Debt Solutions, Help and Advice

You're probably feeling a bit confused just now as to what your best option is. There is so much information available, and not all of it is accurate! At Campbell Dallas Debt Solutions we have years of experience in helping people with situations just like yours. We are a professional firm with licensed Insolvency Practitioners, so you know you can trust our information.

Scotland only

Protected Trust Deed

A Protected Trust Deed applies only in Scotland and is a formal but voluntary arrangement with your creditors where you offer to repay a percentage of what you owe them, usually over a 3 year period. It is not as formal as sequestration (bankruptcy) but may affect you in similar ways, for example your credit rating is likely to be affected.

Sequestration

Sequestration is the Scottish legal term for bankruptcy. It involves a Trustee taking control of your assets and liabilities (debts) for the fixed period of one year.

The Debt Arrangement Scheme

The Debt Arrangement Scheme offers individuals who live in Scotland and have more than one debt the opportunity to repay all their debts at an affordable rate via a Debt Payment Plan (DPP).

England & Wales only

IVA (Individual Voluntary Arrangement)

An Individual Voluntary Arrangement (IVA) is a formal, legally binding arrangement between you and your creditors allowing you to pay one affordable monthly amount towards your debts, usually over a 5 year period.

Debt Relief Order

In April 2009, the Government introduced the Debt Relief Order (DRO), which is intended to help people in England & Wales deal with unmanageable unsecured debts. It has been described as an alternative to full bankruptcy as it has the same restrictions but costs much less.

Administration Order

If you have debts of less than £5,000 and have at least one CCJ, you can apply for an Administration Order at the County Court. This allows you to settle your individual debts by making one agreed monthly payment to the Court, which is then shared between your creditors on a pro-rata basis.

General

Debt Management

Debt management can take many forms but is generally taken to mean a Debt Management Plan (DMP). This is where you, a representative or a specialist debt management company contacts your creditors, provides a breakdown of your income and expenditure and offers your spare income to creditors on a pro-rata basis.

Remortgage

If you have sufficient equity in your home, and you can afford the extra monthly payments, a remortgage might be a good option for you to clear your debts.

Consolidation

If you have a number of debts that would be easier for you to manage if you only had one monthly payment to make, a consolidation loan may be the answer.

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