Bankruptcy Alternatives

Avoid Bankruptcy With An IVA

An IVA can help clear your debts without the need to apply for bankruptcy. In an IVA agreement, you cannot be forced to sell you home or other assets such as a car whereas in bankruptcy, your assets are controlled by a magistrate for when your proceedings come to court. In an IVA, a Debt Management company negotiates your debt on your behalf with your creditors.

There is no stigma associated with an IVA unlike bankruptcy. With bankruptcy there is a requirement to advertise in the newspapers and notify your employers and landlord, these actions are not required for an IVA. An IVA does not affect your career, whereas bankruptcy can, especially in certain professions where you can actually lose your licence or job. In an IVA, you can remain or become a company director, whereas bankruptcy can have a wider affect in this area.

Avoid Sequestration With A Trust Deed

There is no stigma associated with a Trust Deed and there is no requirement to publish your details which is not the case with sequestration.

Unlike sequestration, you can still hold public office duties whilst under a Trust Deed. A Trust Deed is also cheaper to administer.

How Can We Help?

We aim to make our debt management process as simple as possible:

Step 1
Complete our contact details form on this page.
Step 2
Based on your personal circumstances, we will create a debt repayment proposal for you. We will talk you through the proposal to ensure you are happy with all the details.
Step 3
We will contact all your creditors and negotiate your proposal with them.
Step 4
Once the proposal is agreed and finalised, we will set up a standing order to transfer your payments to your creditors.
Step 5
Become debt-free!

Data Protection

Your data is safe with us, we will not pass any of your details onto anyone other than our debt advisors. We will not add your address or email address onto any mailing lists.

We are a registered Data Controller with The Data Protection Act 1998, registration number Z1587785.

Trust Deed

If you are a resident of Scotland and have debts greater than £8,000 (don’t worry we can still help if you owe less than this), a Trust Deed could be the best option to help clear your debts. Like an IVA, Trust Deeds are government-backed schemes to help you become debt free in a fixed time period – which is usually 36 months for a Trust Deed.

What Is A Trust Deed?

A Trust Deed is a formal arrangement based on a proposal by a debtor to their creditors to clear their debt.

Trust Deeds are only used in Scotland, and are the Scottish equivalent to an Individual Voluntary Arrangement (IVA).

Trust Deeds are regulated by the The Bankruptcy (Scotland) Act 1985.

Do You Qualify For A Trust Deed?

To qualify for a Trust Deed, your total debt must exceed £8,000 and you must owe to at least two different creditors (different banks, credit card companies etc.). There is no upper limit to the level of debt accepted in a Trust Deed.

Only residents of Scotland can apply for a Trust Deed. For residents of England, Wales or Northern Ireland, the equivalent is an Individual Voluntary Arrangement (IVA) which we can also arrange. If your debts are less than £8,000 but greater than £2,000 you can apply for a Debt Management Plan. In all cases, please complete our contact form.

A Trust Deed Can Help You Avoid Sequestration

There is no stigma associated with a Trust Deed and there is no requirement to publish your details which is not the case with sequestration.

Unlike sequestration, you can still hold public office duties whilst under a Trust Deed. A Trust Deed is also cheaper to administer.

Quick Trust Deed Application Process

Step 1
Complete our contact details form on this page.
Step 2
Based on your personal circumstances, we will create a debt repayment proposal for you. We will talk you through the proposal to ensure you are happy with all the details.
Step 3
The proposal will then be passed onto a Trustee who will oversee all aspects of your Trust Deed. The Trustee will contact all your creditors and negotiate your proposal with them.
Step 4
Once the proposal is agreed and finalised, we will set up a standing order to transfer your payments to your creditors.
Step 5
Become debt-free!

Trust Deed Frequently Asked Questions:

Will interest on my debts be frozen?
No, however any interest payments are included in the ‘agreed’ monthly payment and after 36 months any existing debt is written-off.

How long will it take to become debt free?
A Trust Deed agreement guarantees you to be debt free within 36 months.

What is a Protected Trust Deed?
‘Protecting’ a Trust Deed means that no further action can be taken against you by your creditors for recovery of the money you owe them. Lenders have to accept the balance of your Trust Fund account as full and final settlement at the end of the three year period.

What type of debts can be included in a Trust Deed?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.

For any other questions, please complete our contact form for a no-obligation call from our debt advisors.

Data Protection

Your data is safe with us, we will not pass any of your details onto anyone other than our advisors. We will not add your address or email address onto any mailing lists.

We are a registered Data Controller with The Data Protection Act 1998, registration number Z1587785.

IVA

If you have debts greater than £15,000 an Individual Voluntary Arrangement (IVA) might be the best option. An IVA is a government-backed scheme to help you clear your debts. When arranging an IVA, we will contact all your creditors on your behalf, that way you will not have to worry about threatening letters or demand notices as once your IVA process has started, we will act at the communication point of contact for the entire duration of the IVA until you become debt free.

What Is An IVA?

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement to make reduced payments towards the total amount of your debt.

