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Take ControlWrite off unaffordable debtSpeak To A Debt Specialist Today 0800 040 7064

Take Control
Write off unaffordable debt

Speak To A Debt Specialist Today

0800 040 7064

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    If you become insolvent, you might naturally assume that you will have declare yourself bankrupt. However, there are a number of alternatives to bankruptcy available depending on your personal circumstances.

    Debt Relief Order

    The Debt Relief Order is a relatively new (April 2009) Government solution, issued by the Insolvency Service. This is designed for those whose debts are less than £15,000 and whose disposable income, after all living expenses are paid, is less than £50. In order to be eligible for a Debt Relief Order, a debtor must have assets totalling no more than £300 in value. This is a bankruptcy alternative clearly designed for those who earn too little and own too little to escape their debts.


    Another bankruptcy alternative is the IVA, which allows a debtor through a licensed insolvency practitioner, to renegotiate their repayments with their creditors. An IVA can freeze interest and cut the total outstanding debts down to  a level that the debtor can realistically afford.

    Debt Management Plan

    A debt management plan is an informal agreement between a creditor and the debtors, whereby the repayment plan is renegotiated to a level at which the debtor can realistically afford it. This alternatively to bankruptcy is often organised through a debt management company who has plenty of experience in negotiating with creditors.

    Debt Consolidation

    If your personal circumstances allow is, a debt consolidation loan is another bankruptcy alternative that MoneySolve can advise on.

    There are a host of potential bankruptcy alternatives available and debt advice experts at MoneySolve can assess your circumstances and help you to decide the best way to solve your financial problems.

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    We are fully authorised and regulated by the Financial Conduct Authority. Speak to one of our fully trained, financial solutions specialists.

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