Debt Solutions

IVA

An IVA (Individual Voluntary Arrangement) is a popular debt solution for people who cannot afford their unsecured debts but want to pay as much as they can realistically afford to them. Its growth as a solution for unmanageable debts has been significant over the last 10 Years.

Put simply it is a legally binding proposal of payment to your debts based on what you can realistically afford to pay over usually just 60 months. It allows you to put forward a fair and equal offer of repayment to your debts were there is no ability for you to repay them in full. It freezes interest and charges to ensure your debt cannot increase and protects you and your essential assets such as your home or car against any further collection activity by your debts.

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TRUST DEEDS

If you are a Scottish Citizen and have debts over £5,000 you may be eligible for a Trust Deed. A Trust Deed is a formal agreement between you and your creditors that allows you to pay back what you can afford – at a rate that suits you. Whilst you are under a Trust Deed your Insolvency Practitioner or ‘Trustee’, will communicate directly with your creditors on your behalf so you don’t have to worry about dealing with them.

A Trust Deed will freeze any interest rates and charges and will stop your creditors from taking any further action against you so long as you maintain regular payments. It typically takes around 4 years to complete and when you pay off your agreed amount, any remaining debt will be written off!

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DEBT MANAGEMENT

A Debt Management Plan is an informal agreement designed to allow someone who is struggling to meet their monthly debt repayments. It can only be used on unsecured debts but is designed to move all your payments into one new affordable monthly payment

Debt Management offers you a layer of protection between you and your creditors. By taking away the potential strain of dealing with your debts direct as this will be handled by DFH’s customer service teams. They will also handle all your creditor post and any negotiations regarding your offers of payment.

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OTHER SOLUTIONS

Bankruptcy - For people with extreme levels of debt and repayment problems, it could be the only option. However, Bankruptcy is publicly advertised, which can be distressing. We would only recommend this solution for you after we have explored all other options Find out more

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Debt Relief Order - It is designed to help debtors who have less than £20,000 of debt, a monthly disposable income of £50 or less, assets worth less than £1,000 and a vehicle worth less than a £1,000. Find out more

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Debt Arrangement Scheme - The Debt Arrangement Scheme was introduced to provide Scottish residents with a solution to paying back debts without going insolvent. The DAS allows you to repay your debts at a slower, more affordable rate Find out more

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Administration Order - A County Court Administration Order is available to individuals who owe no more than £5,000 to at least 2 creditors. They must also have a County Court judgement against them by one of their creditors which they can’t repay in full. Find out more

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