If you find yourself in a position where you’re unable to pay your bills, have growing debts like credit cards and loan repayments and your weekly income is not enough to meet your day-to-day living expenses, then you could be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due. Unmanageable debt is not only caused by overspending, although this is a common reason for personal Insolvency. It can also be triggered by factors out of your control. Severe illness, an accident, a job loss, or a relationship breakdown are also common causes. There are a number of options which may provide relief from unmanageable debt. However, some also have long-lasting effects on your credit score and ramifications or restrictions when applying for future finance.