A monthly payment is ‘agreed’ to pay off a percentage of your debt. Generally after 60 months your debt is classed as settled. Due to its formal nature, an IVA has to be set up by a licensed professional.

IVA’s are legally binding and form part of the government Insolvency Act 1986.

Do You Qualify For An IVA?

To qualify for an IVA, your total debt must exceed £15,000 and you must owe to at least three different creditors (different banks, credit card companies etc.). If your debts are less than £15,000 or you owe to less than three creditors we can still help through a Debt Management Plan.

Only residents of England or Wales can apply for an IVA. For residents of Scotland, the equivalent is a Trust Deed which we can also arrange. Northern Ireland residents can apply for a Debt Management Plan. In all cases, please complete our contact form.

An IVA Can Help You Avoid Bankruptcy

Unlike bankruptcy, in an IVA agreement, you will not have to sell your home and other major assets such as a car. In fact with an IVA you are in a much better position to negotiate any agreed settlement, whereas for bankruptcy your assets are entirely in the hands of the presiding magistrate when your proceedings come to court.

There’s far less stigma with an IVA agreement compared with bankruptcy. There’s no requirement to advertise in the newspapers, or notify your landlord or employers. An IVA won’t threaten your career if you are working in the armed forces or practicing in other professions, where becoming bankrupt means that you could lose your licence or your job. Also participating in an IVA agreement will not exclude you from becoming a company director.

Quick IVA Application Process

Step 1
Complete our contact details form on this page.
Step 2
Based on your personal circumstances, we will create a debt repayment proposal for you. We will talk you through the proposal to ensure you are happy with all the details.
Step 3
The proposal will then be passed onto our Insolvency Practitioners who will contact all your creditors and negotiate your proposal with them.
Step 4
Once the proposal is agreed and finalised, we will set up a standing order to transfer your payments to your creditors.
Step 5
Become debt-free!

IVA Frequently Asked Questions:

Will I lose my house?
Under an IVA you cannot be forced to sell your property and therefore your home will not be at risk.

Will interest on my debts be frozen?
Yes, an IVA freezes all interest and stops charges on your debt.

How long will it take to become debt free?
An IVA agreement guarantees you to be debt free within 60 months. After this time, all remaining debt is written-off or considered settled. Depending on your circumstances, you could be debt free even quicker.

What type of debts can be included in an IVA?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.

For any other questions, please complete our contact form for a no-obligation call from our debt advisors.

Data Protection

Your data is safe with us, we will not pass any of your details onto anyone other than our advisors. We will not add your address or email address onto any mailing lists.

We are a registered Data Controller with The Data Protection Act 1998, registration number Z1587785.

Debt Management Plan

If you have debts of more than £2,000 we can help. We tailor specific debt plans depending on your circumstances, whether you have debts of £2,000 or £100,000 we have the solutions for you.

What Is A Debt Management Plan?

A Debt Management Plan (DMP) is an informal agreement between you and your creditors where you will come to an arrangement to make reduced payments towards the total amount of your debt.

When arranging a DMP, debt advisors will make contact with the creditors and try to renegotiate the debt on behalf of you. After that, you would pay one ‘agreed’ payment monthly which is then distributed out between the creditors.

Do You Qualify For A Debt Management Plan?

To qualify for a DMP, your total debt must exceed £2,000 and you must owe to at least two different creditors (different banks, credit card companies etc.). If your debt exceeds £15,000, an Individual Voluntary Arrangement (IVA) would be a better option.

Debt Management Plans are available to residents of England, Scotland, Wales and Northern Ireland. Residents of Scotland may also want to consider a Trust Deed which we can also arrange. In all cases, please complete our contact form.

Quick Debt Management Plan Application Process

Step 1
Complete our contact details form on this page.
Step 2
Based on your personal circumstances, we will create a debt repayment proposal for you. We will talk you through the proposal to ensure you are happy with all the details.
Step 3
We will contact all your creditors and negotiate your proposal with them.
Step 4
Once the proposal is agreed and finalised, we will set up a standing order to transfer your payments to your creditors.
Step 5
Become debt-free!

Debt Management Plan Frequently Asked Questions:

Will I lose my house?
Under a Debt Management Plan you cannot be forced to sell your property and therefore your home will not be at risk.

Will interest on my debts be frozen?
This is down to negotiation between the debt advisor and the individual creditors. Interest can generally be lowered or frozen if you agree to pay your debts within a specific timescale.

What type of debts can be included in a Debt Management Plan?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.

For any other questions, please complete our contact form for a no-obligation call from our debt advisors.

Data Protection

Your data is safe with us, we will not pass any of your details onto anyone other than our advisors. We will not add your address or email address onto any mailing lists.

We are a registered Data Controller with The Data Protection Act 1998, registration number Z1587785.

If you find yourself worrying non-stop about your debts you are not alone. A recent study found that the UK debt level grows one million pounds every five minutes!

Our aim is to make you debt free within a fixed time period. This is usually less than 60 months but can be lower depending on your circumstances.

If you have debts over £2,000 or even over £100,000 we can help. For debts of £15,000 or more we specialise in arranging Individual Voluntary Arrangements (IVA’s).