Debt Solutions Tailored to Your Situation

No two financial situations are the same. Factors such as the type of debt you hold, your income, household commitments, and overall financial stability can all influence which options may be appropriate. What works for one person may not be suitable for another.

Free Debt Solutions offers a clear starting point by securely collecting your enquiry and introducing it to FCA-authorised and regulated firms. These firms are qualified to review your circumstances and explain the debt-solution routes that may be available to you, along with how each option works in practice.

We do not provide debt advice or recommendations. Instead, we focus on making the first step straightforward and transparent, so you can have an informed conversation with a regulated professional. You remain fully in control at every stage, with no obligation to proceed unless you choose to.

Available Debt Solutions

Below is an overview of common debt-solution routes that FCA-authorised firms may discuss with you. Availability and suitability depend on your location and personal circumstances.

Individual Voluntary Arrangement (IVA)

An IVA is a formal agreement between you and your creditors to repay a portion of your debts over a fixed period, usually five to six years. Any remaining eligible debt may be written off at the end of the arrangement if terms are met.

Debt Management Plan (DMP)

A DMP is an informal arrangement where affordable monthly payments are made to creditors. Interest and charges may be frozen, but this is not guaranteed. DMPs can be flexible but may last longer depending on the total debt.

Debt Relief Order (DRO)

A DRO is designed for people with low income, low assets, and relatively small amounts of debt. It freezes debts for 12 months, after which qualifying debts may be written off if circumstances remain unchanged.

Bankruptcy

Bankruptcy is a formal legal process that can clear most unsecured debts. It may involve the sale of assets and can have serious financial and credit implications. This option is usually considered when other solutions are not suitable.

Trust Deed (Scotland)

A Trust Deed is a formal debt solution available in Scotland. It involves making affordable payments over a set period, typically four years. Once completed, the remaining qualifying debt may be written off.

Sequestration (Scotland)

Sequestration is the Scottish equivalent of bankruptcy. It is a legal process that can write off debts but may involve asset sales and income contributions. It carries significant financial consequences.