• Vincent Bond
  • DMP
  • IVA
  • Bankruptcy
  • Other Options

Information at your fingertips - Common debt solutions

You can find information on this website about the common debt solutions available to people in the UK. For each solution you can read about the advantages, disadvantages and key facts.

Vincent Bond & Co have taken the business decision to stop providing debt management services and therefore will not be able to give you advice on how to resolve your debts.

However, if you wish to apply for one of the solutions detailed on this website, we can with your consent put you in touch with one of our authorised debt solution partners who will be able to assist you with specific advice and further an application for you at your request.

  • A DMP or Debt Management Plan is an informal agreement with your creditors to make reduced affordable monthly payments.
  • It is based on a realistic budget that allows you to pay all your priority bills and normal living expenses and pay what is left to your creditors.
  • Though not obliged to and not guaranteed, most creditors will agree to reduce or freeze interest so that the money you pay reduces your debt more quickly.
  • An IVA or Individual Voluntary Arrangement is a legally binding agreement with Creditors.
  • It allows someone who is in financial difficulty to make a formal proposal to settle their debts within a reasonable and fixed period of time - normally 5 years, though this can vary depending on your situation.
  • Monthly repayments are based on what you can afford to pay.
  • After the agreed payment period, any outstanding debt will be legally written off by your creditors.
  • Bankruptcy is normally seen as a last resort after all other options for repaying debt have been exhausted. If you are declared bankrupt,you will no longer have to repay your creditors yourself and the court will protect you from any further legal action from your creditors.
  • However there are consequences which may mean that an alternative solution should be considered, depending on your situation. It is important to understand how a Bankruptcy would effect you before proceeding.

There are other solutions to dealing with debt.

  • Debt Consolidation through remortgaging, secured loans or unsecured loans can work, however this must be based on affordability under the advice of an authorised debt solution provider.
  • Debt Relief Order (DRO) - For those who may be considering Bankruptcy but are unsure than afford the fees involved, you may qualify for a DRO if you have lower debts and less available money spare each month.
  • DIY - You may also wish to manage an informal payment plan yourself, making reduced offers and negotiating with creditors instead of using a company to do it for you.

Keith White, Debt Consultant
Keith White

•People-focused with financial product knowledge
•Degrees in Business Studies and Theology

Important information

This website provides information only. Vincent Bond & Co does not provide debt advice. If you wish to apply for any of the debt solutions outlined in this website Vincent Bond will with your permission pass your details to a licenced debt solution provider. You will then be called by an advisor who will discuss your options in more detail. During this telephone call and subsequent communication, you will be dealing with a debt solutions partner and not Vincent Bond & Co Ltd. Fees may be charged by the debt solution provider if you enter a debt solution with them. Vincent Bond will not charge you a fee, but may receive a referral fee from the debt solution provider if you agree to use their services.

We take reasonable care to ensure that the information on this website accurate. However, the user of this website should not rely on the information or take its accuracy for granted. Vincent Bond & Co does not accept liability or responsibility for and gives no warranty as to the accuracy of the information on this website. The provision of the information on this website does not constitute debt advice or recommendation and Vincent Bond will not accept any liability for any action taken by a user relying on the information provided in the website. Use of the information in this website is at the users own risk. Your statutory rights are not effected by this disclaimer.

The Insolvency Service has issued a guide to dealing with creditors for those struggling with debt: In debt - dealing with your creditors.

To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.