A debt solution is a way to take control of unsecured debts. There are many different types and the eligibility criteria varies based on your individual circumstances. These are general guidelines. Always get professional advice from a debt advisor or Insolvency Practitioner.
AO
Administration Order
For those who have a CCJ/High Court Judgment and total debts under £5,000
B
Bankruptcy
For those who are unable to repay, have few assets & don’t qualify for DRO
DAS(
Debt Arrangement Scheme (DAS)
For those who want to repay debts in full with legal protection & lower monthly payments
DCL
Debt Consolidation Loan
For those want to combine multiple unsecured debts into one new loan
DMP
Debt Management Plan
For those want to repay debts in full but need lower monthly payments
DRO
Debt Relief Order
For those who have low disposable income, low assets, and meet strict eligibility criteria
DSO
Debt Settlement Offer
For those with a lump sum of money or some kind of financial windfall to pay off the debts in part.
IVA
Individual Voluntary Arrangement
For those who have a regular income & want affordable repayments & to protect assets
MAP
Minimal Asset Process
For those in Scotland who have low disposable income & few or no assets
PTD
Protected Trust Deed
For those who have a regular income & want affordable repayments
S
Sequestration
For those who cannot afford to repay debts and have limited assets/income