IVAs & Bankruptcy The use of IVA or Bankruptcy techniques can rid you of the burden of large debts and allow you to have a fresh start. In Scotland these are known as a Protected Trust Deed and Sequestration respectively (For debts of less than £15,000 click here)
What are Individual Voluntary Arrangements & Protected Trust Deeds?   This is a formal arrangement through the county court to pay an agreed amount off your debts over a period of 3-5 years. Over this time you pay monthly instalments and at the end of the period the rest of the debt is written off. more IVA info...> more Trust Deed info...>     What is Bankruptcy/ Sequestration?   This is a way of dealing with debts that you cannot pay. Whilst you are bankrupt any assets that you have might be used to pay off your debts. After a period of time (usually one year) all your outstanding debts are written off and you can make a fresh start more info...>			Which is better: an IVA or Bankruptcy? Each has its advantages so you would need to take independent advice to judge which is right for you. In the meantime you can look at our IVA FAQs and Bankruptcy FAQs - these may answer some of your questions. A Bankruptcy is the more traditional way of dealing with debts you cannot pay, but it does have some major disadvantages (see FAQs). Recent changes to the law now allow people to rid themselves of their debts by coming to a voluntary agreement with their creditors - i.e. an Individual Voluntary Agreement or IVA. You agree to pay off an amount of debt over a period of time. At the end of this period (often 3-5 years) the remaining amount of your debt is written off and does not have to be paid. IVAs have some significant advantages over being made Bankrupt (see FAQs). If you owe less than £15,000 then there are other debt management solutions too.       Independent Advice Free, no obligation advice from two specialist companies. Your enquiries are completely confidential:               IVAs & Trust Deeds   Bankruptcy & Sequestration           For this option you need to owe £15,000+ in total to at least 3 creditors, and have a monthly income of £1000+.   For this option you need debts of £15,000+ and be paying out at least £300 in debt repayments.             It makes sense to contact both - you will then have two points of view about how to proceed and you will be in a better position to judge the way forward for you.
		When talking to these companies make sure you find out: How long it will take to set up and implement the debt solutions What the charges are for setting up and managing the debt solution What the pros/cons are for the various solutions in the context of your personal situation How long it will be before you are free of your debt burden What, if any, are the longer term implications of the solution that you choose
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