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May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here.
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Our experienced advisors are waiting to help you start dealing with your debts.
Find out more about the debt repayment plans available to you.
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May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here.
This is not a full list, please get in touch to see what other debts can be included.
As with any debt agreement, it’s important that you seek professional advice before committing.
A DRO is a formal debt solution whereby you cease to make payments towards your included debts for a period of 12 months. If after this time your financial position has not changed, all included debts are written off in full.
A DRO could be ideal if you cannot afford to make any repayments towards debts that are eligible to be covered by a DRO. For a period of 12 months all repayments along with interest and fees are paused. If after this time your financial position has not changed and you still can’t make any contributions towards your debts, all of your debts are written off in full.
As with any formal debt solution, it is important that you speak to a debt professional to ensure that you fully understand the implications of a DRO.
An IVA is a formal agreement between you and your creditors to repay a certain amount each month for a fixed period of time.
With an IVA, an Insolvency Practitioner takes control of your debts and assets and liaises with your creditors for you so you don’t have to.
You make a single monthly repayment that covers all of your included debts. This payment is based on what you can afford and not what you owe. These payments continue for, typically, 5 years, after which time any remaining debt that was included in your IVA is written off in full.
As with any formal debt solution, it is important that you speak to an IVA professional to ensure that you fully understand the implications of an IVA.
A DMP is an informal agreement between you and your creditors to make a smaller, affordable monthly repayment towards your non-priority debts until they are fully repaid.
A DMP could be ideal if you want to repay your debts in full but need more time over which to repay them. All of your eligible debts are consolidated into a single monthly debt repayment based on what you can afford. If accepted, the DMP agreement will continue until your debts are repaid in full or you breach the terms of the DMP agreement.
Being an informal agreement, details of your DMP will not appear on any public register, so the only people that will know about your DMP are the people that you tell, whether by choice or obligation.
Although DMP’s are not legally binding on you or your creditors, it is still important that you speak to a debt professional to ensure that you fully understand the implications of a DMP.
Bankruptcy is a formal agreement between you and your creditors to repay what you can afford over a period of usually 12 months. Once this period has ended all outstanding debts are written off in full.
With bankruptcy, an ‘official receiver’ takes control of your debts and assets for you and liaises with your creditors.
As part of the bankruptcy application a means test is carried out to see if you can afford even a small monthly repayment towards your debts. If you cannot, you will not need to make any repayments at all.
As with any formal debt solution, it is important that you speak to a bankruptcy professional to ensure that you fully understand the implications of going bankrupt.
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