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The different Debt Settlement solutions
The following tables might help you decide what debt solution might work best for you. You can see which solutions are good choices and why. For example, you might want affordable monthly repayments, or to cut the total amount you'll have to pay and so on.
Note: You need to bear in mind that not all solutions offer a final, legally binding solution to your debts. For example, an IVA will clear your debts after five years, whereas a Debt Management Plan will not have a firm end date.
There are many things to consider before making a final decision and ClearStart is ready to help if you need to find out more about any of your options.
- Your choices for different sizes of unsecured debt
- How to get the most affordable monthly payments
- Total amount payable and how long things take
- Protecting yourself from creditors and stopping legal action
- Effect on your credit rating and borrowing in the future
- Is the solution regulated?
- Other issues
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not possible/poor choice |
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possible but not recommended |
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recommended |
Your choices for different sizes of unsecured debt
Total credit card debts, personal loans etc. |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
Up to £1,000 |
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£1,000 – £15,000 |
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Over £15,000 |
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Over £25,000 |
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How to get the most affordable monthly payments
How much can you pay each month? (total after-tax income minus essential spending) |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
Less than £100 |
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£100 to £300 |
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Over £300 |
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Total amount payable and how long things take
What are your other financial priorities? |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
Freezing your interest and charges |
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Clearing your debts in five years |
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3 yrs |
Reducing your debt |
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Protecting yourself from creditors and stopping legal action
How much do creditors worry you? Is legal action imminent? Are phone calls becoming too much? |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
Not a major concern |
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A cause for concern |
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Must stop quickly |
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Effect on your credit rating and borrowing in the future
How important will future borrowing (e.g. mortgage) be to you? |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
No need to borrow ever |
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Nice to be able to borrow |
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Must be able to borrow |
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Intend to have a mortgage |
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Is the solution regulated?
Are you worried about getting best advice that's regulated by law? |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
It's OK - I know financial products |
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I need good advice |
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I'm very concerned |
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Other issues
How much do the following issues matter to you when making your choice? |
Consolidation Loan |
Re-mortgage |
Debt Management |
IVA |
Bankruptcy |
Keep my home |
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Keep my car |
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Avoid social stigma |
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Control the outcome |
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Career Aspirations |
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Further reading:
Debt | Debt Advice | Financial Advice | Compare Debt Solutions | Store Card Debt | Credit Card Debt | Loan Debt | Remortgage Debt | Debt After Death | Late Payments | Budget Check
Three steps to a better future
Prepare
Any debt solution starts with the facts. Write down:
- Debts on cards and other loans
- What you earn every month
- What you spend every month
Apply
Contact ClearStart using our online form or by calling
0800 988 9345.
Choose
Review our recommendations and then tell us how you'd like to proceed. We can start dealing with all of your creditors straight away.
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Find out which debt solution is best for you.
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0800 988 9345
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