If you can’t pay your bills as and when they fall due, you might be wondering how to write off debts. Creditors are unlikely to simply cancel debts if they believe you could pay back the money you owe in the future, but there are legal means that can help anyone struggling financially.
From individual voluntary arrangements (IVAs) to debt relief orders, an insolvency advisor can help you find a way to write off debts. In extreme scenarios, such as those relating to mental health issues or long-term illnesses, creditors might even consider writing off your debt out of hand.
In this article, we explain how to write off debts.
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