May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.
– Eligibility Check –
You could include the following debts:
More details on Debt Solutions
Debt Relief Order
About DROs (Debt Relief Order)?
A Debt Relief Order (DRO) is a method of debt relief for those that have a relatively small amount of debt and very few assets
If your circumstances change during the 12-month period and you no longer meet the eligibility criteria, it is likely that the application will be canceled, and you will need to make alternative arrangements to pay your debts.
A Debt Relief Order may impact upon your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission of the court.
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and their creditors. It is a solution that allows a person to only repay a percentage of their unsecured debt to their creditors in affordable monthly payments, usually over a fixed term of five or six years.
There are fees payable for the work completed in setting up and managing your IVA, however, these fees are taken out of your monthly repayments and are NOT in addition to the payments made to your creditors.
If you are a homeowner, you may be required to release equity from your home in order to help repay your debts. If you are unable to remortgage, the IVA may be extended for 12 months instead.
Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.
If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.
Debt Management
A Debt Management Plan (DMP) is an informal agreement between you and your creditors that has been negotiated, usually by a third party, to lower the monthly payments being paid to your creditors. A DMP is arranged on your behalf by a third party which can either be a debt charity or a fee charging company. If you chose to use a fee charging company, there will usually be set up fees and a monthly management fee which will normally be included within your monthly payment.
