Your Debt Options
If you owe money and are not sure what to do, there are several options depending on how much you owe, what assets you have, and your personal circumstances. Contact Youth Legal for free advice on the best route for you.
Your debt options
If you are worried about money you owe, you are not alone. There are several ways to deal with debt, and the right option depends on how much you owe, what assets you have, and your personal circumstances. We can help you work out the best route.
Paying off your debts
You can pay your debts in instalments by setting up:
- A Debt Management Plan, which is an agreement with your creditors managed by a financial company.
- An Administration Order, when you have had a county court judgment (CCJ) or a High Court judgment (HCJ) against you for debts under £5,000.
- An Individual Voluntary Arrangement, which is managed by an insolvency practitioner (a licensed professional who manages insolvency procedures).
You can also get temporary protection from your creditors through the Breathing Space scheme, while still making repayments. You will need to apply through a debt adviser.
If you cannot pay off your debts
If you do not have enough money or assets to pay what you owe, you may be able to apply for:
If you cannot pay off your debts, a creditor can also apply to make you bankrupt. Getting advice early gives you more control over the process.
Get help
Youth Legal can talk you through all of these options and help you choose the right one for your situation.
- Email us at info@youthlegal.org.uk
- Call us on 020 3195 1906
- Fill in our contact form and we'll get back to you
All our advice is free and confidential. You can also find useful information at MoneyHelper, including guides on debt management and a free debt advice locator.