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Bankruptcy
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If you are considering Bankruptcy as a solution to your debt problems, it may pay you to consider an alternative solution.
An IVA is less restrictive than bankruptcy. For example, you won’t risk losing your home or any directorships. Furthermore, you can have some input regarding which of your assets are used for the IVA.
Another advantage that IVAs have over bankruptcy is that they are not made public, and you therefore don’t have to worry about any social stigma. With IVAs you can also include business debts such as tax or VAT.
IVAs are less expensive overall than the bankruptcy option. Because the arrangement is informal, you will not have to pay as many legal fees. Additionally, a large proportion of your debts may be written off. We can put you in touch with companies that set up and administer IVAs at favourable rates.
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.