Hello, thank you for the question.
There are various options open to you and it would depend which is preferred.
If you want to wipe out the debts, an IVA can be set up which is not as significant as a bankruptcy order. An IVA is a plan and you pay a certain amount usually for 5 years after which the debts are wiped out.
However, bankruptcy means that after 1 year, the debts are wiped out and you start afresh, however, your credit rating is affected for up to 6 years afterwards.
You can apply for bankruptcy online now and it costs £680 to do. The website to do this is here:
The other options would be enter in to a debt management plan with your creditors where they agree to reduced payments and possibly a longer repayment term to clear the debts but the problem with this is it would take years to clear off.
If you want a company to speak to your creditors for you or to handle your bankruptcy for you, you can contact Step Change who will help you with this - https://www.stepchange.org/
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