tizmeinnit

Bankruptcy you can loose a lot of your assets and controls on where your money goes is tight
The other options are down to disposable income.

If you can show you have less than £50 left after all your bills and reasonable costs and have debts upto 15000 you can apply for a Debt Relief order which rights all debt off pretty much straight away and you can do this through CAB

I had to much left at the end of the month so could not apply for DRO. The IVA is normally a monthly payment for 5 years and you must pay at least a quarter back I had over £15k debts and at the end of my agreement I will have paid back 6000 all interest frozen. It has cost me £340 to get to this point but the company I used is well covered by governing bodies some will get the IVA for free but you may find you have to agree to higher monthly payments and they fleece you that way

The other option is just a payment agreement all interest gets frozen and you pay a monthly fee which will include management charges so will take 10+ years to clear

All the above comes off your financial records after 6 years

I think the 7.5k is what you pay back in total rather than fees