Debt Options
If you are in serious personal debt, there are a number of ways we can help you regain control of your finances.
Individual Voluntary Arrangement (IVA)
An IVA is a legally binding agreement with creditors to repay your unsecured debts over an extended period, generally five or six years. You are protected from creditor action and any debt remaining at the end of the term is written off.
Bankruptcy
When you enter bankruptcy, all assets are sold and the funds used to repay creditors. You could lose your home, but bankruptcy may be appropriate if you are in severe debt with no regular income.
Trust Deed (Scotland)
A Trust Deed is a formal, legally binding agreement between you and your creditors whereby you repay a proportion of your unsecured debts over a fixed term, typically 48 months. This is only available to Scottish residents.
Sequestration (Scotland)
Sequestration is the term for bankruptcy in Scotland and may be appropriate if there is no reasonable prospect of repaying your unsecured debt. All assets are transferred to the control of a trustee who sells them for the benefit of creditors.
Debt Arrangement Scheme (Scotland)
The Debt Arrangement Scheme (DAS) allows you to repay your debts in full, at an affordable rate and over a longer period of time. Interest and charges are frozen, and you are protected from creditor legal action.
UK Debt offers free initial consultations and provides impartial, supportive advice to anyone struggling with debt. We can establish the most suitable debt solution for you depending on your financial situation and location.
