Work through your income, spending and debts in about 10 minutes. Then see how your figures compare with the general criteria for each UK debt option, from dealing with creditors yourself to an IVA, DRO, debt management plan or bankruptcy.
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Every UK debt solution has its own rules about how much you owe, how much you can afford to pay and what you own. The calculator compares your figures with the general criteria for each option. It doesn’t recommend a solution. It uses the same income and spending categories as the Standard Financial Statement, so your budget is in the format a debt adviser or creditor would expect.
| Option | General criteria usually include… |
|---|---|
| Dealing with creditors yourself | enough spare income to repay in full within a reasonable time |
| Debt management plan | debts over around £2,000 and some money left over each month |
| IVA | debts over around £7,000, two or more creditors and around £100 or more a month |
| Debt relief order | debts of £50,000 or less, £75 or less left each month, not owning a home and few assets |
| Bankruptcy | no minimum debt; assets, including a home, may be sold |
No. The calculator compares your figures with general published criteria only and doesn’t recommend any debt solution. Only a qualified adviser can tell you which option, if any, is right for you.
Debt advisers use spending guidelines for flexible costs such as food, phone and personal items. If your spending is within the guideline for your household size, creditors will usually accept it without asking for evidence. Spending above it isn’t wrong, but you may be asked to explain it.
Mortgage arrears, court fines and child maintenance can’t be written off through an IVA, DRO or bankruptcy, so they don’t count towards the limits for those solutions. You still need to keep paying them.
You can use it to build your budget, but Scotland has different solutions, such as a Protected Trust Deed and the Debt Arrangement Scheme. We’ll point you towards advice that covers Scottish solutions.
Tell us a little about your situation and an adviser will explain the options open to you.
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