Bankruptcy Information

Calculate Your Debt Solution

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Best Advice Model

Our Best Advice Model is designed to give you a fair assessment of the choices open to you. There may be a better debt solution than bankruptcy – for example, an IVA, Debt Consolidation or Debt Management. If you or your partner owe more than £12,000 and either of you are in regular employment, then an IVA could well be an option. Call us today for debt advice about IVAs and other debt solutions.

Call us now on 0800 083 1433 for an initial chat about your own financial situation.

Calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us, ask us to call you back so that you do not have to pay for the call.

Alternatives To Bankruptcy

An IVA or Individual Voluntary Arrangement – is a formal and legally binding agreement that is created and managed by an Insolvency Practitioner. It outlines the amount you can afford to pay back to the people you owe money to over a period of time. If the IVA is accepted by the people you owe money to, you’ll be looking at paying a much smaller total amount of debt off over what is normally 5 years. What is more, your home is protected and the IVA is kept a private affair.

Debt Management Plans are an informal arrangement between you and the people you owe money to. You pay back the whole debt over an agreed period of time.

Re-mortgaging, is borrowing against the equity in your property to pay back your debt.

And finally, consolidation loan is a loan that is taken out to pay back your other debts.

Each of the above is an alternative to Bankruptcy. The choice of which is right for you should be made in partnership with a debt advice specialist. Debt Free Direct are the UK’s leading debt help company and are the UK’s largest IVA provider. Our advice is based on our ‘best advice model’ and does not favour any one solution, and is based purely on what is debt solution is best for you and most likely to help you control you debts.

More About Bankruptcy

Bankruptcy is a way of enabling those in debt to wipe the slate clean and start over again. It is not without serious consequences and as the most serious and final of all the debt solutions on offer for bankruptcy, should only be chosen once you have had debt advice you trust.

Since the 1 April 2004, the Bankruptcy laws in England have changed considerably to enable more people to rid themselves of the burden of their debt. For example, previously, bankruptcy would last 2 to 3 years. Now most bankruptcies get discharged in only 12 months. So why are there not more bankruptcies?

Part of becoming bankrupt involves telling your bank (and landlord if applicable) of your position and an advertisement being placed in your local and national newspapers. Bankruptcy is the least discreet of all the available debt solutions.

In addition to the public nature of bankruptcy, all bank accounts, credit cards, and store cards are cancelled and leased goods returned. And for many, the worst conseqence of bankruptcy is that your home may be taken from you.

Call us now on 0800 083 1433 to find out more about bankruptcy and the alternatives solutions.