There is now an alternative to bankruptcy in the form of an Individual Voluntary Arrangement.
IVAs were introduced by the Government to help people get out of debt and allow a settlement to be agreed with creditors which stands as a legal contract.
An IVA allows you to clear all of your debts over a five-year period and payments are based on what you can afford. They can be as low as £150 per month.
Debtsolver is one company that offers IVAs and helps people wipe off a significant portion of their debts - as much as 75 per cent.
One of the big up sides to IVAs is that your creditors can no longer pressure you or speak to you.
From: Lincolnshire Echo
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