Formal Solutions are legally binding for both you and the people you owe money to (your creditors)
England and Wales & Northern Ireland
Like bankruptcy, but suited for simple cases where debts are smaller, there are no assets consider nor ongoing payments required.
A popular solution which grants some debt write-off while allowing you to retain more control than bankruptcy.
A way to be allowed to make reduced payments towards a debt subject to a CCJ if you can’t afford to pay by its terms.
An An Informal Solution is one which is not subject to a legally binding terms.
Debt Management is an informal agreement with creditors which allows debts to be repaid in full but at an affordable rate.