Every way out of debt, explained

Six routes, explained plainly, with the catch beside the benefit. We’ll tell you which could work for you, including the free ones.

Each solution has its own costs and consequences, and not every one is right for everyone. Free, impartial debt advice is available from MoneyHelper.

Roughly how much do you owe?

Each one works differently. Your adviser will explain which could work for you, and why.

InformalCan be used in England, Scotland, Wales
Debt Management Plan
One affordable monthly payment, shared between your creditors.
FormalCan be used in England, Wales
Individual Voluntary Arrangement
A legally binding agreement to pay what you can afford. The rest is written off.
FormalCan be used in England, Wales
Debt Relief Order
For a low income and few assets. Qualifying debts are written off.
FormalCan be used in England, Wales
Breathing Space
Legal protection from most interest, charges and enforcement while you get advice.
FormalCan be used in England, Wales
Bankruptcy
Clears most debts when nothing else will work.

Tell us roughly what you owe
It takes seconds, and it won’t affect your credit score.
Have a chat, no judgement
One of our friendly advisers calls you. We’ll ask what comes in and what goes out, never how you got here.
Decide in your own time
Nothing happens until you say yes. And if you’d rather do nothing for now, that’s fine too.

You can also get free, impartial advice from MoneyHelper (opens in a new tab).

Tell us roughly what you owe and we’ll show you what could help. It takes two minutes, won’t affect your credit score, and there’s no obligation.

Roughly how much do you owe?