Debt Solutions
An IVA is a formal solution that may help you resolve your debt problems. This is typically a 5 year plan that entitles you to pay one affordable payment each month back to your creditors. We have broken down below the advantages and disadvantages of an IVA.
One Monthly Payment
Write off up to 81% of your debt
100% Legal Protection
Interest and Charges
Credit rating can be effected
Insolvency Register
Failure of IVA
Creditor Rejection
Homeowners
A Debt Management Plan is an informal solution that offers a number of benefits to help manage your debt. See below the advantages and disadvantages of this solution:
One Monthly Payment
Reduce Creditor Contact
Interest and Charges
Credit Rating
Debt Duration
Your Home
Free Debt Help
All products and services discussed are subject to eligibility and fees will be applied by our partners for the service provided. Free help and advice can be obtained from Money Helper or Citizens Advice
A Debt Relief Order is a formal solution designed to assist people who may have a low level income and few assets of value. Like with all debt solutions there is a strict criteria for a DRO so please ask one of our advisors for more information. The criteria for a DRO requires a disposable income of £75 or less, a maximum debt level of £30,000 and no assets over £2,000. Below are a list of advantages and disadvantages to this option
One off fee
Short Term Plan
Debt Free
Interest and Charges
Credit Rating
Insolvency Register
If Unsuccessful
Bankruptcy is a formal solution that is designed to assist people who can't repay their unsecured debts. This may be considered the last resort if any other solution is not viable. The fees for bankruptcy are £680 (£647 Northern Ireland), additional fees may also be applicable. If you're considering this option, again our advisors will discuss this in more detail with you. We've broken down the advantages and disadvantages below
