Individual Voluntary Arrangements

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.

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Trust Deeds

Under DAS, a debtor commits to a debt payment programme (DPP) which allows them to repay their debts based on their disposable income. A debtor must seek advice and assistance from a money advisor before applying for a DPP under DAS. A DPP can last for any reasonable...

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Debt Management Plans

A Debt Management Plan is an agreement between you and your creditors to pay all of your debts. You can arrange a plan with your creditors yourself or through a a licensed debt management company for a fee.

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Administration Orders

An administration order is a way to deal with debt if you have a county court or High Court judgment against you and you can’t pay in full. The debt must be less than £5,000.

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Bankruptcy

You can apply to make yourself bankrupt if you can’t pay your debts. Check if there are other ways you can deal with your debts before you apply for bankruptcy. Your application will be looked at by someone who works for the Insolvency Service called an ‘adjudicator’.

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Debt Relief Orders

Debt Relief Orders (DROs) are one way to deal with your debts if you owe less than £20,000, don’t have much spare income and don’t own your home. You get a DRO from the official receiver, an officer of the bankruptcy court...

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