What are the alternatives to bankruptcy?
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Bigger2011
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
you can consider an IVA, individual voluntary arrangement. but this requires certain conditions to be met, such as at least £15000 owed to at least 3 lenders and at least 75% of lenders must agree to the IVA.
this is a case that should be looked into in more detail before you rush in as some people are able to remedy their situation without taking such drastic measures as IVA or bankruptcy.
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this is a case that should be looked into in more detail before you rush in as some people are able to remedy their situation without taking such drastic measures as IVA or bankruptcy.
Expert Financial Adviser Answer
Julie Bayley
answered 1 year ago
There are often other options to bankruptcy to consider before taking this step. As already mentioned IVAs or indeed lower down the scale a debt management plan for unsecured debt. It's worth speaking to an adviser to get some help.
We work with a couple of very reputable firms regarding debt management, looking at unsecured debt in more detail to see whether clients have been given a fair deal by the lender etc & increasingly this has become a very useful service to have on hand for clients.
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We work with a couple of very reputable firms regarding debt management, looking at unsecured debt in more detail to see whether clients have been given a fair deal by the lender etc & increasingly this has become a very useful service to have on hand for clients.
