An IVA is a solution put in place by the government and can be put in place without you having to borrow more money to resolve your debts.

With an IVA you could consolidate your payments into one, stop you interest and charges and help you to be debt free in just 60 months. You could even write off large amounts of debt.

Individual Voluntary Arrangement (IVA)

A Debt Management Plan, often known as a DM is a solution that allows you to pay your debts back at a rate that you can afford.

With a DM all of your monthly debt repayments are consolidated into one, lower and more affordable amount, your interest can be stopped and you retain the flexibility you need to pay what you can afford, when you can afford it.

Debt Management Plan (DMP)

A Scottish Trust Deed, often known as a TD is a solution that was put in place by the government to help people that are struggling with debt and living exclusively in Scotland. A Trust Deed allows you to make one monthly payment, based on what you can afford for just 36 months and your debt free. You will write off whatever debt is remaining.

Scottish Trust Deed (PTD)

Bankruptcy is perhaps the most well know solution used for debt consolidation.

By Declaring yourself Bankrupt or indeed being declared Bankrupt, all of your debts are written off in one go. There are however some very serious implications associated with going Bankrupt and there are often much better ways that you can consolidate debt without having to take this consolidation route.  

Bankruptcy

A Re Mortgage is a method used by many people to consolidate debt. Re Mortgages are exclusively available to homeowners.

If you took a Re Mortgage to consolidate your debt you would be borrowing money against your house which should mean that your monthly payments a less than your unsecured debt and with a lower interest.

Re Mortgage

Secured loans are only available to homeowners who have equity in their property. Secured loans are taken out with an asset often a home or property used to guarantee the loan. The benefit of this is that you can often borrow more money for a lesser interest rate. However if you default on the loan then you could lose the asset, even if its your home

Secured Loan