Debt Solutions
Debt Solution for You
No two debt situations are the same. Here’s an honest comparison of all the options — so you can understand what might be right for you before speaking to an adviser.
Debt Solutions Compared
IVA
Timeframe: Typically 60 months
Key feature: Legally binding — creditors cannot take action
DMP
Timeframe: Until debt cleared
Key feature: No insolvency, available completely free
DRO
Timeframe: 12 months
Key feature: No application fee, debt written off
Bankruptcy
Timeframe: 12 months discharge
Key feature: Clears most debts but serious consequences
Breathing Space
Timeframe: 60 days
Key feature: Free, halts creditor action and interest
Debt Consolidation
Timeframe: Varies by loan term
Key feature: One loan replaces multiple debts
Trust Deed
Timeframe: Typically 48 months
Key feature: Remaining debt written off — Scotland’s equivalent of an IVA
Sequestration
Timeframe: 12 months discharge
Key feature: Scotland’s equivalent of bankruptcy. MAP route available at low cost.
Every debt solution has advantages and disadvantages. The summary above is a starting point only. Each solution page on this site includes a full, balanced breakdown of the potential benefits and drawbacks. Your adviser will discuss both sides before any recommendation is made.
📊 Free Debt Assessment
Our qualified advisers will assess your circumstances and guide you on the debt solutions available to you. No obligation, no pressure.
Debt solutions may affect your credit rating and are not suitable in all circumstances. Your individual circumstances will be assessed before any recommendation is made. To find out more about managing your money and getting free and impartial debt advice, visit moneyhelper.org.uk. Help with Debt Ltd (FCA FRN: 1058208) is an Appointed Representative of Dee Valley Finance Limited (FRN: 811106), authorised and regulated by the Financial Conduct Authority.