If you find yourself in financial difficulties you will have a few options in order to resolve you financial problems. You could agree with your creditors on the extension of time for repayment of your debt or you could declare yourself bankrupt. There are a number of collective and enforcement insolvency procedures which will deal with your situation and may help you get out of your financial trouble.
Collective insolvency procedures
Individual Voluntary Arrangement (IVA)
An IVA is a type of a collective insolvency procedure which will help the debtor agree with his creditors on some terms in relation to repayment of his debt. IVA will help the debtor avoid being made bankrupt.
For more information on:
- Post bankruptcy fast-track IVA
- Arrangements other than IVAs
- Enforcement insolvency procedures