Personal Debt

Personal debt can have a huge impact on your life. Hillcrest has the ability to help you manage it.
For peace of mind, our Insolvency Practitioner is regulated by ICAEW.

A personal touch to personal debt may sound inauspicious, but not being able to understand how debt affects you or how you want to get yourself out of debt won’t help any debt solutions company provide a comprehensive personalised plan. That’s what makes Hillcrest different.

Our advisors only ever provide options and solutions which they know are tailored to your situation, always ensuring that all options are explored before a debt solution is recommended. Whether you’re looking to restructure personal debt or aren’t sure what the process for recovering a personal debt looks like, our team of advisors are here to help.

Here are the most common personal debt solutions available in the UK, and how each one can benefit you:

IVA

A formal and legally binding agreement
between you and your creditors to pay back
your debts over an agreed period.

Debt Management Plan

A formal and legally binding agreement between you and your creditors to pay back your debts over an agreed period. IVAs benefit those with a specific time frame in mind.

Debt Relief Order

For those with debts of £20,000 or less and little to no income. Primarily helps those who know they won’t see personal financial improvement in the immediate future.

Debt Consolidation Loans

Gather several different debts into a single affordable monthly payment. Typically used when a mortgage is involved and individuals wish to have one set figure to work towards.

Administration Order

A legally binding agreement that has been issued by a county court. Would see you paying a set amount based on financials and possible negotiation.

Debt Settlement Offers

A solution that will allow you to repay what you owe with one lump sum payment. Also referred to as a full & final settlement offer.

Bankruptcy

Used as a last resort if you cannot repay your debts in a reasonable amount of time. While helping remove debts, it does carry potential long-term effects.

Trust Deed

Only available in Scotland. A legally binding debt relief solution available to people living in Scotland with £5000 or more of unsecured debt. Ideally suited for those who want debt written off by a set date, although carried out via a second party.

Debt Arrangement Scheme

Only available in Scotland. Repay your debts at an affordable monthly rate with no contact from creditors. Seen by many as an affordable means of removing debt without impinging on essentials.

Sequestration

The Scottish equivalent of Bankruptcy. An option if you are unable to pay off your debts and know that your assets would not be able to cover your debt.

Get help with personal debt

No one should have to go it alone when facing debt. There are solutions available which lift the burden of debt cycles and provide a path towards recovery. If debt has become a problem you’re finding hard to solve, speak to our advisors right now.

Our phone lines are open every day from 8 am, so give us a call on 0141 478 0862. You can also get in touch whenever you like via WhatsApp.

Remember, it only takes one brief conversation to find which debt solution will work best for your situation.