Debt Solutions made simple
Keep reading to find out which services and solutions we currently offer or give us a call on 0161 359 5599.
Individual Voluntary Arrangement (IVA) A legally binding agreement between you and your creditors to pay an affordable monthly payment for a set period of time – usually 5 or 6 years, and then any remaining debt will be written off.
Debt Management Plan (DMP) An informal agreement between you and your creditors to pay back your debts. Work out what’s really affordable for you and pay one set monthly payment, which is then divided between your creditors. A DMP is not insolvency, you’re not tied in for a minimum period and can make changes to your payment if your circumstances change.
Minimal Asset Process (MAP) A route into sequestration (bankruptcy) for people with no assets who are on a low income or benefits. Rather than having to pay the standard £200 upfront fee for sequestration, the fee for MAP is just £90. MAP lasts for a shorter period of time than sequestration – usually just 6 months. The upfront fee is much cheaper and the qualifying criteria is less than with sequestration so if you are struggling to make ends meet and have no spare income with which to repay your debts after all your essential household expenditure has been taken care of, it could be worth considering MAP.
Bankruptcy If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts. As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000. Remember, bankruptcy might not be your only option and it might not be the best one for you.
Debt Relief Order (DRO) A legally binding agreement between you and your creditors to pay an affordable monthly payment for a set period of time – usually 5 or 6 years, and then any remaining debt will be written off. A Debt Relief Order (DRO) is one way to deal with your debts if you meet certain criteria; Your debts are no more than £20,000, You don’t own your home. You’ve got £50 or less left over each month after you’ve paid your usual household expenses. Other savings or things of value you own are worth less than £1,000. You don’t own a car worth £1000 or more, unless it’s one that’s been specially adapted because you have a disability.
Protected Trust Deeds (PTD)A formal debt solution intended to take away the stress of multiple and/or unmanageable debt payments by combining these debts into a single regular payment. It can offer protection from creditor legal action and protect repossession of assets, including your home. Trust deeds can be voluntary, but it is only when it becomes protected that you are offered these kinds of legal safeguards and they become binding on creditor