Bankruptcy Alternatives

Bankruptcy should only ever be considered as a last resort, as there are other alternatives which are worth exploring first. Not sure which debt solution is right for you? Take the quick IVAs Test to see your potential options.

If you have any questions or would like to know more about bankruptcy alternatives, contact IVAs today on 0800 048 1768 or fill in the Query Form.

Alternatives to Bankruptcy

1. IVAs
   IVAs were introduced as part of the Insolvency Act of 1986 as a more practical alternative to bankruptcy for those with debts over £15,000. The debtor makes reduced monthly payments for an average of 60 months and then any remaining debt is automatically written off as part of the agreement.
2. Trust Deeds
   Like an IVA, a Trust Deed is a legally binding contract where you make one lower monthly payment to your debt and then any remaining debt is written off at the end of the agreement.
3. Debt Management Plans
   A debt management plan is an informal repayment scheme. We will negotiate with your creditors who are sometimes willing to freeze interest on your debts. You make one low payments that you can afford.