If the main solutions we have covered are not suitable for your particular situation, there are other solutions that may be appropriate.

Re mortgage
If you are paying a high level of interest on your debts, and, depending on the amount of your credit commitments, a re mortgage may, in some cases, be the best advice for your specific situation. A re mortgage can offer a lower interest rate than a debt consolidation loan, but if you do not keep up the repayments on a re mortgage, your home may be at risk.

Bankruptcy
Bankruptcy is a legal process whereby you can be made bankrupt:

1. Voluntarily where you apply yourself
2. Involuntarily where a creditor makes you bankrupt

Bankruptcy is always a last resort when there are no other debt solutions available to you.

It is a solution for those who are unable to pay anything, or very little towards their debts, but if you can make payments towards your debts, you will have to make monthly payments for a set period of 3 years.

In bankruptcy, interest and charges are frozen and creditors cannot make any demands for payments.

A full investigation will be made of your financial affairs and your assets are usually sold so that the proceeds can be used to pay your creditors. This means your house and other valuable possessions are usually at risk.

Certain debts are not covered by bankruptcy (student loans) and you will therefore be responsible for continuing to pay these debts.

There are also certain implications of bankruptcy, one of which may affect your current or future employment (ability to become a Company Director, Lawyer and many other positions)

You can find out more here too http://www.insolvency.gov.uk, this is the main insolvency website that explains bankruptcy.

Other
If you are struggling managing your everyday financial needs and you need to take control of your household bills, you can give us all the bills, we do the maths and calculate the amount of the one monthly payment you need to make.

To find out how this works click here.