Other Debt Solutions | Bankruptcies | Administration Orders | Debt Consolidation
Bankruptcy
Bankruptcy is a way of legally declaring your inability to pay your creditors. You can petition for your own bankruptcy or a creditor who you owe more than £750 can petition for your bankruptcy.These being a £150 court fee (which could be waived if you are on income support) and a £450 administration fee* in the UK to help meet the costs of the Official Receiver. This could mean total costs of £600 which you are legally bound to meet yourself. You can contact your local court office by calling the Court Enquiries line on 0207 210 2266 or by looking under "court" in your local phonebook. You will need to speak to the bankruptcy clerk and ask them to send out the forms for you to fill out.
Note: Fees are correct at time of publishing
If you would like to find out more about Bankruptcy and speak to one of our advisors click here. We may be able to offer you alternatives or help filling out your forms.
Alternatively you can go online to www.insolvency.gov.uk to complete the forms.
* NB: If you are married separate bankruptcy fees will apply.
Want to avoid bankruptcy? Then Click here...
Debt Consolidation
A debt can be consolidated into one monthly payment by taking out a personal or secured loan or by remortgaging your property. The idea behind debt consolidation is that you use this loan to pay off all your other debts and are left with one monthly payment.A debt consolidation is not usually advised for large debts as it can just put you into the same or even worse position.
If you have large debts then one of the following may be your best debt solution...
• Individual Voluntary Arrangement• Debt Management Plan
• Trust Deed
If you would like to ask us any questions about Debt consolidation you can contact us and we will be happy to advise you.
Alternatively, fill out the contact form or call our freephone on 0800 043 3328 if you would like to consider your options.
Administration Order
An Administration order is for debts of less than £5,000. It is imposed and administered through your county court. Under the administration order you make regular monthly payments to the court who will then distribute this money to your creditors. The court will also take some of this money towards their own costs.
If you would like to ask us any questions about Administration orders you can contact us and we will be happy to advise you. Alternatively, fill out this form or call our freephone on 0800 043 3328.
Can we help with your debt problems?
To find out if McCambridge Duffy can help you regain control over your finances before matters are taken out of your hands, or to find out what kind of debt solution might be right for you, simply get in touch via one of the methods below...
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