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.

Are you facing Bankruptcy?

Declaring yourself bankrupt may seem like the answer when you are constantly under strain because of your debts, but it does have a number of drawbacks:

  • You could risk losing your home
  • It usually works out more expensive overall than an IVA
  • Your bankruptcy will be made public and you will face the associated stigma
  • You will be unable to act as a company director after bankruptcy and this could affect your business
  • Any assets that you own may be ceased by the official receiver
  • You may have problems with your employer if he views you in a negative light
  • You may have difficulty obtaining credit after bankruptcy

If you have been turned down for loans and remortgages because of your credit history, we could offer a solution. We specialise in debt solutions for people with a poor credit record so you may find that you have a range of options to choose from. These will depend on your financial situation, for example, if you are insolvent and your outstanding debts total more than your assets, an IVA may be the best option. You can contact us for more information by submitting our quick and easy online form.

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.