Options in England, Wales and Northern Ireland

If your financial situation becomes too difficult to sort out on your own, a few of the available legal options are listed further down the page.

Before taking any action, you can call our Money Management Team to get free information and suggestions, as some of the options may make it more difficult for you to borrow in future.

Money Management Numbers:

  • If you have a credit card, personal loan or overdraft call us on 0808 145 0379
  • If you have a personal loan secured against your property call us on 0808 143 0177

Temporary Repayment Plans

This is an arrangement set up via one of the advice providers and is usually the first step you should take. Your budget is carefully calculated and the money you can afford to pay your creditors is divided up fairly between them, based on how much you owe them. Your adviser may also help you negotiate having your interest frozen for a period of time, to prevent your debt from increasing further. By doing this, and setting a proper budget, you can manage your debts in a more controlled and organised way.

Individual Voluntary Arrangement (IVA)

This is an alternative to bankruptcy and is a formal arrangement between you and your creditors that you pay an agreed amount of your debts over a set period. You’ll need an Insolvency Practitioner to set this up for you, and they usually charge a fee. There are organisations that can help you manage your debt.


You can either declare yourself bankrupt or be made bankrupt by one of the people you owe money to. Bankruptcy means that your assets (e.g. belongings, car, home) could be sold to pay your debts. Being registered bankrupt could affect your employment and will make it difficult for you to obtain credit in the future, even after the bankruptcy has been discharged. Remember, declaring yourself bankrupt is a very serious step. It should only be considered after reviewing all of your options and taking professional advice.