Types of Debt Solutions
There are various debt solutions to resolve a debt problem and a certain solution may not help with your situation or be available in your country.
Types of Debt solutions
In this section, we provide you with information on various debt solutions that may be available to you based on where you are located.
Administration order: An administration order is a repayment plan arranged by the County Court.
Arranging payment with creditors: Arranging repayments yourself can give you space.
Personal bankruptcy: Bankruptcy helps clear debts that are not manageable but has serious implications.
Debt Arrangement Scheme (DAS): A debt payment program helps you make payments that are affordable to your debts.
Debt consolidation: Debt consolidation involves taking out new credit to pay off existing debts.
Debt management plan (DMP): A DMP helps you repay debts by making lower monthly payments.
Debt Relief Order (DRO): A DRO can write off debts if you have a few assets and low income.
Individual voluntary arrangement (IVA): An IVA allows you to pay a reduced amount over a fixed length of time.
Insolvency: Insolvency is a legal and legit way of writing your debts off.
Minimal Assets Process (MAP): A MAP bankruptcy gives you a fresh start by writing off debts that are unmanageable.
Releasing equity from your home: Release money tied up in your home to help repay your debts.
Remortgaging to pay off debt: Remortgaging can free up money or equity in your home.
Selling assets to pay debts: Help cut down your debts by selling off your assets.
Surrendering your property: If you cannot afford your mortgage, handing the keys back could be an option.
Settlement offers to creditors: Use a lump sum of money to pay back your creditors.
Sequestration: Scottish bankruptcy writes off debts that you can't repay in a reasonable time but has serious implications.
Temporary repayment plan: Making temporary, reduced payments to your creditors can give you breathing space.
Trust Deed: A trust deed allows you to make reduced payments to your debts over a fixed length of time.