PERSONAL DEBT GUIDANCE
Understand your personal debt options before making a decision
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Understanding your personal debt options
What are your options when dealing with personal debt?
Personal debt situations can vary significantly from one individual to another. There is no single solution that fits everyone, and the right approach depends entirely on your personal circumstances. Our role is to help you understand the options that may be available to you, explain how each one works, and guide you through the next steps — so you can make an informed decision.
Common personal debt solutions may include:
- Bankruptcy – a formal insolvency process for individuals who cannot repay their debts
- Debt Relief Order (DRO) – for individuals with low income, low assets and limited debts
- Individual Voluntary Arrangement (IVA) – a formal repayment arrangement with creditors
- Informal repayment plans – direct arrangements agreed with creditors
- Negotiation with creditors – in certain cases, creditors may be open to revised terms
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Important information
The information provided on this page is for general guidance only. We do not provide legal or financial advice, and we do not recommend or decide on any specific debt solution. Our role is to help you understand the options that may be available to you and guide you through the application process, so you can make an informed decision based on your personal circumstances.
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Bankruptcy
Bankruptcy is a formal insolvency process available to individuals who are unable to repay their debts.
It is typically considered when debts have become unmanageable and there is no realistic way to repay them within a reasonable timeframe.
The process involves a review of the individual’s financial situation, including income, assets and liabilities.
Bankruptcy can have serious financial and legal consequences and is not suitable for everyone. Eligibility and outcomes depend entirely on personal circumstances.
We help individuals understand how bankruptcy works and guide them through the application process, so they can make an informed decision.
Debt Relief Order
A Debt Relief Order (DRO) is a formal debt solution designed for individuals with low income, minimal assets and relatively small amounts of debt.
It is typically considered when someone has little or no ability to repay their debts and does not meet the financial requirements for other insolvency procedures. Strict eligibility criteria apply, including limits on income, assets and total debt.
A DRO usually lasts for a fixed period, during which creditors are prevented from taking enforcement action. At the end of the period, qualifying debts may be written off, provided the individual’s circumstances have not changed.
We help individuals understand how a Debt Relief Order works, check whether it may be suitable for their situation, and guide them through the application process so they can make an informed decision.
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a formal debt solution that allows individuals to repay their debts over an agreed period of time, based on what they can realistically afford.
It is typically considered by individuals who have a regular income and are able to make ongoing monthly contributions towards their debts. An IVA is a legally binding arrangement with creditors and usually lasts for several years.
Entering into an IVA requires a long-term financial commitment and ongoing cooperation with the arrangement. Failure to maintain agreed payments may result in the IVA failing, which can have further financial consequences.
We help individuals understand how an Individual Voluntary Arrangement works, what commitments are involved, and guide them through the process so they can decide whether it is appropriate for their situation.
Informal repayment plans
Informal repayment plans are non-binding arrangements agreed directly between an individual and their creditors, outside of any formal insolvency procedure.
They are typically considered when someone is experiencing temporary financial difficulty but may still be able to repay their debts over time. These arrangements can involve reduced payments, revised payment schedules or short-term concessions from creditors.
Because informal arrangements are not legally binding, creditors are not obliged to agree to them and may withdraw their cooperation at any time. Outcomes can vary depending on the creditor and the individual’s circumstances.
We help individuals understand how informal repayment plans work, prepare the necessary information, and consider the next steps before approaching creditors.
Negotiation with creditors
In certain situations, creditors may be open to reviewing or revising the terms of an existing debt, particularly where an individual is experiencing financial difficulty.
This can involve discussions around revised payment terms, temporary payment reductions or alternative repayment arrangements. Each creditor will consider such requests on a case-by-case basis and there is no obligation for them to agree.
Negotiations with creditors are informal in nature and outcomes cannot be guaranteed. Creditors may change their position at any time, depending on the circumstances and the information provided.
We help individuals understand what negotiation with creditors may involve, prepare relevant financial information, and consider the appropriate next steps before engaging with creditors directly.
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