The solution that will be advised will depend on your situation, so please feel free to learn more about one alternative, Debt Management Plans, and take our quick debt test to receive help.
A debt management plan is a more informal debt restructuring solution for unsecured debt. It could be the best option for you if you have debts above £1,500 and owe money to more than one creditor.
What’s more, you can have an expert handle all your negotiations with creditors, reduce monthly repayments and restructure debts so you have to make a single monthly payment, though you must be in a position to afford at least £100 payments each month. The single payment would then be distributed accordingly amongst your creditors.
The option of managing debt without bankruptcy could involve reaching an agreement with creditors to adjust payment terms by lengthening the repayment period compared to the original agreement. This could be done directly by yourself with the creditors in question, but using the advice of experts can be beneficial and take much of the stress out of the process. At the Bankruptcy Service we are here to help any people looking to enter into a debt management plan.
This is an option that may suit those who have had a temporary drop in income.
TheBankruptcyService.co.uk doesn't charge a fee for its bankruptcy service, but receives remuneration from the partners that we work with in order to keep TheBankruptcyService.co.uk operating. Those partners must charge a fee to the customer to likewise cover operational costs, and this amount will vary depending on the solution offered, and the terms of the parner. For details of these terms, please refer to the website of the organisation dealing with your bankruptcy. Upon application with TheBankruptcyService.co.uk, we will forward your information on to one of our specialist debt partners. You will then be contacted, and you will be able to explain your case, and expert advice will be offered in order to ascertain the most appropriate debt solution.