There are a number of options available to debtors with personal financial difficulty:

  • Bankruptcy
  • Individual Voluntary Arrangement (IVA)
  • Debt management
  • Full and final settlement
  • Consolidation
  • Debt Relief Order (DRO)

Debt management is very popular with consumer debt. It is often considered to be a debt for life as there is no debt-forgiveness. Full and final settlements are useful if you have access to sufficient resources to make a reasonable offer to creditors.

For many years consolidation was popular due to the possibility or re-mortgaging. This is very difficult in the current climate.

Debt relief orders were introduced last year. It is for individuals who have debt of less that £15,000. The individual must have a monthly surplus of income over expenditure of less than £50 and must not have assets of greater than £300. AAA This is an inexpensive debt solution as the fee payable by the debtor is only £90.


If you would like to find out more on how we can help, please visit our Insolvency Website -