What are the alternatives to Bankruptcy?

Individual Voluntary Arrangement or IVA

This is a formal and legally binding arrangement between a Debtor and their Creditors. To propose such an arrangement you will need the services of a licensed Insolvency Practitioner or IP. If 75% (in value of debt) of those creditors who vote agree, then the arrangement is legally binding on all concerned. Regular payment IVAs normally last for five years.

Check now to see if you qualify for an IVA

Debt Management Plans or DMP

With a Debt Management Plan you may be able to reduce your monthly payments, making them easier to bear.

Trust Deed

If you live in Scotland and have unsecured debts which you are struggling to pay, a Trust Deed could be the ideal solution. Although there are a number of solutions which exist, there is no other financial arrangement that permits you the protection from your creditors, including the freezing of interest together with the flexibility and affordability of a Protected Trust Deed.

Check now to see if you qualify for a Trust Deed

Speak to a Direct Debt Solutions advisor free on 0800 015 3135 and we'll advise which debt solution would best suit your debt problems or take the Express Debt Test now and find out which solution is best for you.

Back to top