Bankruptcy? IVA? They are both debt solutions but if you are struggling with your debt you may be unsure about the differences between the two and how it could affect you. Always seek expert debt advice, especially if you are thinking about declaring bankruptcy. IVA  means that you could avoid bankruptcy.

Please speak to our specialist debt advisers who will go through the differences between the two so you are aware of how both of these can effect you. Call now!


IVA does not offer some of the same consequences as bankruptcy. If you are a homeowner you may find that an IVA is a more suitable debt solution as you don’t have to lose your home (although you may have to release some of the equity).

Further consequences of bankruptcy include:

  • You lose control over your financial affairs as they will be under the control of a Trustee.
  • Assets can be sold in order to pay your creditors, this can include your home or car.
  • Details about your bankruptcy order are always publicly advertised.
  • You could be required to make regular payments for up to three years.
  • Some debts cannot be included in your bankruptcy, such as court fines.
  • These are only some of the long term effects, so always seek expert advice about bankruptcy.


If you fit the criteria for an IVA, it is often the best debt solution available. But nothing can be said for certain until you speak to a professional IVA adviser. They will take details of your income and outgoings so they are in the best place to help you find a debt solution.

Advantages of an IVA include:

  • Unaffordable debt will may be written off on completion of the IVA.
  • You only repay what you can afford over a typical period of 60 months.
  • You don’t have to risk losing your assets
  • You avoid declaring bankruptcy.
  • An IVA is not advertised, although details are available online.