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Debt Management Debt Solutions Debt Consolidation Debt Counselling How it Works for you? Reasons you're in Debt Bankruptcy Top Tips to Beating Debt The Benefits About the Debt Company Budget Planner

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Solutions to Bankruptcy

What is Bankruptcy?

Bankruptcy is one solution to overwhelming debts that you will never be able to repay. Bankruptcy is the most severe result of being in serious debt. By declaring yourself bankrupt you do get protection from your creditors, but there are also many negative points you should be aware of:

Your assets (including your home) may have to be sold off to pay your creditors
Your situation will be advertised in the newspapers and made public knowledge.
All your bank accounts and credit cards will be closed
It does create stress and badly affect your future and reputation
Your landlord will be informed
You may risk losing your job

Once the bankruptcy proceedings have begun, it’s in your best interest to co-operate fully. Even if you dispute the creditors' claims it is better to try to reach a settlement before the bankruptcy order is made.

There is a better way

A Voluntary Arrangement (IVA) is an alternative to bankruptcy proceedings. A voluntary arrangement for an individual is a procedure whereby the person comes to an arrangement with their creditors in how their debt will be discharged. Your advisor will be able to tell you if this is the best step for you to take. Such a scheme requires the approval of the court and is under the control of a supervisor and insolvency practitioner. An IVA means that you would avoid bankruptcy and it acts as a legally binding agreement between yourself and your creditors. Your advisor would make sure that the amount you would pay back is affordable for you, it would be a fixed amount over a set period (usually 60 months).
An IVA would mean that your home would be protected and you would avoid any publicity as well as personal stress. Fill in the form to get free advice on the best step forward..

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Please use our Enquiry Form and a Debt Advisor will Call You Back. Tell us about your money problems. A Debt Advisor will review your debts, discuss your options and help you to decide on the best solution for you.

Debt Management Enquiry Form

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Your Debt Management enquiry will be passed on to a qualified Debt Advisory Company

Subject to status. Conditions apply. Repaying debt over a longer period may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term. Fees payable.