Available to residents of the UK

ADVANTAGES:

1. informal / flexible plan where you can increase or decrease payments to your creditors dependent upon your circumstances.
2. Creditors may reduce your repayments and stop interest and charges, but are not obliged to do so.
3. You make one affordable monthly payment to the DMP Company.

 DISADVANTAGES:

1. Creditors can withdraw at any time, and the plan offers no legal protection.
2. There is no guarantee that interest and charges will be frozen however it does happen in the majority of cases.
3. Credit rating is affected, as you are not making the contractual monthly repayments.

Paying less over a longer period of time may increase the total amount repayable.

Fees may apply.

England, Wales and NI customers

ADVANTAGES:

1. One affordable monthly repayment.
2. Creditors can not continue to add interest and charges once it is approved.
3. Debt Forgiveness as you only pay back what you can afford within a set period.

DISADVANTAGES:

1. Your credit rating will be affected for a period of 6 years from approval.
2. You cannot obtain further credit above £500.
3. Failure to maintain payments may lead to the IVA being terminated.

Subject to creditor approval.

Fees apply.

Scottish residents only

ADVANTAGES:

1. One affordable monthly repayment.
2. Creditors cannot continue to add interest and charges once it is approved.
3. Once approved you are protected from legal action from creditors included in the PTD.

DISADVANTAGES:

1. Your credit rating will be affected for a period of 6 years from approval.
2. Failure to maintain payments puts your Trust Deed at risk of being terminated.
3. Your Trust Deed will be listed on the Register of Insolvencies.

Subject to creditor approval.

Fees apply.

England, Wales and NI customers

There is no fee payable to enter into a DRO

ADVANTAGES:

1. The duration of the DRO is usually 12 months.
2. You do not need to make any payments into the DRO.
3. Creditors cannot take further action against you without permission from the courts.

DISADVANTAGES:

1. You will not be able to get a Debt Relief Order if you have assets worth £2,000 or and a vehicle worth more than £4,000 (£2,000 if you live in Northern Ireland)
2. If your circumstances change and you can afford to make repayments or you fail to cooperate, the DRO may be revoked.
3. Your details will be shown on the Insolvency Register for the duration of the DRO and your credit rating will be affected.

To declare yourself bankrupt you have to pay a fee of £680, which can be paid in instalments. By applying for bankruptcy please be aware that you could lose any assets or items of value if the official receiver decides to sell them.

ADVANTAGES:

1. In most cases you are discharged from bankruptcy after 12 months.
2. Creditors can no longer pursue you in relation to the balances outstanding.
3. Your debts are written off.

DISADVANTAGES:

1. Your credit rating will be affected.
2. If you have a disposable income then you may be required to make payments for up to 36 months.
3. Your details will be shown on the Insolvency Register.

• Self-Help (UK residents)
• Debt Arrangement Scheme (Scottish residents only)
• Minimal Asset Process (Scottish residents only)
• Equity Release (UK residents)
• Sequestration (Scottish residents only)
• Dealing With Creditors Direct
• Debt Consolidation Loan

Fees may apply.