Bankruptcy isn’t the best option for everyone. If you have assets to protect, or an occupation that could be adversely affected then it is in your best interest to consider other options.
IVA / Individual Voluntary Arrangement
An IVA is often a suitable alternative if bankruptcy doesn’t suit you.
This involves making monthly payments over a 5 year period. Entering into an IVA is a legally binding arrangement and failure to maintain payments could result in bankruptcy proceedings brought against you.
An IVA is arranged by an Insolvency Practitioner (IP) and involves contacting all of your creditors to come to an agreement. 75% of your creditors are required to agree for the IVA to be set in motion.
An IVA may safeguard your property, whereas any equity in bankruptcy is at risk.
For details on an IVA you can call us on 0208 144 2947 or contact us online here.
DMP / Debt Management Plan
A Debt Management Plan is similar to an IVA, but differs in that it isn’t a form of insolvency. The payment plan can last far longer than an IVA, which depends entirely on the amount of debt you have.
In a DMP lower payments are negociated with your creditors to make it easier to manage.
For details on a Debt Management Plan you can call us on 0208 144 2947 or contact us online here.
Informal Arrangement
An informal arrangement is not a legally binding agreement. This would involve you speaking to your creditors and come to an informal arrangement to repay the debt.
Administration Order
You need to obtain Form N92 from your local County Court to get an Administration Order in motion. You need two or more creditors and at least one CCJ (County Court Judgement) against you.
Complete our short enquiry form to see how we can assist you and we will call you back. Alternatively you can contact us.
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