Debt Help Options

See what debt solutions are available to you:

  Write off unaffordable debt
  Reduce & consolidate debts
  Freeze interest and charges
  Legal protection against creditors
Disclaimer: May not be suitable in all circumstances. Your credit rating may be affected. For guidance only. Fees apply. Results are not definitive advice. Financial information entered must be accurate and would require verification. Other factors influence your most suitable debt solution.

Eligibility Check

Money Helper is an important service set up by the government. They provided free debt counselling, debt adjustment and credit information. Money Helper is part of the Money & Pensions Service. We are not affiliated with Money Helper in any way

Bankruptcy

Bankruptcy can give you a fresh start and will write off your debts however the decision should not be taken lightly as it can affect other areas of your life such as your employment or living arrangements. Bankruptcy usually lasts for 12 months and there are usually no payments required, however you may be required to make payments into your bankruptcy for up to 3 years under an Income Payments Order if you have any disposable income once your bills and essential living costs are covered. You could be asked to sell valuable assets such as your home or car, but you’ll be able to keep the things you need for day-to-day living.

Bankruptcy fees vary depending on where you live in the UK. In England and Wales you pay a total of £680. In Northern Ireland the total cost is £669. You can pay the fee in installments however you must have paid the fee in full before the application is made.

3 Benefits of Bankruptcy

A fresh start

In most cases, bankruptcy usually only lasts for 12 months

Deal with your unsecured debt

Apart from a few exceptions (e.g. court fines and child maintenance) bankruptcy includes all unsecured debts. Debts included will be written off once the bankruptcy is discharged

Relieve pressure

Eliminates the pressure of dealing with the companies you are in debt to, as creditor contact will stop once the bankruptcy is in place

Considerations of a Bankruptcy

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You could lose assets of value including your home if you are a homeowner.
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Once your Bankruptcy is approved you are bound by formal insolvency proceedings and your credit rating will be affected.
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Your details will be recorded on the insolvency register, which is a public register.
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Your employment could be affected, and you are unable to act as a company director.

FAQs

Is bankruptcy suitable for me?
Bankruptcy is a formal arrangement providing legal protection, designed to help people who are insolvent (they cannot repay their debts) to repay as much of what they owe as possible while writing off debts they cannot pay. You could be debt-free within 12 months, although you may have to make affordable payments into your bankruptcy for up to 3 years. Speak to one of our advisors to get expert advice.
What is bankruptcy?
Bankruptcy is a statutory solution covered by the Insolvency Act 1986. As a statutory solution it legally binds you and your creditors. Your creditors will be bound by the solution regardless of whether they have agreed to it (with some exceptions).
What happens during bankruptcy?

During a bankruptcy, a Trustee is appointed and it is their job to raise as much money as possible to repay your creditors. You will be subject to some restrictions for one year. Once the year is up, most people will be discharged from bankruptcy.

Once you have entered bankruptcy, your creditors will not be able to take action against you in relation to debts that were owed prior to the start of the procedure.

During a bankruptcy you will still need to keep up with ongoing commitments, like rent, mortgage payments, or bills, including new credit card or utility bills.

Will my home be at risk?
As a homeowner your home may be at risk if you go bankrupt. You may also be able to keep your home if it has little to no equity in it.
Get bankruptcy advice

Bankruptcy can be a very powerful and effective solution for people whose circumstances are suitable. However, as with any statutory solution you should not enter into bankruptcy without first getting expert advice from a qualified professional. Complete the form above and we will guide you through your options.

Considerations of bankruptcy
  • You could lose assets of value including your home if you are a homeowner
  • Once your Bankruptcy is approved you are bound by formal insolvency proceedings and your credit rating will be affected
  • Your details will be recorded on the insolvency register
  • Your employment could be affected, and you are unable to act as a company director

DEAL WITH YOUR DEBT TODAY TO SECURE A BRIGHTER FUTURE FOR YOU AND YOUR FAMILY

Answer a few quick questions

Use our easy online questionnaire to start your journey and see how we can help. Once complete a friendly member of our team will be in touch to discuss your situation.

Speak to a debt specialist

Book a telephone consultation today – You can speak to a specialist immediately. Alternatively, if you are not ready to talk to someone use our unique contact-free fact-find service.

Choose your plan

Once we’ve assessed your personal circumstances you are free to choose the best option for you. This is 100% confidential and with no obligation to choose any of the solutions we discuss.