If you’re an individual who’s insolvent I think there are five key options available to you. Have a look at
my other videos for more detail on these The first might be to do a deal direct
with your creditors either to pay them back in installments or perhaps offer
them a lump sum and full and final settlement. If you have debts of less
than 20,000 pound and fit the criteria a debt relief order might be applicable to
you. A debt management plan is another alternative it’s an informal agreement to
pay back all of your creditors pro rata in installments over a period of time
usually however you have to pay back 100 pence in the pound or all of the
debt together with interest. Bankruptcy is another option that can help right
off most, if not all, of your debts and a formal arrangement known as an
individual voluntary arrangement can also be a useful option for you.