Bankruptcy

Bankruptcy should only be seen as an extreme solution to solving your debts.

Bankruptcy is a very public process and it is always advertised in your local newspaper. Everyone that you are financially connected with is notified, such as your landlord, bank etc.

All your possessions and disposable income are converted into cash, and the monies will go towards repaying some of your outstanding debt to your creditors.

We believe that bankruptcy should only be considered once all other avenues have been fully exhausted. If you find yourself in a position where you are considering declaring yourself bankrupt, please call out advisors on 0808 131 9108 to see if we can help.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)