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Debt Options
Below are the main routes commonly available for UK debt. Suitability always depends on income, assets, debt types, and what you need to protect (such as your home). This page is for general information only.
Formal advice and insolvency solutions come from authorised firms or licensed practitioners. Options and rules can differ in Scotland and Northern Ireland.
01
Breathing Space
A government scheme (England and Wales) that can pause most enforcement for up to 60 days while a debt adviser helps you. Eligibility and the application go through an authorised debt adviser.
02
Informal Arrangements
Agreeing lower or temporary payments directly with creditors when your budget is tight but a formal solution is not needed yet.
03
Debt Consolidation
Rolling several debts into one loan or product. It can simplify payments but only suits some people — and can cost more if the rate or term is wrong.
04
Debt Management Plan (DMP)
An informal plan to repay non-priority debts at an affordable rate. Creditors do not have to accept it, and interest may still be charged.
05
Debt Relief Order (DRO)
A low-cost formal write-off route for people with low assets, low surplus income and debts under the legal limit (England and Wales). Strict eligibility rules apply.
06
Individual Voluntary Arrangement (IVA)
A legally binding agreement with creditors, overseen by a licensed insolvency practitioner, usually lasting around five or six years. Suitable only when the numbers support it.
07
Bankruptcy
A formal process that can write off qualifying debts but has serious effects on assets, credit and some jobs. Suitability always depends on individual circumstances.
What Happens Next
Get in touch and we will get back to you. We collect basic information about your enquiry and, with your consent, can introduce you to an FCA-authorised debt advice provider. Nothing is sent to that provider unless you tick the introduction box.