Individual Voluntary Arrangements (IVAs)

An IVA is a legally binding agreement that will consolidate all of your debts into one single monthly payment. Generally to qualify for an IVA you must have debts of greater than £12000 divided between more than one creditor. The individual voluntary arrangement will usually last for a period of five years at the end of which any remaining unpaid debt will be written off leaving you debt free.

More information – Individual Voluntary Arrangements

Debt Management Plan (DMP)

A debt management plan is an informal arrangement made between you and your creditors to reduce the amount of your debt repayments. In the plan your debts are consolidated and repayments arranged at a more affordable level. Debt management plans are a very popular method for solving debt problems without resorting to bankruptcy.

More information – Debt Management Plans

Debt Relief Orders (DRO)

Debt relief orders provide a cheaper alternative to filing for bankruptcy. The DRO lasts for one year at the end of which you will be debt free. To qualify for a debt relief order however you must fit certain narrow criteria and so it is not a debt relief option for everyone.

More information – Debt Relief Orders

Bankruptcy

Bankruptcy is probably the most well known debt solution available to UK individuals. To become bankrupt you or one of your creditors must present a bankruptcy petition to the local county court. Typically the bankruptcy will last for a period of one year after which you will be debt free.

More information – Bankruptcy

As part of the Spencer Hayes group of debt relief advisors we can assist you with all debt relief options. To find out more about how you can solve your debt problems call us today on freephone 0800 043 73 60 or complete our enquiry form.