Alternative Debt Solutions
An IVA will not always be the most appropriate debt solution and, even though an IVA is always tailored to match the individual circumstances of the applicant, there will be times when another debt solution may be more suitable.
It may even be that your circumstances do not qualify you for an IVA, perhaps your debt level is too low or you are struggling to afford the IVA's payments.
Whatever the reason, you should explore the alternatives available to you before you commit yourself to any available option.
To assist you with this research, here's a brief outline of each of the alternative debt solutions.
- Administration Order. Formal debt solution that deals with total debts of less than £5,000
- Debt Relief Order - DRO. Formal debt solution that deals with debts of less than £20,000 for residents of England or Wales or £15,000 for residents of Northern Ireland.
- Debt Management Plan. Informal debt solution that deals with any size debt.
- Protected Trust Deeds. Formal debt solution that deals with debts above £10,000 (Only available in Scotland.)
- Bankruptcy. Formal debt solution that deals with any size debt level.
For further information on any of these alternative debt solutions, just call our helpline on 0800 856 8569 and speak to an adviser now.