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IVA versus bankruptcy

Both Bankruptcy and IVA's (individual Voluntary Arrangements, have merits as solutions for people with serious debt problems, and the main differences between the two options become more obvious when you have something to protect from being lost in bankruptcy.

What will happen to my assets?

Large assets such as your home, valuable vehicles and other possessions are vulnerable in bankruptcy, whereas an IVA should offer some protection to these assets, and save them from being passed to your creditors.

Can I keep my job if I'm made Bankrupt?

Bankruptcy can have a serious effect on employment. People working in the armed services, the police force and some other public offices are restricted from being able to declare themselves bankrupt, as too are accountants, lawyers and other professionals. Many organisations also credit check potential employees.

Will my bankruptcy be advertised?

Legally, there are some people that must be informed of your bankruptcy, such as your banks. It will also be published in newspapers. An IVA is a more private option. The fact that you have undertaken an IVA will be published on the Insolvency Service Web site, but it will not be published in any newspapers.

Should I choose bankruptcy or an IVA?

In order to ensure that you choose the best solution to deal with your debts you should seek expert advice about your debts and all of the options available to you. Just because you have significant debts does not mean that bankruptcy is your only option.

Our team of specialists are here to help answer any of your questions about IVAs. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA

Bankruptcy should usually be the last resort when you have considered every other option available. Many people use an IVA to avoid the stigma and trauma.

How do I start an IVA?

First you need to take the IVA test to find out if you could qualify for an IVA. An adviser will then work with you to determine your present financial situation. They will then draw up the proposal which is forwarded to your creditors, allowing you to get your finances back on track. 

Expert help and advice when you need it most

Our panel of specialists can quickly advise you if you qualify for an IVA,
Debt Management Plan, Trust Deed or bankruptcy. Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

Bankruptcy Alternatives

Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
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  does not charge you any fees for our service, however the partners we work with help fund the service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.


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Bankruptcy Test
What is bankruptcy?
Effects of bankruptcy
Disadvantages of bankruptcy
Bankruptcy costs
Alternatives to bankruptcy
Bankruptcy petition
Official Receiver
Bankruptcy hearing
Debts excluded from bankruptcy
Bankruptcy and assets
Bankruptcy and your home
Bankruptcy and your car
Bankruptcy and your pension
Bankruptcy and bank accounts


What is an IVA?
How does an IVA work
IVA vs bankruptcy
Benefits of an IVA
Do I qualify for an IVA?
Trust Deeds

What is an PTD?
How does a PTD work
PTD vs bankruptcy
Benefits of a PTD
Do I qualify for a PTD?
Debt Management

What is a DMP
DMP vs bankruptcy
Do I qualify for a DMP
Debt Advice

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