Compare available debt solutions

Many people struggling with debt think that their only way out of debt is to file for Bankruptcy – but that’s not always the case!

Finding the best solution for you depends entirely on your personal situation. Here you’ll find key information on each of the solutions we offer, but if you’d like to find out more, contact our friendly experts today for a no-obligation financial review…

Consolidate debt repayments into an affordable
Debt Management Plan

	Affordable monthly repayments
	Clear debts on successful completion

	Of 84% of debts managed, we freeze interest & charges
	We handle creditor letters and phone calls

We negotiate directly with the companies you owe money to so that we can secure a more affordable repayment rate that fits in with your current outgoings. If you have debts of £2,000 or more, a Debt Management Plan could be the solution you need.

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Write off debt with an IVA

	Reduced monthly payments
	Unsecured debts written off at the end of the term

	Interest and charges frozen
	Become free from debts included in the IVA usually at the end of 60 months

An IVA is suitable for people who are struggling to repay debts of £15,000 or more. It is a legally binding arrangement that normally lasts for 5 years and is subject to creditor agreement – which is not always guaranteed. Providing you keep to the terms of an IVA, interest and charges will be frozen and debts that still exist at the end of the 5 year period will be written off.

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Clear debts with a Debt Relief Order
provided FREE from Baines & Ernst

	Clear unsecured debts
	No monthly charges

	Alternative to Bankruptcy

If you are on a low income, have debts up to £15,000 and are struggling to repay what you owe, a Debt Relief Order could be the solution for you. A DRO could free you from unsecured debts in 12 months and the service is provided FREE from Baines & Ernst. All you need to pay is a one-off fee of £90 which must be paid to the Insolvency Service.

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Become free from debt in 12 months
with Bankruptcy

	Clear debts
	Peace of mind

	Protection from creditors taking further court action

Bankruptcy (Sequestration in Scotland) should be considered as a last resort when it comes to clearing debt because of the repercussions associated to going bankrupt. Assets including your home, business and possessions could be sold to repay your creditors. However if you have no way of repaying your debts, then Bankruptcy could be the right solution for you.

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Pay and write off debt if you live in Scotland
with a Protected Trust Deed

	Reduced monthly payments
	Unsecured debts written off at the end of the term

	Interest and charges frozen
	Become free from debts included in the PTD usually at the end of 36 months

A Protected Trust Deed is suitable for people living in Scotland who are struggling to repay debts of £15,000 or more. It is a legally binding arrangement that normally lasts for 3 years and is subject to creditor agreement – which is not always guaranteed. Providing you keep to the terms of a PTD, interest and charges will be frozen and debts that still exist at the end of the 3 year period will be written off.

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Save money on the total amount owed
with a Debt Settlement servicey

	No monthly fees
	No contracts

	Repay and clear debts at a reduced rate

If you’ve received a lump sum of money and want to repay your debts, we could negotiate with your creditors and secure a reduction in the total amount owed. This could help you free yourself from unsecured debt quicker than debt management or IVA solution.

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For clear advice on the best solution for you, call one of our friendly experts today on