In this guide
Mis-sold Overdrafts
Mis-sold Mortgages
Mis-sold Credit | Store Cards
Mis-sold PCP Car Loans
Mis-sold Fraud & Scam Advice
Mis-sold Pensions & Investments
Hidden | Undisclosed Commissions
Mis-sold Pay Day Loans
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The 5 main Debt Solutions
Latest Updates
By David TurnerThe five main debt solutions include snowballing debts to improve credit, a Debt Management Plan (DMP) for reduced payments, a Debt Relief Order (DRO) for smaller debts, an Individual Voluntary Arrangement (IVA) to protect assets, and bankruptcy for a quick fresh start.
Published: 12/02/2025 – 11:59 | Updated: 12/02/2025 – 16:10
📌 Debt Solutions Guide
Contents
- Debt Management Plans (DMPs)
- Debt Relief Orders (DROs)
- Snowball Debt Method
- Voluntary Arrangements (IVAs)
- Consolidation Loans
- Bankruptcy
- Token Payments
- Breathing Space Scheme
- What’s Best for You?
- Where to Get Help
Debt Management Plans (DMPs)
A DMP is an informal agreement to repay unsecured debts in affordable monthly installments, either through a debt management company or by self-managing payments.
- Suitable for unsecured debts like credit cards, loans, and overdrafts.
- Creditors may freeze interest and charges (not guaranteed).
- Affects your credit score.
Debt Relief Orders (DROs)
A DRO is a legally binding solution for individuals with low disposable income and minimal assets. It freezes debt repayments for 12 months, after which debts are written off if your finances remain unchanged.
- Covers unsecured debts under £30,000 (England & Wales).
- Requires low income & limited savings to qualify.
- One-time fee of £90 & impacts credit record.
Snowball Debt Method
The Snowball Method focuses on clearing small debts first, helping you stay motivated by seeing progress. Once a smaller debt is cleared, you roll the amount into the next one.
- Quick wins that boost motivation.
- May not be ideal for high-interest debts.
Voluntary Arrangements (IVAs)
An IVA is a legally binding agreement where you repay a portion of your debts over 5–6 years. At the end, remaining debts are written off.
- Covers unsecured debts (e.g., credit cards, loans).
- Protects you from legal action by creditors.
- Involves fees & managed by an insolvency practitioner.
Where to Get Help
- StepChange
- National Debtline
- Citizens Advice
These organizations provide free and impartial debt advice.
📌 Debt Solutions Guide
Contents
- Debt Management Plans (DMPs)
- Debt Relief Orders (DROs)
- Snowball Debt Method
- Voluntary Arrangements (IVAs)
- Consolidation Loans
- Bankruptcy
- Token Payments
- Breathing Space Scheme
- What’s Best for You?
- Where to Get Help
Debt Management Plans (DMPs)
A DMP is an informal agreement to repay unsecured debts in affordable monthly installments, either through a debt management company or by self-managing payments.
- Suitable for unsecured debts like credit cards, loans, and overdrafts.
- Creditors may freeze interest and charges (not guaranteed).
- Affects your credit score.
Debt Relief Orders (DROs)
A DRO is a legally binding solution for individuals with low disposable income and minimal assets. It freezes debt repayments for 12 months, after which debts are written off if your finances remain unchanged.
- Covers unsecured debts under £30,000 (England & Wales).
- Requires low income & limited savings to qualify.
- One-time fee of £90 & impacts credit record.
Snowball Debt Method
The Snowball Method focuses on clearing small debts first, helping you stay motivated by seeing progress. Once a smaller debt is cleared, you roll the amount into the next one.
- Quick wins that boost motivation.
- May not be ideal for high-interest debts.
Voluntary Arrangements (IVAs)
An IVA is a legally binding agreement where you repay a portion of your debts over 5–6 years. At the end, remaining debts are written off.
- Covers unsecured debts (e.g., credit cards, loans).
- Protects you from legal action by creditors.
- Involves fees & managed by an insolvency practitioner.
Where to Get Help
- StepChange
- National Debtline
- Citizens Advice
These organizations provide free and impartial debt advice.
Latest Mis-sold Finance Guy Overdraft News
The latest mis-sold overdraft advice...
If you have been lent an overdraft you cannot hope to repay, never asked for, or face excessive fees then you may have a claim against your lender.
Mis-sold CAR PCP Loans
Did you drive away with more than you could afford? If you were sold PCP finance and it had hidden commission affecting the choice of loan you might be entitled to a claim.
Mis-sold Store cards?
Repayments on many store cards can be too high to manage, often leading people deeper into debt!
Unsustainable Credit Card Debt?
High costs, unsuitable terms, or long-term financial strain?
Mis-sold An Excessive Pay Day Loan?
Long-term Pay Day Loan interest issues?
This guide will help you make an affordability complaint.
Pay Day Loan Distress?
Faced with unreasonable debt and unable to make headway?
This guide will help you make an affordability complaint.
Latest Mis-sold Finance Guy Overdraft News
The latest mis-sold overdraft advice...
Have you been lent an overdraft you cannot hope to repay or never asked for, then you may have a claim?
Mis-sold CAR PCP Loans
Did you drive away with more than you could afford? If you were sold PCP finance and it had hidden commission you might be able to claim.
Mis-sold Store cards?
Repayments on many store cards can be too high to manage?
Unsustainable Credit Card Debt?
High costs, unsuitable terms, or long-term financial strain?
Mis-sold An Excessive Pay Day Loan?
Long-term Pay Day Loan interest issues?
This guide will help you make an affordability complaint.
Pay Day Loan Distress?
Faced with unreasonable debt?
This guide will help you make an affordability complaint.
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