Formal Solutions

Formal Solutions are based around Government legislation and are legally binding for both the debtor and creditors.

England and Wales & Northern Ireland

Debt Relief Order (DRO)

Like bankruptcy, but suited for simple cases where debts are smaller, there are no assets consider nor ongoing payments required.
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Individual Voluntary Arrangement (IVA)

A popular solution which usually grants some debt write-off while allowing you to retain more control than bankruptcy.
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Administration Order (CCAO)

A way to be allowed to make reduced payments towards a debt subject to a CCJ if you can’t afford to pay by its terms.
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Informal Solutions

An An Informal Solution is one which is not subject to a legally binding terms.

Debt Management Plan

Debt Management is an arrangement with creditors which allows debts to be repaid in full but at an affordable rate yet which avoids bankruptcy.
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