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Dealing with many debts

If you have are struggling to repay your debts, there are several options for you to consider. It is vital that you take action quickly, as the longer you leave it the worse the situation will be. Your debts will not go away, but if you take action then we can help you make them manageable and help you get your finances back on track.

Individual voluntary arrangement (IVA)

An IVA is a legally-binding arrangement between you and your creditors that is drawn up by a qualified insolvency practitioner (usually an accountant). You must agree to pay money, as a lump sum, instalments, or both. In return, your creditors may:
  • write-off part of the debt; and
  • not take court action against you or make you bankrupt.

You have to pay all the costs and fees and also a large amount of the debt, so it is realistic only if you have a fair amount of spare money or things you can sell to pay your debts.

For a detailed guide to Individual Voluntary Arrangements (IVA) click here

Our team of specialists are here to help answer any of your questions about IVAs. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA

Debt Management Plan (DMP)

A debt management plan is an agreement between you and your creditors (the businesses you owe money to) to make a set monthly payment. The plans are managed by companies known as debt management plan ‘operators’ or ‘providers’, who negotiate with your creditors and manage the payments on your behalf. 

Your monthly payment is based on how much you can afford to pay. This payment is then distributed fairly between all your creditors.

When your debt management plan is being set up, your creditors will sometimes agree to freeze any interest charges. However, they don’t have to agree to this.

Debt management plans can only be used to pay ‘unsecured’ debts – money that you owe that hasn’t been guaranteed against your property, for example.

Our team of specialists are here to help answer any of your questions about Debt Management Plans. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for Debt Management


This releases you from your debts after one to five years. But your finances will be officially investigated, and you will have to make reasonable payments towards your debts for the first two or three years, if you can afford to do so. Bankruptcy is not an easy option and you should also get expert advice before applying to make yourself bankrupt. It may not be suitable for people:

  • with certain types of job (for example, if you work in finance, you are a solicitor, or self employed);
  • if you own (or are buying) your own home; or
  • if you have a lot of other assets.

And there are some types of debt you will still have to pay after bankruptcy:

  • magistrates'fines;
  • maintenance for a partner or children;
  • debts from fraud; and
  • some forms of student loans.

Finally, you must make a lump-sum payment (currently £525) to make yourself bankrupt (even if you are receiving benefits). This fee alone rules it out for many people.
See cost of making yourself bankrupt for full details.

Our team of specialists are here to help answer any of your questions about Bankruptcy. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA

© 2014 210-222, Hagley Road West, Quinton, Birmingham, West Midlands, B68 0NP
  does not charge you any fees for our service, however the partners we work with help fund the service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.


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What is bankruptcy?
Effects of bankruptcy
Disadvantages of bankruptcy
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Alternatives to bankruptcy
Bankruptcy petition
Official Receiver
Bankruptcy hearing
Debts excluded from bankruptcy
Bankruptcy and assets
Bankruptcy and your home
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Bankruptcy and bank accounts


What is an IVA?
How does an IVA work
IVA vs bankruptcy
Benefits of an IVA
Do I qualify for an IVA?
Trust Deeds

What is an PTD?
How does a PTD work
PTD vs bankruptcy
Benefits of a PTD
Do I qualify for a PTD?
Debt Management

What is a DMP
DMP vs bankruptcy
Do I qualify for a DMP
Debt Advice

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