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A Debt Management Plan might be the right solution, enabling you to repay your debts at a lower rate. This can provide some short term relief and help you to sort out your finances.
If you owe more than £10,000 and have regular income, an IVA will enable you to consolidate your debts. Then you can arrange to make affordable monthly payments.
Bankruptcy is used as a last resort to resolving debt problems and needs to be considered seriously before deciding it’s the right solution for you.
If you find you have access to a lump sum of money - from the sale of something of value, for example, or a donation from your family or friends - you might want to consider making a Full and Final Settlement offer to your creditors.
If you owe less than £15,000 and have a low income, a debt relief order offers a debt solution which is cheaper and simpler than bankruptcy. It is administered through the Insolvency Service and after one year your debts are written off.
Jason called us when his his £24,500 debt became unmanageable. He was debt free in just 60 months!
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