Debt Solutions

Finding the right debt solution depends on your individual circumstances, with options ranging from debt consolidation to bankruptcy, each designed to help manage or eliminate debt. Dive in to discover the most fitting solution for you.

There are many ways to get out of debt, and some of them can even write off a portion or all of your debt in the process! 

The best debt solution for you will depend on your circumstances. If you’re looking for suitable debt solutions, read on to discover the most popular UK options below. 

Debt Consolidation

Debt consolidation is a method that merges multiple debts into one single debt. This doesn’t just make it easier to manage the debt and keep up with repayments, but it can save you money on interest payments too. We explain exactly how debt consolidation works with examples on our debt consolidation page

Debt Relief Order (DRO)

A Debt Relief Order is available to people with debts and little monthly disposable income. It prevents all creditors from contacting you for a whole year. And if your financial situation hasn’t improved over the 12 months, it can result in your debt being written off. Get DRO examples and more info from our Debt Relief Order hub!

Debt Management Plan (DMP)

A Debt Management Plan is an informal debt solution. Its main purpose is to agree on affordable repayment plans with creditors with the hope of reducing or freezing interest as part of the process. If you want to know more about this debt solution and who qualifies, start by checking out our Debt Management Plan guide

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is a legally-binding debt solution for people with multiple debts that cannot afford to repay. When approved, the IVA commits the debtor to pay one single monthly repayment which is then split proportionally among their creditors. The IVA lasts for a fixed period of time and any remaining debt can be wiped after this period. Learn more on our IVA hub.


Bankruptcy is a debt solution suitable for people with no means to clear significant debt. It attracts somewhat of a negative stigma, but bankruptcy could be the best option depending on your personal circumstances and finances. For more information on bankruptcy and to see if it’s a suitable option for you, read our bankruptcy page today. 

Debt Arrangement Scheme (DAS)

A Debt Arrangement Scheme is a Scottish debt solution. It allows you to apply for a Debt Payment Programme (DPP), which is a repayment plan that stops creditors from contacting you while you make affordable repayments. It’s worth considering if you live in Scotland and have debts. Discover more about a DAS on our dedicated Debt Arrangement Scheme guide

Trust Deed

A Trust Deed is another debt solution in Scotland for people with at least £5,000 of debt. It is comparable to an IVA in England and Wales. The debtor will agree to make a single monthly repayment which is divided between their creditors proportionally. Repayments last for a fixed period and any remaining debt may then be written off. Find out more about Trust Deeds with MoneyNerd.