Personal insolvency

  • There are 3 debt resolution procedures to help people with unsustainable debt to reach agreements with their creditors.
  • People on very low incomes who cannot pay their debts may apply for a Debt Relief Notice.

  • People who cannot pay their unsecured debts can apply for a Debt Settlement Arrangement.

  • People with secured debts who cannot pay their debts can apply for a Personal Insolvency Arrangement.

  • If you cannot repay your debts and the personal insolvency alternatives are not suitable, bankruptcy may be a way to settle your debts.