If you have some money available, you can consider offering full and final settlements to your creditors.
This is when a lump sum of less than the total debt is accepted to repay the debt because the creditor agrees to write off the rest of the debt.
Seek advice before offering full and final settlements to your creditors. You can get help with working out what to offer your creditors so you can make offers with confidence.
You can also get help to ask again if your offers are not accepted the first time.
Sample letters
You can find templates for sample letters to creditors on Citizens Advice.
Advantages
You repay less overall to clear the debt.
It is easier than having to maintain an arrangement over a longer period.
If only some of your creditors accept the offers, it would reduce your total debt, and may open alternative options to deal with your debts.
Disadvantages
Creditors may report a full and final settlement to credit reference agencies as a partial settlement, making it difficult to get credit in the future.
If a creditor becomes aware of the total sum of money you are planning to use to repay your debts, they may attempt court action to get more.