Personal insolvency
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There are 3 debt resolution procedures to help people with unsustainable debt to reach agreements with their creditors.Personal insolvency options
Overview
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People on very low incomes who cannot pay their debts may apply for a Debt Relief Notice. -
People who cannot pay their unsecured debts can apply for a Debt Settlement Arrangement. -
People with secured debts who cannot pay their debts can apply for a Personal Insolvency Arrangement. -
If you cannot repay your debts and the personal insolvency alternatives are not suitable, bankruptcy may be a way to settle your debts.