Debt Management Plan
Informal arrangement that helps you to manage your debts and pay them off with one single affordable monthly payment.
Individual Voluntary Arrangement
A legal contract to repay your creditors at an amount you can affordable monthly payment over 5-6 years after which any remaining debt is written off.
Debt Relief Order
A debt relief order (DRO) is a way of having your debts written off if you have low debt with little assets.
Breathing Space is a government scheme which could help relieve some of the pressure caused by being in debt, giving you time to arrange a long term solution.
A Full and Final Debt Settlement Offer is an offer of partial repayment to your creditors in a one-off lump sum payment in return for having the remainder of your debt written off.
Bankruptcy is a legal process that writes off debts if you can’t afford to repay them, giving you a fresh start. To be declared bankrupt you must make an application to the Insolvency Service
Debt Arrangement Scheme
A debt arrangement scheme (DAS) is a legal debt management scheme for Scotland that helps people repay their debts with one affordable repayment.
A protected trust deed is a legally binding arrangement in Scotland in which you make reduced payments over four years. At the end of this time, your unsecured debts are usually written off.
Sequestration is a form of insolvency and may be suitable if you can’t pay back your debts in a reasonable time. Assets you own, such as your house or car, could be sold to pay off your debts.
To find out more, simply call us today on our free phone number 0121 325 3800 or fill in the Call back form and we’ll call you back.