear on your credit file for 6 years. Your credit rating will therefore be affected while you’re subject to sequestration and for a period thereafter. Your sequestration will also be recorded on the publicly available Register of Insolvencies.
  • Assets: Any assets of value – including your home and car – may be sold to repay your debts.
  • Fees: There is a fee of £200 payable as part of the application process.
  • Payments: Your income & expenditure will be reviewed annually to assess whether you can afford to make contribution payments into your sequestration. 
  • Employment: Most jobs will not be affected by sequestration. However, if you enter sequestration it is possible that you may be disqualified from holding certain posts or offices. Check the terms and conditions of your contract or your professional codes of practice to see if there are restrictions. You can also not act as a Director of a Limited Company for the duration of your sequestration.
  • Further credit: You cannot obtain any further credit of more than £2,000 without telling the lender that you are in sequestration. 
  • Windfall: If you have a windfall, such as inheritance or a lottery win, you will need to pay this into the sequestration.
  • Priority bills: You must continue to pay any rent, mortgage, council tax, certain hire purchase agreements and utility bills such as gas, electricity and water, as failure to pay these types of debt could have serious consequences.

The Money Advice Service

To find out more about managing your debt and receiving free debt advice visit moneyadviceservice.org.uk or read Options for paying off your debt.

Further Information

The insolvency service has produced a guide for people who are struggling with debt.

For residents of Scotland, the Scottish government have created a similar guide, the Debtors Advice Guide. For residents of Northern Ireland, you can read the government’s Advice on managing debt.