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Debt Solutions - Informal and Formal

Debt Management

Debt Management is a way of repaying your debts to your creditors by means of 1 agreed and affordable monthly payment.

It is an informal debt solution arranged by a Debt Management Company, who will work with you in order to determine what you can realistically afford to pay to all of your creditors. Once a realistic payment is arranged, they will negotiate your new payment on your behalf.

If you would like to find out more about Debt Management then click here.


Bankruptcy is a formal court procedure which you can start or which one or more of your creditors owed at least £5,000 can start. Your assets (with certain exceptions) are sold to help pay your creditors. However, you can usually keep your personal belongings, the contents of your home and your tools of trade (which may include your car) unless they have a high value.

Bankruptcy usually lasts for 1 year, and once you have been freed (discharged) from your bankruptcy, you are released from your debts (with certain exceptions).

To read more about Bankruptcy or to find out how to avoid Bankruptcy click here.

Self Employed Debt Solutions

Here at McCambridge Duffy we have a range of solutions in place to help people who are self employed and struggling with debts.

There are different types of solution available for different types of Self Employed Businesses; Whether you are a sole trader with debts, a limited company or even in a Partnership.

To read more about the Self Employed Solutions we offer click here.

Debt Consolidation

A debt can be consolidated into one monthly payment by taking out a personal or secured loan or by remortgaging your property. The idea behind debt consolidation is that you use this loan to pay off all your other debts and are left with one monthly payment.

Debt consolidation is not usually advised for large debts as it could put you into the same or even a worse position.

If you would like to read more about Debt Consolidation click here.

Debt Relief Order

A Debt Relief Order (DRO) is a formal insolvency solution available in England, Wales and Northern Ireland. It is sometimes referred to as a form of 'mini-bankruptcy' and is designed for people who are on low income, have unaffordable debts and very little to no assets.

To do a DRO in England and Wales, your total debts cannot be any greater than than £50,000 and your assets can be no more than £2,000 in value (with some exceptions). You are allowed a vehicle up to the value of £4,000 in a Debt Relief Order. You must show that you do not have a disposable income above £75 each month. Disposable income is the amount of money left over each month after you have paid all outstanding bills and household expenses from your income.

In Northern Ireland your total debts cannot exceed £20,000 (This is set to increase to £50,000 on 8th July 2024, in line with England and Wales). You are allowed a vehicle up to the value of £2,000 and your assets cannot exceed £1,000 in value (This is set to increase to £2,000 on July 8th 2024). Your disposable income cannot exceed £50 per month (This is due to increase to £75 on 8th July 2024).

A DRO lasts for 1 year and on completion, you are released from your debt. There is no charge for application.

To read more about a Debt Relief Order click here.

Administration Order

An Administration order is for debts of less than £5,000. It is imposed and administered through your county court. Under the administration order you make regular monthly payments to the court who will then distribute this money to your creditors. The court will also take some of this money towards their own costs.

If you would like to read more about Administration Orders click here.

Trust Deed

A Trust Deed is a Debt solution similar to the IVA, only for residents of Scotland.

It allows you to legally address your problem debts by means of affordable debt repayments usually over a period of 3 years. At the end of the Trust Deed, any remaining debts are legaly written off.

If you would like to read more about Trust Deeds click here.

Can we help with your debt problems?

To find out if McCambridge Duffy can help you regain control over your finances before matters are taken out of your hands, or to find out what kind of debt solution might be right for you, simply get in touch.

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Excellent Company

" Very good company for an iva, documents sent out very fast, very understanding people that offer great support and advice would definately reccomend."

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Debt calculator

Work out what your new monthly debt repayment could be by filling in our debt and budget calculator form.

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IVA Example

Example of an IVA

Client was struggling with monthly debt repayments of £560 to several creditors. We were able to have this reduced to £250 per month, with all interest and charges frozen. After 60 months of paying this reduced amount she will become debt free and any remaining debt will be written off.

IVA Examples

Speak to us to see if you can reduce your debts

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McCambridge Duffy LLP is a Limited Liability Partnership registered in England and Wales.
Registered number OC309544
Registered office 17 Hanover Square, Mayfair,
London, W1s 1HT