Negotiating with your creditors
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
Use this option for credit debts only, after you have dealt with priority
debts.
How long will it last?
There is no time limit. You may be paying for many years.
Read more about negotiating with your creditors
Debt Arrangement Scheme (DAS)
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
Priority debts such as council tax arrears and non-priority debts like credit cards. Debts being collected by a deduction from a benefit may continue to be taken.
How long will it last?
For individuals, couples and sole traders: any reasonable length of time, but usually within 10 years.
Read more about DAS
Protected trust deed
How much debt must I owe?
At least £5,000. Some insolvency practitioners may set their own minimum debt level at higher than £5,000.
What type of debt?
Most types of debt, but not all.
How long will it last?
They usually last 5 years.
Read more about trust deeds
Bankruptcy
How much debt must I owe?
A creditor can bankrupt you if you owe £5,000 or more. You can bankrupt yourself however much you owe.
What type of debt?
Most types of debt, but not all.
How long will it last?
Most people are discharged after 1 year. You may have to make payments for up to 3 years.
Read more about bankruptcy
Minimal asset process (MAP) bankruptcy
How much debt must I owe?
Your debts must be between £1,500 and £17,000.
What type of debt?
Most debts but not all.
How long will it last?
You will be discharged after 6 months and be under restrictions for 6 months after discharge.
Read more about MAP bankruptcy
Consolidation loan
How much debt must I owe?
There is no minimum or maximum level of debt. It will depend upon what the lender is prepared to lend.
What type of debt?
Any debts that your lender allows you to include.
How long will it last?
It will last the length of time it takes you to repay the loan.
Read more about consolidation loans
Full and final settlement offer
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
Use this option for credit debts usually.
How long will it last?
A short time, unless payment is in instalments.
Read more about full and final settlement offers
Write off the debt
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
You would usually use this option for credit debts.
How long will it last?
Debts would be cleared at the time they are written off.
Read more about debt write off
Equity release
How much debt must I owe?
£5,000 or less.
What type of debt?
Use this option to clear any type of debt.
How long will it last?
There is no time limit. Different schemes can give you money in different ways and at different times. Some may give you a cash lump sum. Others may give you regular payments over time.
Read more about equity release
Pension release
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
Use this option to clear any kind of debt.
How long will it last?
This depends on how much money you take from your pension fund and how often you take it.
Read more about pension release
Selling assets
How much debt must I owe?
There is no minimum or maximum level of debt. More likely to be a suitable option if you have debts that you can’t afford to clear with income.
What type of debt?
You can use this option to clear any type of debt.
How long will it last?
There is no time limit. It may take you longer to sell some assets than others. It depends on the asset and the method you use to sell it.
Read more about selling assets
Charitable payment
How much debt must I owe?
There is no minimum or maximum level of debt.
What type of debt?
It depends on the charity, but usually priority debts.
How long will it last?
Debts would be reduced or cleared by the payment.
Read more about charitable payments
Free debt management plan (DMP)
How much debt must I owe?
No minimum or maximum level of debt. You will need to be able to pay at least £5 each month to each debt.
What type of debt?
Use this option for credit debts only.
How long will it last?
You will usually have to be able to repay your debts in less than 10 years.
Read more about debt management plans
Need help with your options?
If you can't find the information you need, or you would like to talk through your debt options, you can
webchat with one of our specialist advisers.
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