Knowing which debt solution is right for you can get confusing. Luckily, our handy debt solution pages have all the information and advice you need to decide which solutions might work for you.
Select one of the financial solutions below to find out more or call us to speak to an expert debt advisor.
Debt Management Plan
A Debt Management Plan is an informal agreement between you and your creditors to pay back your debts with one affordable monthly payment, without taking on more debt.
Debt Relief Order (DRO)
A DRO is an alternative to bankruptcy for people with debts of less than £30,000 (£20,000 in Northern Ireland) and less than £75 a month in disposable income.
Protected Trust Deed
A formal debt solution, for residents of Scotland, that’s intended to remove the pressure of unmanageable debts, by combining them into a single monthly payment.
Debt Consolidation Loan
Pay off all of your unsecured debts with one debt consolidation loan and make one monthly payment, rather than multiple payments to creditors.
Individual Voluntary Arrangement (IVA)
Make one affordable monthly payment over five or six years and then write-off any remaining debt.
Debt Arrangement Scheme
A government backed debt management scheme available to residents of Scotland which allows you to repay your debts through a debt payment programme.
Administration Order
A formal agreement to pay back debts over a set period of time, usually 3 years. For people with 2 or more debts, totaling less than £5000, and an unpaid County Court Judgement (CCJ).
Minimal Asset Process (MAP)
A Minimal Asset Process is a scheme designed for people with little, or no, assets without the surplus income to contribute towards debt repayments.
Bankruptcy
Bankruptcy is a form of insolvency that writes off debts if you can’t afford to repay them. It’s a legal process that’s suitable if you have little hope of repaying your debts in a reasonable amount of time.
Settlement
Settlement refers to clearing your outstanding balances with a one-off, lump sum loan. This can be used to pay your debts in full, or partially.
Sequestration
Sequestration is form of insolvency and the Scottish equivalent of Bankruptcy. Once a Sequestration is completed all remaining debts are wiped.
Debt Respite Scheme (Breathing Space)
The Debt Respite Scheme Is available to anyone with problem debts. It offers legal protection from creditor action,and general contact for up to 60 days.
How it works.
We try to make your life as easy as possible, so we do as much of the work for you as we can. Here’s what happens when you get in touch:
Speak to us.
Tell us about your finances and the debts you’re having problems with.
Build a solution.
Based on your circumstances we’ll build a plan to get you out of debt, whether that’s with us, or not.
Let’s stick together.
We’ll either contact your creditors and tell them you’re with MoneyPlus, or make sure that you know who can help.
Still unsure or want to know more?
That’s where our advisors come in, our expert debt advice team can help you find a solution that works for you. If you think a Debt Management Plan could be right for you, get in touch now.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.
For free and impartial money advice and guidance, visit MoneyHelper.