What are the alternatives to an IVA?

 

If you think an IVA is not suitable for you, there are other alternatives: 

Debt Management:

A Debt Management Plan is an informal arrangement between you and your creditors. Unlike an IVA it is not legally binding, which means that it is much more flexible than an IVA.

With a Debt Management Plan you will be able to negotiate affordable monthly repayments, and your creditors will hopefully to agree freeze interest and charges.

 

Bankruptcy:

Bankruptcy is the most serious debt solution, and should only be considered when all other options have been exhausted. Only take professional advice from a Licensed Insolvency Practitioner.

Bankruptcy means that you will lose your home, whereas with an IVA you will be able to keep your home, although you may have to release some of the equity.

 

Debt Consolidation: 

Debt Consolidation allows you to consolidate your existing unsecured debt with one loan. As it is usually a method of secured lending, you are likely to have a more favourable interest rate than with credit cards, store cards etc.


For no-obligation advice, please call our expert advisors on 0800 048 1767, or fill in our online form so we can call you back.