The simple answer to this question is ‘yes’ you can easily write off your debts because there are some debt solutions which involve getting some or all of your unsecured debt written off.
These solutions are mostly used by the people who are unlikely to be able to afford to repay their debts in full within a reasonable time period.
But they will not be a suitable option for everyone who is struggling with their unsecured debts. And most of these solutions have fairly stringent qualifying criteria attached so, depending on your personal and financial circumstances, you may or may not be eligible to take advantage of them easily.
Other types of debt solution are also available which do involve repaying all your debts in full – albeit normally over a longer time period than was stipulated in the original credit agreement.
You do need to be aware and kept in mind that any debt solution that doesn’t ultimately involve repaying all your debts in full is likely to have a more significantly adverse or bad effect on your credit rating, and make it much harder for you to obtain new credit in the future.
Also, in some cases, your details may be entered on a public register like in the Insolvency Register, and you may face restrictions on working in certain professions.
Choosing a best debt solution which results in some or all of your debts being written off may sound like an attractive option. This may not always be the best debt solution for your needs depending on your own financial situation and your plans for the future.
Here is a quick summary of the most common UK debt solutions that can include getting some or all of your unsecured debts written off:
If you’re struggling with debts, contact us to find out about a wide range of practical debt solutions that help people deal with their debts and get on with living their life.
The best way to find out what makes us different is to call us free on 0203 687 1054 and have a chat with one of our fully trained advisors.
They’ll listen to you and talk about you, your life, your debt and your aspirations. You’ll find them understanding of your situation and helpful in your search for a solution that’s right for you.
Call us today on 0203 687 1054 for confidential, no obligation debt help and advice.