If you’re struggling with your debts, there are several legal options available. The best solution for you depends on your specific circumstances. It may be advisable to consult an organisation that can provide support and advice.
Bankruptcy is a formal court process that can clear your debts. This option is often a good choice for people who are struggling to make payments. However, this solution is not suitable for everyone.
Another option is an individual voluntary arrangement. Normally, this is set up by a lawyer and requires you to pay back your debts over a set period of time.
In the UK, there are various different types of debt solutions. Each one is unique and will affect your life differently.
While an order may not be right for everyone, it can be a useful way to get your finances back under control. When you apply for a debt relief order, you are required to disclose your assets and your income. These will be checked and the details will be added to an Individual Insolvency Register.
You will also have to explain to your creditors how the order works. Creditors cannot request payments from you while the order is in place. They can still take action, such as selling your property to pay off your debts.
An official receiver will notify you when the order is in place. Your bank account may be frozen and you will be unable to write cheques that might bounce.
Debt Relief is very easy to put in place legally. Stop struggling with your debt and get it sorted out here.
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