This depends on which insolvency solution you go ahead with. Generally, the debts included in your agreement are written off if you meet all the terms of your insolvency agreement. You may need to make payments to your creditors and your insolvency practitioner may use some of your assets to repay the money you owe.
It’s important to read about the specific ways different insolvency solutions can affect you before going ahead.
Your insolvency solution will be recorded on your credit file and may be listed on the relevant insolvency register. During this time it will be harder to get new credit. Find out more about how debt affects credit files.
Insolvency register
Insolvencies, both personal and corporate, are recorded on The Gazette, which is available to be searched online. In Scotland, personal insolvencies are recorded on the Register of Insolvencies, and only some corporate insolvencies are recorded in the Edinburgh Gazette.
The insolvency register lists details of all current insolvencies and those that have ended within the last three months. Current restrictions (such as bankruptcy restriction orders) are also recorded.
There are also registers for the insolvencies within each country of the UK.
England and Wales: The Individual Insolvency Register
Northern Ireland: The Insolvency Service Registers
Scotland: Register of Insolvencies