What is an IVA?
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From IVAs to Bankruptcy - including loans consolidation, debt relief help, debt management plans, end trust deeds - if you’re in debt, our experienced financial advisers will find you the best solution to your financial problems.
Debt Management Plans
In a Debt Management Plan we make an informal agreement with your creditors to allow you to repay your debt by one monthly payment that is within your budget.
If you are a resident of Scotland, this could be your best option. Trust Deeds are legally binding, and are a good way of not only decreasing the amount of money you pay each month, but also preventing creditors from pursuing you for payment. Once the Trust Deed is complete, any unsecured debt you still have may be written off.
Debt Relief Orders
If you can’t pay your debts, have little in the way of assets, and are in a low-income bracket, then a Debt Relief Order may be the best option for you. You can apply for a debt relief order if you can't afford to pay off your debts. A Debt Relief Order is granted by the Insolvency Service and is less expensive than a bankruptcy. You must have debts of less than £15,000 and little or no income.
A debt relief order usually lasts for a year. During that time, your creditors will not be able to take action against you to collect on your debt. At the end of the year, you'll be free of all the debts listed in the order.
You can't apply for a debt relief order if you:
- Own high-value possessions or have savings of over £300
- Own a vehicle worth more than £1,000.
A last resort debt solution - but it could be the best for your situation. Make sure you have considered and rejected every other option before committing to bankruptcy. Bankruptcy should always be the last resort when considering debt management options. Our debt management guides will show you the most suitable debt strategy for your particular financial situation.
County Court Administration Orders
Combine your debts together into one monthly payment to the court – the money is then distributed among your creditors.