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Helping You Overcome Debt Challenges

At Debt Relax, we are dedicated to assisting individuals across the UK in managing their debts effectively, providing tailored solutions to help you regain financial stability and peace of mind.

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Struggling with Debt? We Can Help.

If you’re facing financial difficulties, it’s important to know that you have options. Two popular solutions in the UK for managing unmanageable debts are Debt Management Plans (DMPs) and Individual Voluntary Arrangements (IVAs). Below, we explain how each works and how they can help you regain control of your finances.

What is a Debt Management Plan (DMP)?

A Debt Management Plan (DMP) is an informal agreement between you and your creditors to repay your unsecured debts at an affordable rate. It’s designed for individuals who are struggling with multiple debts but can still afford to make monthly payments.

Key Features of a DMP:

✅ One affordable monthly payment
✅ Reduced or frozen interest (depending on creditor agreement)
✅ Informal arrangement – no legal binding
✅ Suitable for unsecured debts like credit cards, loans, and overdrafts
✅ No set term – lasts until debts are cleared

Is a DMP Right for You?

A DMP is ideal if:
✔️ You have multiple unsecured debts
✔️ You can afford to repay but need lower payments
✔️ You want a flexible solution without legal commitment

Note: A DMP does not cover secured debts like mortgages or hire purchase agreements.

What is an Individual Voluntary Arrangement (IVA)?

An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your creditors. It allows you to pay back a percentage of your debts over a set period (typically five years), with any remaining debt written off at the end.

Key Features of an IVA:

✅ Legal protection from creditors – no more harassment or legal action
✅ One affordable monthly payment based on your income
✅ Interest and charges frozen
✅ Debt write-off – any remaining debt after the agreed term is cleared
✅ Suitable for unsecured debts over £6,000

Is an IVA Right for You?

An IVA could be a good option if:
✔️ You have debts of £6,000 or more
✔️ You have a steady income and can commit to regular payments
✔️ You want to avoid bankruptcy and protect assets like your home

Note: An IVA will affect your credit rating and is legally binding, meaning you must commit to the payments agreed upon.

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Reach out to Debt Relax for support in managing your debts and finding the best solutions.