Formal Solutions are based around Government legislation and are legally binding for both the debtor and creditors.
England and Wales & Northern Ireland
Like bankruptcy, but suited for simple cases where debts are smaller, there are no assets consider nor ongoing payments required.
A popular solution which usually grants some debt write-off while allowing you to retain more control than bankruptcy.
A way to be allowed to make reduced payments towards a debt subject to a CCJ if you can’t afford to pay by its terms.
An An Informal Solution is one which is not subject to a legally binding terms.
Debt Management is an arrangement with creditors which allows debts to be repaid in full but at an affordable rate yet which avoids bankruptcy.