An Individual Voluntary Arrangement (IVA) is a legal agreement between you and your unsecured creditors. You pay back an affordable monthly amount for a set period of time, usually 5 or 6 years.
After this period of time, any remaining debt will be written off.
A Debt Management Plan (DMP) is an informal repayment agreement between you and your creditors.
It allows you to reduce your debt repayments so that you can pay back your creditors at a pace that you can afford.
A Debt Arrangement Scheme (DAS) is a debt management program, run by the Scottish government, which allows you to repay your debts over an extended period of time whilst providing you protection from their creditors taking further action against you.
Bankruptcy is a court order that you can apply for if you are in serious debt.
You need to think carefully about declaring yourself bankrupt.
You can apply to make yourself bankrupt if you can’t pay your debts.
A Trust Deed is a voluntary arrangement for Scottish residents that allows you to come to a legally binding arrangement with your creditors to repay part, or all of what you owe.
We can assess if a Trust Deed is suitable for you as not everyone is eligible.