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Credit Fix

Debt Level

Minimum £2,000

Monthly Repayments

Minimum £80

Solutions

IVAs, Scottish Trust Deeds, Debt Management, Debt Arrangement Schemes

Hanover Insolvency

Debt Level

Minimum £2,000

Monthly Repayments

Minimum £70

Solutions

IVAs, Scottish Trust Deeds, Debt Management, Debt Arrangement Schemes

Freeman Jones

Debt Level

Minimum £2,000

Monthly Repayments

Minimum £80

Solutions

IVAs, Scottish Trust Deeds, Debt Management, Debt Arrangement Schemes

Gregory Pennington

Debt Level

Minimum £2,000

Monthly Repayments

Minimum £80

Solutions

IVAs, Scottish Trust Deeds, Debt Management, Debt Arrangement Schemes

Bennett Jones

Debt Level

Minimum £2,000

Monthly Repayments

Minimum £80

Solutions

IVAs, Scottish Trust Deeds, Debt Management, Debt Arrangement Schemes

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Top 5 Debt Solutions available to Consumers

Finding the right debt solution in today’s market can be an arduous task. With so many companies promising to freeze interest and charges, reduce hassle from creditors and even completely write off your debt using a legal process it can be hard to know where to start looking for the right help. Here is a brief summary of the top 5 key debt solutions currently available to consumers;

  1. IVA’s (Individual Voluntary Arrangements)
  2. Debt Management
  3. Scottish Trust Deeds
  4. Debt Relief Orders
  5. Bankruptcy

A brief overview of each one;

1. IVA’s

IVA stands for Individual Voluntary Arrangement. It is a legally binding agreement between you and your creditors and will allow you to make one lower affordable monthly repayment for a fixed term, usually 60 months (5 years). Once you have made all the repayments over the set term any remaining debt is written off and you walk away debt free.

  • To qualify for an IVA you need to owe at least £5,000, owe money to 2 or more different creditors and you must be able to afford at least £80 towards your debts each month
  • You creditors are legally not allowed to contact you
  • An IVA is a form of insolvency and WILL affect your credit rating.

2. Debt Management

A Debt Management Plan is an informal arrangement between you and your creditors to repay your debt at a slower rate. Example; If you are paying out £1,000 per month on your unsecured debts you can write to your creditors and ask them to freeze the interest and charges to enable you to repay the debt quicker.

Note; most creditors wont respond to this unless you have missed payments already as they do not want to help you in you are not struggling.

  • To qualify for a debt management plan you must owe at least £2,000 towards 2 or more creditors and be able to afford at least £100 towards your debts each month
  • A debt management plan WILL affect your credit rating as you are effectively breaking the original terms and conditions you signed when taking out the debt

3. Scottish Trust Deeds

Scottish Trust Deeds are the Scottish equivalent of an IVA. They are a formal agreement between you and your creditors to repay the debt owed to them. They differ slightly in the respect there is a shorter term to repay the debt and the amount you must owe in total is lesser. The usual term for a Trust Deed is 48 months (4 years), after this period any remaining debt is written off.

  • To qualify you must owe at least £5,000 in unsecured debt to 2 or more creditors and be able to afford at least £100 towards your debts each month
  • A Trust Deed can protect your assets from repossession
  • A Trust Deed WILL affect your credit rating

4. Debt Relief Orders

A Debt Relief Order is a milder form of bankruptcy. It is a government backed scheme which is provided by the Insolvency Service and can be an effective way of clearing your debts if you are currently out of work or have a low income. The duration of a DRO is usually a year and during that period your creditors are legally not allowed to contact you. As in bankruptcy, after the 12 month period has expired you will be debt free.

  • To qualify for a DRO you must owe less than £15,000 in unsecured debt and NOT be able to afford more than £50 per month towards your debts
  • You must not have any personal possessions over the value of £300 or if you own a car, it must not be worth over £1,000 in value
  • You credit rating will be affected and you will struggle to obtain further credit in the future

5. Bankruptcy

Bankruptcy should only be sought as a last resort. If you do file for bankruptcy you will not be able to get credit easily in the future and you may struggle to obtain a mortgage. You assets, i.e. your home or your car are at risk as the official receiver may force you to sell to repay back to the creditors. You may also be asked to repay a percentage out of your wages each month for a set period to again help recoup some of the losses to the creditors.

  • To qualify for a Bankruptcy you must not be able to afford to repay your debts at all
  • Most bankruptcy orders only last for 12 months so you will be debt free after this period
  • You possessions such as your house and car can be repossessed.
  • You credit rating will be affected and you will struggle to obtain further credit in the future

If you feel you need some free debt help and advice on the best debt solutions for consumers visit our website which is packed full of information that can help you get back on your feet with your finances.

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