Bankruptcy Alternatives

Bankruptcy is an extreme debt solution and should only be considered after all other debt solutions have been fully explored, as there are many negative implications of bankruptcy which cannot be avoided.

For further information about bankruptcy alternatives, such as an Individual Voluntary Arrangement, please call one of our specialist IVA advisors on 0800 048 1766 or take the 1 Minute IVA Test to see your possible bankruptcy alternatives.

Alternatives to Bankruptcy:

Debt Management Plan – One of the main reasons for declaring bankruptcy is due to the debtors inability to afford to meet at least the minimum debt repayment.

A Debt Management plan allows you to make an affordable monthly payment which covers all of your unsecured creditors. You can make this one payment to us, which we will distribute on your behalf. Having this one lower payment to cover all of your unsecured debts could provide you with a suitable bankruptcy alternative.

Individual Voluntary Arrangement – A bankruptcy alternative which was introduced as part of the Insolvency Act of 1986 is the Individual Voluntary Arrangement (IVA). It is a formalised agreement between the debtor and their unsecured creditors, which allows the debtor to make a reduced monthly payment to their debts for an average period of 60 months. On completion of the IVA period, any remaining unpaid debt is written off as part of the initial agreement.

We can help you find a bankruptcy alternative which is right for you or, if there are no other alternatives available, we have a dedicated bankruptcy service who can professionally help you through the bankruptcy process.

Please call today for further information on 0800 048 1766.