Debt Solutions

debtsmart can help with all your debt solutions, including:

Debt Management Plans

For those struggling to repay unsecured debt each month, a debt management plan could be the answer, allowing you to repay your debts at a speed you can realistically afford. A debt management plan will make your finances easier to manage and you will never feel like you are facing your debt problems alone, practical advice and assistance will always be just a phone call away.
A debt management plan takes away the stress of having to deal with your creditors directly, you make just one monthly payment to us and we distribute it to each of your creditors on your behalf.

Individual Voluntary Agreements (IVAs)

We can help those who owe £15,000 or more in unsecured debts and for whom a debt management plan is unsuitable with an Individual Voluntary Agreement (IVA). Unlike a debt management plan, an IVA is a legally binding agreement and offers greater protection from your creditors. However with an IVA there are greater implications and for this reason they are not designed for all. If an IVA is the right solution for you, a monthly payment plan will be set up for 5 years and your creditors will not be able to pursue for further repayment of your debts. An IVA is designed as a safer alternative to bankruptcy.

Trust Deed

For those in Scotland struggling with a substantial amount of debt, we can help set up and administer a Trust Deed on your behalf. Like an IVA in England and Wales, a Trust Deed is designed for those who owe too much for a debt management plan to be suitable.
A Trust Deed is a recognised alternative to Sequestration and is a legal agreement between you and your creditors. With a Trust Deed, you will agree to pay one reduced monthly payment for all of your debts over a fixed period and your creditors will agree not to pursue you for further repayments.

Debt Relief Order

We can help those in severe financial difficulties and with a very low income to administer a Debt Relief Order. Debt Relief Orders are designed for those with serious debt problems who are unable to repay their debts over a reasonable amount of time, so to be accepted for one you must meet very strict criteria.
To be considered for a Debt Relief Order, you must owe less than £15,000 in unsecured debts, cannot be a homeowner, must have no more than £300 worth of assets and have less than £50 a month income left over after you have paid all of your living costs and essential expenditure.

Debt Consolidation

If you are juggling multiple debts on credit cards, store cards, loans and Hire Purchase (HP) agreements, we can help you with debt consolidation.
Debt Consolidation combines all of your monthly debt repayments into one simple monthly payment. It is ideal if you are repaying multiple debts as you may be paying over the odds in interest and will also be dealing with many different creditors. Debt Consolidation simplifies this and we will find you the best value debt consolidation loan for your financial situation.

Help and Advice

If you are struggling with debt, contact one of our Financial Solutions Advisors for advice and practical debt assistance.  As experienced debt management consultants we can provide you with a no obligation financial assessment and advise you one of our debt management solutions. At debtsmart, we understand not all debt problems are the same so using our debt management expertise we will advise you on the debt solution that will best suit your financial situation.

Debt solutions we can offer include debt management plans, Individual Voluntary Agreements (IVAs), Trust Deeds and debt consolidation. Using our debt management expertise, we can also help administer Debt Relief Orders and provide advice on bankruptcy.