Some people have several options to solve their financial problems.
The problem is no one solution is ever ideal, each will mean you giving up something. You’ll have to compromise.
Get used to this.
Focus on the bigger prize of losing your unsecured debt.
Take time to assess the relative merits of each solution.
Have in mind throughout that there’s a trade off between the control you have over the process and the amount of debt written off. How prepared are you to surrender to a formal insolvency process?
If writing off debt is what you really want or need, as this is normally achieved through a formal insolvency process, be prepared to ‘lose control’ of any assets you have. This isn’t as bad as it first sounds – if you know how the process works, you can still be reasonably certain of the outcome, what assets you may or may not lose.
If retaining control is important, then look at taking one of the more informal solutions. But recognise that you will probably not be able to write off so much debt.
If you’d like to talk things over with us, call Paul on 01902 672323.