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If I stop paying debts, will they get written off?

We don’t want to be the bearer of bad news, but… no. If you stop paying your debts, they will not get written off.

If you do not repay your debts, lenders could take you to court to repay what you owe, pass your debts onto a debt collection agency or petition for you to be made bankrupt.

How to write off debt legally

There are ways in which you can legally write off unsecured debt if you’re struggling with your debt repayments…

Individual Voluntary Arrangement

Repay unsecured debts at an affordable rate for a period that typically lasts for 5 years. Interest and charges will be frozen and any debts included in the IVA that still exist at the end of the Arrangement will be written off.

Protected Trust Deed

If you live in Scotland, you could repay your unsecured debts at a lower rate over a period of three years, and any debts included in the Deed that still exist after this time will be written off by your lenders.

Debt Relief Order

If you cannot afford to repay your debts and have a very low disposable income, then you could qualify for a DRO and be free from debts at the end of 12 months.

Bankruptcy

Bankruptcy is the most severe option to clearing debts as your home, car and valuable assets will be sold to help repay lenders. You can expect to be free from debts at the end of 12 months.

For more information on legally writing off debt, speak to a friendly member of our team today or fill in the quick form to receive a call back.

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Answer a few simple questions and we'll help you find your solution.
  • Total unsecured debt: £500

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Money Advice Service

You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.