Alternatives to bankruptcy in the UK
There are a number of alternatives to bankruptcy in the UK – one of which is an Individual Voluntary Arrangement (IVA). There is also bankruptcy but it can often have nasty repercussions. An IVA isn’t perfect but it can help you write off up to 75% of your debt and pay off your debt within 5 years. I would suggest you checking out the Citizen’s Advice Bureau (CAB) – either online or in person at the local office. Citizen’s Advice Bureaus are often your best choice when it comes to debt questions as they are pretty much impartial. My cousin used their site to getting really good advice about IVAs. Try that and see how it goes for you.