Debt Solutions England

  • Administrative 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.

  • 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.

  • Breathing Space Scheme

    The Breathing Space Scheme provides protection from further interest, charges and enforcement action on debt problems for a period of 42 days, while debtors seek advice.

  • 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.

  • Debt Management Plan (DMP)

    A Debt Management Plan (DMP) is a debt solution with a repayment schedule that fits in with your income and expenditure.

  • Debt Relief Order (DRO)

    A Debt Relief Order (DRO) is a type of insolvency. A DRO had a duration of 12 months after approval. This period is known as ‘moratorium’, during which time you won’t be required to make any repayments

  • 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.

  • Individual Voluntary Arrangement (IVA)

    An Individual Voluntary Arrangement (IVA) is a form of debt settlement. It allows you to repay your debts over a period of time, after which any remaining amounts owed will be written off.

  • Insolvency

    Insolvency simply means that you’re unable to repay your debts at the required time.

  • Personal bankruptcy

    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.

  • 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.

  • 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.

  • ASettlement 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.

  • 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.

  • 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.

*An Individual Voluntary Arrangement (‘IVA’) is subject to the customer meeting qualifying criteria and gaining creditor acceptance. Monthly IVA payments include fees and may differ to the example provided, based on the assessment made of your own personal circumstances – these fees will be clearly explained to you in writing by your IVA company. Debt write off amounts are subject to creditor acceptance and vary by individual customer based on their own financial circumstances, and are applied upon successful IVA completion.

Substantiation example, Someone owes £60,000, they pay £100 over 60 months which equals £6000, write off amount would be £54,000 which is 90% of total debt level. Upon submitting your details on this website we will pass your details to one of our approved partners as this website does not give any advice.

Free debt counseling, debt adjusting and credit information services are available from the Money Advice Service.

National Debt Help
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