DebtsManagement.co.uk believe that bankruptcy should always be your last option to free yourself from debt. There are other debt solutions on the market, and we advice that you explore these options before you declare yourself bankrupt. We can offer you advice about the alternatives to bankruptcy, call the Debts Management team today on 0800 0481 777.

Bankruptcy Alternatives

Alternatives to bankruptcy include:

• IVA – Introduced by the Government as an alternative to bankruptcy for those who want to manage their high levels of debts. Typically you can be debt free in 60 months if you have successfully completed the terms of the agreement.
• Trust Deeds – A Trust Deed is for resident of Scotland only. Like an IVA, you will be debt free on successful completion of the agreement, typically within 36 months.
• Debts Management Plans - Debts Management Plans are an informal agreement with your creditor where you can pay back your debts at a lower monthly payment.
• Secured Lending – This type of lending will secure the debt against your home, so it is essential that you ensure you can afford the debt repayment.

For advice and information about bankruptcy alternatives, please call the Debts Management team on 0800 0481 777.

Bankruptcy is for unsecured debts only. The decision to apply for bankruptcy is serious and should only be considered as a last resort and then only if you are unable to obtain an IVA or an alternative debts solution.