Write Off Debt


Whilst nobody accepts credit without the intention of being able to pay that debt off, sometimes people can find themselves in a position where they are unable to repay what they owe, through no fault of their own. Whether it’s due to illness, divorce, the inability to work or any other sudden change in circumstances, the good news is that there are ways to break free from the cycle.


Writing off debt sounds too good to be true, but there are many circumstances in which a person or family can come to an arrangement with a creditor to cancel some or all of their debt that they can’t pay, and don’t have a realistic chance of being able to pay in the near future. This stops creditors pursuing you, and allows you to take your life back.

Write Off Debt

Individual voluntary arrangements (IVAs)


Simply writing to a creditor to request the cancellation of debt can be enough to start the process. Once you’ve done this, it’s possible to apply for an IVA, which will create a structured scheme for repaying the money that’s not bound by the original terms of your agreement. Best of all, in exchange for this, it’s possible to negotiate not paying back parts of the debt that are deemed unaffordable in exchange for entry into the scheme. Usually repaid over five or six years, the IVA lets you take back control and agree a timeline that suits you.


Debt Relief Order (DRO)


If you’re really struggling to afford the basics (less than £50 surplus income a month) and you don’t have enough income to realistically enter into an IVA, a DRO could be for you. A DRO is a form of bankruptcy, but its less expensive to declare, meaning your interest payments on your debt will be frozen for a year. Then, if your circumstances haven’t changed in that year, your debts will be written off completely if you owe less than £20,000.




Declaring bankruptcy is an option for anyone saddled with long-term debt that is destroying their quality of life, with no chance to repay what they owe. By declaring bankruptcy, all unsecured debts are written off and you will receive no further contacts from your creditors. While any assets you own such as cars and houses will be sold off to pay down your debt, it can mean a fresh start free from the old burdens that prevented you from moving on.


Every solution to unaffordable debt can have serious consequences for your future and should never be entered lightly. That’s why it’s a good idea to have the experts on your side. Call the Write off My Debt service now, free, on 0800 002 9051 to speak to an expert who could help you make that first step towards freedom from debt.

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