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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

Do you qualify?

About Your Debt

About You

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.

IVA

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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