Debts Over £5000 or more?

Bankruptcy could help…

Wipe your unsecured debts off

Freeze all interest & charges

Bankruptcy could write-off up to 100% of your debts

Stop all pending legal action and prevent further action

Enable you to have more disposable income

Get debt help

To qualify for debt write off in an IVA, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.

Debts Over £5000 or more?
Bankruptcy could help…

Wipe your unsecured debts off

Freeze all interest & charges

Write-off up to 100% of your debts

Stop all pending legal action

Have more disposable income

Get debt help

To qualify for debt write off in an IVA, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.

Let us help you take control of your money worries…

Chat to us

Get started by calling us on the number above or by clicking on the get debt help now button and filling out the form and one of our advisors will contact you.

Help & Support

Your Money Worries advisor will listen to your needs and take you through all available solutions enabling you to make an informed decision on the path you wish to take.

Your Solution

Together with our trusted & regulated partners we will proceed in putting your solution in place, giving help & support every step of the way.

Let us help you take control of your money worries…

Chat to us

Get started by calling us on the number above or by clicking on the get debt help now button and filling out the form and one of our advisors will contact you.

Help & Support

Your Money Worries advisor will listen to your needs and take you through all available solutions enabling you to make an informed decision on the path you wish to take.

Your Solution

Together with our trusted & regulated partners we will proceed in putting your solution in place, giving help & support every step of the way.

What is Bankruptcy

Bankruptcy is a legal process which people who cannot repay debts to creditors may seek relief from some or all their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy enables you to pay back what you can realistically afford to repay and in turn will write the remaining of your unsecured debts off. If you can afford to repay something back to your creditors, then you may be expected to do so before the debt is written off entirely.

You are usually discharged from your bankruptcy 12 months afterwards however it could be deemed necessary for you to pay back into your debts for a further 3 years.

Although bankruptcy is often the quickest way to become debt free it does also come with the most restrictions and long-term consequences. When considering bankruptcy, you need to ensure you consider any valuable assets such as your home if you own it; you could lose it! It will be more difficult to take out credit while you’re bankrupt and your credit rating will be affected for 6 years.

Maintaining your bills and day to day living expenses are equally important as contributing (if you can afford to) into your bankruptcy. Therefore, ensuring you can live will be prioritised.

If Bankruptcy is the right solution for you, you will need to complete an online application, but it comes at a cost.

We can help you prepare this. This petition is then submitted to an adjudicator at the Insolvency Service. Once received, the Insolvency Service will consider your application. If it’s accepted, a bankruptcy order will be made, and your lenders will be made aware. They then can’t contact you for payments for the next 12 months.

Although you can do this alone, a lot of people find this daunting or confusing. If you’re unsure about anything, call us on 01772 830 891 – we’ll be happy to help.

If your bankruptcy is agreed, interest and charges on your unsecured debts will be frozen, and you will hand over all rights to your personal belongings (assets) to a ‘Trustee’. It’s the Trustee’s job to oversee the sale of your assets and ensure that a fair amount of the money raised goes to each of your lenders.

Your name and bankruptcy details will be published on the national register of bankruptcies, called the Individual Insolvency Register.

  • Wipe your unsecured debts off
  • Stop all pending legal action and prevent any further action taken against you
  • Enable you to have more disposable income

What is Bankruptcy

Bankruptcy enables you to pay back what you can realistically afford to repay and in turn will write the remaining of your unsecured debts off.

That’s right, if you can afford to repay something back to your creditors then you may be expected to do so before the debt is written off entirely.

You are usually discharged from your bankruptcy 12 months afterwards however it could be deemed necessary for you to pay back into your debts for a further 3 years.

Although bankruptcy is often the quickest way to become debt free it does also come with the most restrictions and long-term consequences. When considering bankruptcy, you need to ensure you consider any valuable assets such as your home if you own it; you could lose this!

Maintaining your bills and day to day living expenses are equally important as making a contribution (if you can afford to) into your bankruptcy. Therefore, ensuring you are able to live will be prioritised.

If Bankruptcy is the right solution for you, you will need to complete an online application called a petition.

We can help you prepare this. This petition is then submitted to an adjudicator at the Insolvency Service. Once received, the Insolvency Service will consider your application. If it’s accepted, a bankruptcy order will be made and your lenders will be made aware. They then can’t contact you for payments for the next 12 months.

Although you can do this alone, a lot of people find this daunting or confusing. If you’re unsure about anything, call us on 01772 830 891 – we’ll be happy to help.

If your bankruptcy is agreed, interest and charges on your unsecured debts will be frozen, and you will hand over all rights to your personal belongings (assets) to a ‘Trustee’. It’s the Trustee’s job to oversee the sale of your assets and ensure that a fair amount of the money raised goes to each of your lenders.

Your bankruptcy will come to an end when you are ‘discharged’ – normally after one year. At this point, your unaffordable unsecured debts will be written off.

If you can afford to do so, you may have to make regular payments to your lenders for up to three years (four years for Scottish bankruptcy) after your bankruptcy has been awarded.

What people are saying…

Amazing, helpful and friendly. I have already recommended you to a colleague and he’s been in touch with yourselves. I definitely made the right choice. Wonderful service.

Lisa M

As well as our great service...

If you’d like more information on other sources of free debt help and advice you can visit the Money Advice Service. It's an independent service, set up by the government to help people make the most of their money.

As well as our great service...

If you’d like more information on other sources of free debt help and advice you can visit the Money Advice Service. It's an independent service, set up by the government to help people make the most of their money.