You could clear debts without going bankrupt

There are debt solutions available that could help you deal with your debts and alleviate pressure and stress without applying for something as severe as Bankruptcy.

Debt Management Plans (DMP)

A Debt Management Plan enables you to repay unsecured debts at a rate you can afford by consolidating your unsecured debt repayments. This means you will pay just one affordable payment every month.

Lower repayment rates will be negotiated with creditors on your behalf and a request will be made to freeze Interest and charges. By repaying debts at a reduced rate, you will extend the repayment period, but you will be paying off debt at a rate you’re comfortable with.

Find out if a DMP is the right solution for you. Complete the enquiry form and we’ll get back to you.

Individual Voluntary Arrangement (IVA)

An IVA is a legal agreement that offers you protection from creditors seeking court action to recoup debts. IVAs are subject to creditor agreement, but once in place, an arrangement will allow you to repay creditors at a rate you can afford. Interest and charges are frozen and remaining unsecured debts included in the IVA are written off at the end of the period, which normally lasts for a period of 5 years.

Find out if an IVA is the right solution for you. Complete the enquiry form and we’ll get back to you.

Protected Trust Deed (PTD)

If you live in Scotland and are struggling to repay debts, a Protected Trust Deed could help you get on top of your finances. PTDs are legal agreements that offer protection to both the creditor and the individual included in the arrangement.

Subject to creditor agreement, but once in place, Interest and charges are frozen, repayments are based on what you can afford and unsecured debts included in the deed that still exist at the end of the term will be written off.

A Protected Trust Deed could help you clear unsecured debts usually at the end of 3 years.

Find out if a PTD is the right solution for you. Complete the enquiry form and we’ll get back to you.

All advice provided is based on your personal situation – ensuring you find the most suitable debt solution for your circumstances. For clear information and honest debt advice, call us on 0800 015 3135†.