As a solution to debt Individual Voluntary Arrangements (IVAs) are a good option for many people. However IVAs are only suitable in a fairly narrow set of circumstances and so if you are having financial troubles then there is a good chance that you will need to consider an alternative solution. If you are struggling with overwhelming debt problems then you have a number of options.
Probably the most well known solution to financial problems is bankruptcy. Personal bankruptcy is one of the most serious steps that can be taken to clear overwhelming debts. It does however have several benefits. The bankruptcy process lasts just one year. At the end of this year you are able to start afresh although it will be recorded on your credit file and you may have difficulty borrowing money in the future. By filing for bankruptcy your finances are placed in the hands of a nominee who will deal with your debts on your behalf.
Designed to be an alternative to bankruptcy, Debt Relief Orders were introduced early last year. They are a means of allowing people to apply for personal bankruptcy without having to go through the full Court bankruptcy procedure. The fee for the Order is just ?90 and so it is a cheaper option than bankruptcy. However to qualify for a debt relief order you must fit certain criteria including having debts of less than ?15000 and assets of less than ?300.
The most common solution to financial problems used in the UK are Debt Management Plans. A debt management plan is an informal arrangement to restructure your debt repayments. Your debts are consolidated into a single amount and repayments arranged at an affordable level. Debt Management Plans will help you to get your finances back under control without bankruptcy or resorting to taking out another loan.
Source: http://refugeintl.org/debt-solutions-and-alternatives-to-ivas.html
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