How much will I owe?

Firstly, you have to give your Insolvency Practitioner full details of everything you owe. Then he/she will negotiate with your unsecured creditors to get them to agree to write off a proportion of your debts. 75% of your creditors have to agree to the proposals from your Insolvency practitioner and then the proposal becomes legally binding on all your creditors.

Normally, you end up having to repay around 40% of what you owe. You then repay that money over a period of around 5 years.

 

Click here to return to >>> Debt Questions and Answers

Click here to return to >>> The Main Debt Management Page