What can I do if I have a debt I cannot pay?

You have a number of options, including the following:

• Pay reduced and affordable payments,
• Offer a lump sum,
• Ask the lender to write off the debt,
• Apply for a Debt Payment Programme under the Debt Arrangement Scheme, or
• Apply for bankruptcy or sequestration.

Not all of these options will be right for you, as it depends on your situation. The following things could affect your decision:

• Your income,
• The amount of money you owe,
• The type of debt you have, or
• The value of your home and other expensive belongings.

You can get free advice on debt issues from:

National Debtline

This organisation provides free, independent and confidential advice about debt. You can contact them over the telephone, by e-mail or letter.

Telephone: 0808 808 4000 (Monday to Friday 9am to 8pm and Saturday 9.30am to 1pm)

Email via website: www.nationaldebtline.org/S/Pages/Email-us-for-Advice.aspx

Website: www.nationaldebtline.org

StepChange

StepChange provide free, confidential advice and support to anyone worried about debt. You can contact them over the telephone or online.

Telephone: 0800 138 1111 (Monday to Friday 8am to 8pm and Saturday 8am to 4pm)

Email via website: www.stepchange.org/Contactus/Sendusanemail.aspx

Website: www.stepchange.org