Our agents are on hand to speak to you 7 days a week.
GET IN TOUCH WITH US NOW!     01425 600129 | enquiries@bankruptcy.co.uk



Before entering into an IVA, we strongly suggest you contact us to discuss whether this is indeed the right solution for you. If it is, we will direct you to our appointed Insolvency Practitioner, who will happily discuss all the elements of an IVA. If an IVA is not the right solution for you, we will ensure that you are given the best advice possible as regards a more appropriate solution.

An IVA should only to be considered if you have assets to protect or are in employment that will be affected by you entering into bankruptcy (check your contract of employment). If you are in rented accommodation or living in a property where there is no equity, then bankruptcy is almost certainly a better alternative.

  • Although 70% of your debt might be written off, a large percentage of this is added back in IVA set up fees.
  • IVA fees can range from anywhere between £5000 – £13,000 depending on the amount of debt involved.
  • You may have to pay more to creditors and for much longer than you would do if you became bankrupt.
  • For example, you may have to volunteer to pay regular contributions from your salary over a period longer than three years in order to make the arrangement attractive to creditors.
  • Your home and assets may still be at risk. (There is a review conducted in the fourth year of your IVA that can ask for equity to be released from your property).
  • If the IVA fails, you can still be made bankrupt.
  • All IVAs are recorded in a public register which may make it difficult for you to apply for credit in the future. You are still classified as bankrupt as you are unable to pay your debts as they fall due.
  • Failure to re-mortgage your property in the 4th year always results in you having to remain in the IVA for a 7th year
  • You will probably need to spend more time with an insolvency practitioner working out how to realise your assets than you would spend with a trustee if you became bankrupt. The costs of paying an insolvency practitioner are high.
  • If you are in certain professions, for example, a solicitor, entering an IVA may mean that you can no longer practise, or may practise only subject to certain conditions.
  • A creditors’ meeting cannot approve of an IVA which affects the rights of a secured creditor unless that creditor agrees.
  • IVAs do not end in automatic discharge (unlike most bankruptcies).

There are some things which may prevent you from getting a debt relief order.  These include:

  • if you are currently bankrupt
  • if you have an Individual Voluntary Arrangement (IVA) or are applying for an IVA
  • if the companies you owe money to (your creditors) have applied to make you bankrupt but the hearing hasn’t taken place. (If your creditors agree however, you may still be able to apply for a DRO.)
  • if you have been given a Bankruptcy Restrictions Order or Undertaking
  • if you have petitioned for bankruptcy but your petition has not been dealt with to date – unless the judge has referred you for a debt relief order instead.
  • if you have already had a debt relief order in the last six years
  • if you have been given a Debt Relief Restriction Order or Undertaking.

For more details on whether you can get a debt relief order, ask your authorised adviser.

Company Debt


If you are at the point where you realise that you need assistance because your company debt is at a level that you need assistance then we can help.

There are only 4 options to consider:


1. Do Nothing- Wait and see what happens and remain in survival mode until the outcome

2. Bankruptcy- We always suggest that bankruptcy is considered first as an option opposed to last. The reason is because if you have no assets, live in rented accommodation or own property where there is minimal equity, the bankruptcy is possibly the fastest way of eliminating unmanageable debts. It provides a fresh start t your financial life. We provide a pre bankruptcy counselling service.

3. Individual  Voluntary Arrangement or Company Voluntary arrangement- This can be arranged 2 ways. Either an income based voluntary arrangement or an asset based IVA. The essence of these arrangements is to allow you to make a legal agreement with your creditors whereby you make an offer to your creditors. ( the people and organisations you owe money to) and make them an offer . Providing 75% of the total amount of debt agree to the proposal then the other 25% would have to go with the arrangement.

4. Informal agreement with creditors made on a one to one basis that resembles a commercial debt solutions plan.


Don’t be fooled by so called professionals enticing people into certain arrangements. It does happen and if you are unsure about what to do then please don’t rush into just anything because its easy! Remember it takes 5 minutes to sign up and commit to these agreements but its a lot harder to cancel them.



Bankruptcy UK-Debt Solution Bankruptcy Experts

Bankruptcy UK-Debt Solution Bankruptcy Experts