IVA Alternatives

If an IVA is not for you then you do have alternatives:

1. Debt Management

This is a more informal way to deal with your debts. We can still negotiate a lower monthly payment with your creditors and we can usually get interest frozen or reduced. You may choose this method if you don't qualify for an IVA or prefer not to enter into a legally binding contract over 5 years. However, you will still be expected to pay off all of the debt and the creditors will still maintain regular contact with you. If you would like to apply for debt management then click here.

2. Secured Loan / Re-Mortgage

An IVA will be recorded on your credit file meaning this will affect your credit rating. If you would prefer to avoid this and you are a homeowner, then you can apply for a secured loan or a remortgage. If you would like some advice on this then please click here.

3. Can I arrange something myself?

You may feel that you can take on the creditors yourself. This can be very time consuming and frustrating though especially if you don't the processes involved or the related laws. We would only advise this route if you were experienced in such matters.

4. Bankruptcy

In some cases, bankruptcy may be the best option e.g. you cannot afford to make reasonable repayments. This is a serious step though, as your accommodation and job may be at risk.

Are your debts less than £15,000?

Are You A Homeowner?