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What is an IVA?
An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Management Plan?
A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.
What is a Self-employed IVA?
A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Relief Order?
A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.
What is Bankruptcy?
Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.
If you’re worried about debts, it can be difficult to know where to turn. At PayPlan, we’ve spent over 25 years helping people to deal with their finances and are trusted by MoneyHelper to offer impartial, expert advice on a wide range of debt solutions.
Each year, we offer comprehensive support and guidance to more than 80,000 people who are struggling with money, and our aim is to help you find a way out of debt, so you can take back control of your life.
How can we help you?
We will…
- Find you a solution that suits your circumstances
- Help to protect your home and assets
- Deal with your creditors on your behalf
- Offer free advice and support throughout your plan
If you need to find a way out of debt, complete our simple online debt help form today, or call us on 0800 280 2816. One of our friendly advisers will get in touch by phone or email for a free, no-obligation chat about your debts.
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Answer a few simple questions and speak to an adviser over live chat or the phone.
Get started now 100% secure and confidentialWhat is an IVA?
An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Management Plan?
A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.
What is a Self-employed IVA?
A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Relief Order?
A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.
What is Bankruptcy?
Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.