In certain circumstances your creditor may agree to write off your debts, either in part or in full, without you having to enter into a formal insolvency process. If you are suffering from serious illness, for example, and there is no hope of you being able to repay the amounts owed, they might be persuaded to take no further action and write off what is left via a debt settlement offer.
In order for debt write off to be considered, you will need to provide proof of your situation, and demonstrate that you simply have no way of repaying the money you owe. You should make sure that any debt write off agreement via a full and final settlement from creditors is confirmed in writing and ensure you retain this in a safe place.