What is the right debt solution for you?

What is the right debt solution for you?

There’s no one-size-fits-all approach to getting out of debt. What is suitable for one person, may not be suitable for the next. Each case and each individual have to be assessed based on their own situation and circumstances.

It’s also important to remember that eligibility does not necessarily mean suitability, but helping you work out when the two matches up is what we’re here for.

Our experienced team is here to listen without judgement to your personal situation and help you move forward.

Find out more about debt solutions including:

  • Individual Voluntary Agreement (IVA) – an agreement with your creditors to pay all or part of your debts. This is where a person agrees to make regular payments to an Insolvency Practitioner, who then divides the money between the person’s creditors. This option gives people more control over their assets than bankruptcy, Individual Voluntary Agreement (IVA) information.
  • Debt Management Plan (DMP) – The difference between a DMP and an IVA is that with a DMP, all outstanding debt is repaid. It’s a much more informal solution and therefore, there is no guarantee that interest and charges will be frozen by creditors. It’s also true that creditors can still pursue legal action, whereas, with a legally binding IVA, no changes can be made to an approved agreement. Debt Management Plan (DMP) information.
  • Bankruptcy – Bankruptcy presents the opportunity to clear debts and go for a ‘fresh start’ but there are many consequences which must be considered before declaring bankruptcy. Citizen’s Advice covers this in more detail, including timelines, checklists, costs, and implications at, Bankruptcy information.
  • Debt Relief Order (DRO) – This presents people with a way of dealing with their debts if they can’t afford to pay them. It is usually granted for 12 months and means a person doesn’t have to pay certain types of debts during that period of time. AN authorised debt advisor, who acts as the intermediary is the only route available for people looking to obtain a DRO. Debt Relief Order (DRO) information.
  • Scottish Protected Trust Deed (TD) – A Protected Trust Deed is only available to residents of Scotland and presents an opportunity for people to remain in possession of their home (in most cases). This formal but voluntary agreement is overseen by the Accountant in Bankruptcy, Scottish Protected Trust Deed (TD) information.
  • Scottish Debt Arrangement Scheme (DAS) – This scheme was set up by the Scottish Government to allow people an opportunity to pay back their debts without the threat of court action. The DAS presents people with a manageable way of paying back their debts and is eligible for application from people with any amount of debt. Scottish Debt Arrangement Scheme (DAS) information about applying for a DAS.

Contact us today | Get on track to a debt-free life

No one should have to deal with financial troubles alone. Whether you’re looking to resolve your financial struggle once and for all or just want to ease the burden by talking things through, we can offer you information and assistance on how best to proceed. Get in touch today to take the first step towards a better financial future. See if you qualify.