Bankruptcy

Bankruptcy - Last Resort

For further information on bankruptcy click on the following links:

If you are considering Bankruptcy as a solution to your debt problems, it may pay you to consider an alternative solution.

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Alternative to Bankruptcy

An IVA is an alternative to bankruptcy, and it will enable you to become debt free in a few years time. It is a legally binding agreement whereby the majority of your creditors have to agree to you paying a regular monthly amount in settlement of your debts. However, even if some creditors are in disagreement, as long as the majority agree, all creditors will be bound by the terms of the IVA.

Because it is a legally binding agreement, it has to be set up by a licensed Insolvency Practitioner. We act on behalf of companies that are qualified to set up IVA’s. Once the terms of the agreement have been set, these will remain in force until the end of the agreed period. As part of the agreement, creditors may agree to write off a proportion of your debt, which can be anything up to 75%.

Give us 5 minutes and we'll give you:

  • Advice on all debt solutions that you may apply for
  • If your debt can be written off
  • Explain any interest or charges that can be frozen
  • Honest, no obligation advice

Some solutions, such as a Debt Management Plan or an Individual Voluntary Arrangement involve costs when the plan is set up.  These costs are there to cover the expenses and work undertaken on your behalf.  You will always be told clearly about any costs upfront.  Other solutions, such as a Bankruptcy incur costs which are payable to the Court; Debt Relief Orders incur costs which are payable to the Insolvency service.

Debt Direct is a trading name of Tatstar Limited. Tatstar holds a consumer credit license to offer debt counseling. Your enquiry will be passed to a selected third party who will contact you to discuss the most appropriate solution for your circumstances.