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Debt Solutions

Arkle only provide IVA solutions, but depending on your circumstances, there are potentially a number of other debt solutions that could be suitable for you. We have listed the main solutions below along with some of the pro’s and con’s of each.

Individual Voluntary Arrangement (IVA)

An IVA is a formal debt agreement between you and your creditors for you to make a reduced payment towards your debts each month over a set period of time (usually 5 years). After the period is over, all remaining debts are written off.

Pro's

Con's

Debt Relief Order (DRO)

DRO’s are designed for people who owe less than £30,000, with low levels of income and who are unlikely to be able to ever repay their debts.

The criteria for qualifying for a DRO are:

Pro's

Con's

Debt Management Plan (DMP)

A Debt Management Plan (DMP) is an informal agreement between yourself and your creditors for paying back non-priority debts such as credit cards and bank loans. All included debts are consolidated and a single reduced monthly repayment is made towards all debts until the total amount is paid off.

Pro's

Con's

Bankruptcy

If you are unable to repay your debts and are looking for a completely fresh start with all debts written off, bankruptcy may be a solution. It is important to note however that there are serious implications with going bankrupt so you must seek professional financial advice before deciding on this route out of debt.

Pro's

Con's