Hi cs and welcome to the forum
I am assuming that your are insolvent on the basis that you cannot repay your debts at the monthly contractual rate. In these circumstnaces you have three options:-
1 Declare yourself bankrupt. If you own assets of material value these will be transferred to a Trustee - so best avoided if you own a property with equity, but debts are written off immediately.
2 Propose and IVA to your creditors. Your disposable income is assessed and you make monthly payments to your IVA generally for a five year period. During the IVA creditors are not allowed to take any legal action against you or charge interest, and at the end of the terms the balances are legally written off.
3 Enter into a Debt Management Programme. Similar to an IVA, except you have no legal protection from creditor action, interest can continue to be charged and the arrangement will last as long as it takes to repay the debts in full.
You ought to calculate how much you could afford to pay your creditors each month and post this information on the forum for further advice.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
