Bankruptcy
A formal process that writes off most debts but may involve selling assets. Usually discharged after 12 months.
- FCA regulated
- Always free
- 3m+People helped
- 4.5/5Trustpilot
- 30+Years helping
Bankruptcy at a glance
Is a Bankruptcy available to you?
A Bankruptcy may suit you if…
- ✓You have large debts you cannot repay
- ✓Other solutions are not suitable
- ✓You want a fresh start within 12 months
- ✓You don't own significant assets
Things worth knowing
- —Home and assets may be sold
- —Credit rating affected for six years
- —Some professions have restrictions
- —£680 application fee
How it works
Tell us about your situation
Answer a few simple questions about your income, outgoings and debts. Online, by phone, or on WhatsApp.
Find what you can afford
We work out a realistic budget and show you the options that fit your circumstances.
Know your next step
Choose the solution that feels right. We handle everything with your creditors.
Real stories
From people who've been where you are now.
“PayPlan TIM helped me understand all my options without any pressure. I didn't even know a DRO existed before I spoke to them.”
“After my IVA completed I felt like a weight had been lifted. The team were supportive through the whole five years.”
“I was dreading making the call but they made everything so easy. Within weeks I had a plan and could sleep at night again.”
How does it compare?
Every solution has trade-offs. Here's how they stack up.
| DMP | IVA | DRO | Bankruptcy | |
|---|---|---|---|---|
| Legally binding | No | Yes | Yes | Yes |
| Debt outcome | Repay in full | Partial write-off | Full write-off | Full write-off |
| Monthly payments | Reduced | Fixed | None | Possible |
| Home impact | None | Equity release possible | Must not own | May be sold |
| Public register | No | Yes | Yes | Yes |