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Helping You Become Debt Free

Debt Solutions England

1

County Court Administration Order

An administrative order is a legal debt settlement agreement that sets out a repayment plan. This form of debt solution will consider the income you have remaining after your essential bills and living expenses have been accounted for.

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2

Arranging payment with creditors

If you’ve fallen behind with your repayments, you may be able to come to a debt settlement repayment agreement with your creditors. You can make a debt settlement proposal by phone, email or letter, but however you contact them, you’ll need to put forward an offer as to how much you can repay.

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3

Breathing Space Scheme

The Breathing Space Scheme is due to commence in May 2021, and will provide protection from further interest, charges and enforcement action on debt problems for a period of 42 days, while debtors seek advice.

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4

Equity Release

Equity release is an alternative to remortgaging for those aged 55 and over. Choosing an equity release from among your possible debt solutions can act as debt consolidation.

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5

Debt Management Plan

As many as 8.3 million Brits are currently unable to repay their debts – a figure that includes credit card debt which has surged by 8.1% over the past 12 months. Reassuringly, however, those in the UK enjoy some of the widest range of Government debt management schemes in the world.

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6

Remortgaging

A remortgage is where you take out a new mortgage on a property that you own. The new mortgage either replaces an existing mortgage or (where the property is 100% owned) allows you to borrow funds against the property.

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7

Selling assets

If you have debt problems that are significant, or where you’re facing spiralling charges and interest, it may make sense to sell your assets to repay your debts – whether in part or in full.

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8

Sequestration Scotland Bankruptcy

Sequestration is the official term for bankruptcy in Scotland. Sequestration Order is a type of insolvency suitable if you’re dealing with debts that you would not be able to repay within a reasonable amount of time.

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9

Settlement offer to creditors

Debt settlement involves a lump sum of cash that is used to repay your creditors. The process involves negotiating ‘full and final settlements’ from those you’ve borrowed from.

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10

Surrendering property

If you can no longer maintain the payments on your mortgage, you should contact your mortgage lender in the first instance to inform them of the situation, asking for help in selling your property. Prior to this, you may want to talk with debt advisors from a longstanding debt agency, as they may be able to provide housing advice.

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11

Temporary repayment plan

If you reach a point where you can no longer repay your debts, whether owing to the total you now owe or if your situation changes, you could be able to organise a temporary repayment plan.

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12

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is formal insolvency procedure where you make an arrangement with your creditors. It allows you to repay your debts over a defined period of time, after which any remaining amounts owed will be written off.

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13

Debt Management Plan (DMP)

A Debt Management Plan (DMP) is an informal debt solution administered by a third party, with a repayment schedule that fits in with your income and expenditure.

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14

Debt Relief Order (DRO)

A DRO is a formal insolvency procedure, which is in place for 12 months after approval. This period is known as ‘moratorium’, during which time you will not be required to make any repayments. A DRO is only available where you meet specific criteria.

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15

Bankruptcy

Bankruptcy is a formal insolvency procedure where an Official Receiver or Trustee is appointed to manage your financial affairs. Whilst declaring bankruptcy writes off your debts, there can be serious implications if you own a home, are a director or self-employed, employed in a professional role, so consider seeking specialist advice before petitioning for your bankruptcy.

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16

Debt consolidation

Consolidating debts usually involves taking out new lines of credit to combine and repay your existing debt, using a personal loan or credit card, for example. If you consider this debt solution, you may want to seek advice from debt experts to find the right forms of lending and the correct debt consolidation approach.

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17

Minimal Assets Process (MAP)

The Minimal Asset Process (MAP) is a form of unsecured bad debt help available to debtors in Scotland who have a low income, with no money left over following the payment of essential living costs (e.g. your rent, utilities and council tax).

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18

Debt Arrangement Scheme (DAS)

The Debt Arrangement Scheme (DAS Scheme) is a debt assistance tool managed by the Scottish Government. A debt payment programme (DPP) acts as an official tool to allow you to repay your debts over a reasonable time frame, in affordable repayment amounts.

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19

Trust deed

A Protected Trust Deed is a formal insolvency procedure in Scotland (similar to an Individual Voluntary Arrangement in England & Wales). It is based on an agreement that sets out affordable repayments which are made over a defined period, usually 4 years, after which time your remaining debts will be written off.

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