Before you explore any debt solutions, you’ll need to:Try to make an agreement with your priority creditors before you explore any debt solutions.If you can’t make an agreement with them you should still pay them what you can afford, but this might not stop them taking action against you.
Check if you can get an individual voluntary arrangement (IVA) If you get an IVA you agree to pay off …
If you end the agreement early you’ll be liable for half the amount you agreed to pay for the goods.
You can get a lump sum of money from selling an asset, such as a property or a vehicle, receiving an inheritance, or it could be a gift from family or friends.
The court will pass the money on to your creditors and deal with them for you.Your creditors can’t contact you about the debts included in the order while it’s in place or take any action against you to get their money back. They also have to:You might be able to apply for bankruptcy if you can't pay your debts and the amount you owe is more than the value of the things you own.The bankruptcy period usually lasts 12 months. Your debt could be statute barred if, during the time limit:Check the date that you last made a payment to find out if your debt is within the time limit.If you know your debt is still well within the time limit and isn’t statute barred, you should make sure you've If your debt is outside of the time limit and statute barred, you should use this as a defence if you have to go to court. This might reset the time limit - this means it will be another 6 years before the debt is statute barred.If you’re not sure if your debt is statute barred, or you think your debt will soon be statute barred, If you haven’t reached the time limit yet, making a payment to your creditor will always reset the time limit. Read more about Your creditors can't contact you about the debts included in the IVA while it's in place or take any action against you to get their money back.An IVA might not be the best debt solution for you. The time limit is reset for both of you if one of you makes a payment.If you know your debt is statute barred, you can write to the creditor to stop them contacting you about it. Get more help with You’ll usually have to pay the council tax for the property you live in. You can If you’re not sure if you’re liable for a council tax bill, If you signed a tenancy agreement you'll be responsible for any rent arrears.If you don’t have a tenancy agreement, you might have agreed with your landlord who was liable when you moved in. If you’re under 18 and not sure if you’re liable for a debt, If you’re dealing with the debts of someone who has died, it’s important to follow the right process. If you get an IVA you should make sure you understand how much you’ll have to pay the insolvency practitioner and when.Not all your creditors need to agree to an IVA for you to get one. Find out where you stand.
It’s important to know:If you have rent or mortgage arrears, you could still be evicted from your property even if you include them in the order. Find out how to complain about your doctor or health visitor.You’ll be responsible for a debt if it’s something that the law says you have to pay, like council tax or water charges.You’ll also probably have to pay a debt if you’ve signed a contract to say you agree to give money to someone.
Your landlord could evict you if you don’t.
For most debts, the time limit is 6 years since you last wrote to them or made a payment.The time limit is longer for mortgage debts.
You should also have been given a copy of the tenancy agreement.If you signed the contract with the gas or electricity company or requested the supply, you'll usually be responsible for paying the energy bill.To make sure you’re not being asked to pay too much, it’s worth If you haven’t received a bill for over a year, you might not have to pay for all the energy you’ve used. Everyone who lives with you will be jointly liable, even if their name isn’t on the bill.Your water won’t be disconnected if you don’t pay your bill unless you run a business at the property. You’ll need to apply through an authorised debt adviser, called an 'approved intermediary'.
It's important you get advice before you get an IVA. If you don’t, you could be held liable for their debts. Speak to them as soon as you can to Check the date the property was sold, and the date you last made a payment to the mortgage company.Your mortgage company has to contact you within 6 years of the house being sold to ask you to repay any arrears. You’re not responsible for a debt if you’re not mentioned on the credit agreement or you didn’t sign the agreement. Find out more about Make sure you tell your water company if you’re moving out. If you’re not liable you should be able to challenge the creditor. A DRRO will extend your debt relief order so the restrictions last longer than 12 months. If you owe less than £20,000, you might be able to apply for a Debt Relief Order (DRO).
Whoever ends the agreement, you’ll have to give back the goods.If you signed a credit agreement with someone else, you'll be jointly responsible for paying back the debt. Pay the debts off, possibly even including your mortgage, before you save. There are things you need to check before you think about applying for bankruptcy. It can be tough to face up to your financial situation, but it's an important …
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