What are the IVA alternatives?

Bankruptcy

• Bankruptcy will clear all your unsecured debts completely.
• You could lose any higher valued assets that you have.
• If you are a home owner then you could face losing your property.
• There are certain occupations that will be affected by bankruptcy.
• Once bankrupt your creditors will no longer be able to take action against you - so all creditor hassle, bailiff threats and debt collection agencies will stop.
• You can be discharged from bankruptcy within 12 months and sometimes even sooner.

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Bankruptcy vs IVA

Much like an IVA, bankruptcy is another option for dealing with your debts but is often looked upon as a ‘last resort’. For some people bankruptcy may be the ideal solution for their debts and circumstances, for others an IVA may be more suitable.

In summary if you haven’t got any high value assets, live in rented accommodation and don't have an affected occupation then bankruptcy could be your best option.
If you are a homeowner and do not want to lose your home; your occupation is excluded from bankruptcy and you have assets you want to protect then an IVA may be more suitable for your situation.

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