You may wish to avoid a formal process and to deal with your creditors directly or have an advisor such as the Citizens Advice Bureau, a licensed insolvency practitioner or a debt management company, to do so on your behalf.
An informal arrangement will create a repayment programme that all parties are content with and may not have an adverse effect on your credit rating. Call us to see how we can help you arrange this with your creditors.
QUESTIONS & ANSWERS
Can I go to prison for non-payment of a debt?
No, you cannot go to prison for failing to pay a debt. If you are charged and convicted of fraudulent activity then you may receive a jail sentence.
How much should I offer to pay to my creditors?
Realistically, the smallest amount that can be offered to creditors is £5 per month, however, this would most likely mean it may take years to clear your debts and some creditors may not accept these proposals.
If I organise a debt management plan to deal with my debts, can creditors still add interest and charges to what I owe?
Yes, your creditors are not legally obliged to freeze interest or charges.
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