Alternatives to Bankruptcy
Alternatives to Bankruptcy
Alternatives to bankruptcy could help you to avoid the stigma that is often linked to it. Before committing to bankruptcy it is important to seek advice and make sure you are aware of the various alternatives to bankruptcy. Bankruptcy should be seen as a last resort and only used when there is not a feasible alternative; this is normally if you simply cannot afford to pay your creditors any money at all. Alternatives to bankruptcy include:
- An IVA (Individual Voluntary Arrangement) – You could qualify if you owe more than £15,000 and can afford to pay back at least £200 a month. Pay what you can for an agreed period of around five years, after this time any remaining debt will be written off and you could start with a clean slate
- A Consolidation Loan – Group all your credit card and loan debts into one loan and instead of juggling many repayments you could be left with one manageable repayment plan.
Declaring yourself bankrupt could damage your reputation for years so it is well worth looking into alternatives to bankruptcy before taking action. If you need debt advice fill in the form below and one of our debt specialists will get back to you.
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