Debt solutions
The route that suits you depends on where you live, what you owe and what you own. Each page below covers who it fits, what it costs and what it does to your credit file.
Individual Voluntary Arrangement
A legally binding agreement to pay back an affordable share of what you owe over a fixed period, usually five years.
5 yr term · FormalScotlandProtected Trust Deed
Scotland's equivalent of an IVA — typically four years, with protection from further creditor action.
4 yr term · FormalScotlandDebt Arrangement Scheme
A statutory Scottish plan where you repay what you owe in full at a pace you can afford, with interest frozen by law.
Flexible term · StatutoryUK-wideDebt Management Plan
An informal monthly arrangement negotiated with your creditors. Flexible, but not legally binding on either side.
Flexible · InformalEngland, Wales & NIDebt Relief Order
For people on a low income with few assets. Qualifying debts are written off after twelve months.
12 mo · FormalUK-wideDebt Consolidation
One borrowing arrangement replacing several — simpler to manage, and sometimes cheaper overall.
Varies · Credit-basedEngland, Wales & NIBankruptcy
Formal insolvency with serious consequences, usually discharged after twelve months.
12+ mo · FormalScotlandSequestration
Scottish bankruptcy. Most people are discharged after twelve months.
12 mo · FormalScotlandMinimal Asset Process
A lower-cost route into Scottish bankruptcy for people with very little income or assets.
6 mo · FormalEngland, Wales & NIAdministration Order
A county court arrangement for smaller debts when you already have a judgment against you.
Court · Formal