Avoiding bankruptcy

Even though debt in the UK is bigger than ever, avoding bankruptcy is perhaps more straightforward than it's been in a long time. 

The reason for this is that the British debt market is more lucrative than it's ever been, meaning there are always a number of companies to help you find the solution you're looking for.

The obvious alternative and popular solution to avoiding bankruptcy these days is the IVA or Individual Voluntary Arrangement. Even though this is still considered insolvency it can save you a lot of money and avoid a lot of the unpleasantness that can come with a bankruptcy.

An IVA is an agreement between you and your lenders whereby you promise to make repayment for sixty months and in return they wipe away a massive portion of your debt. If you're considering bankruptcy then this is an avenue you should explore before making any decisions.

However, if you can avoid bankruptcy and an IVA in any possible way, you should. After all, both of these procedures can put a serious black mark against your name for a long period of time. You might never recover any kind of credit rating for future borrowing.

You should always contact your bank if you're trying to avoid bankruptcy. They can offer you impartial advise and know more than anyone about the state of your finances. Because they control your money, they might also be able to help you out in a number of other ways.

We've got a number of great articles and other resources to help you avoid bankruptcy if you're desperate and able to avoid the procedure.