Personal Insolvency Options

It is not for us at to tell you what you what’s the best option for you. Yes we will lay out all the options to you clearly and concisely and we can answer all you questions.

Most of all we appreciate the you are an individual with individual circumstances and individual sensitivities.

Below is a brief summary of your main options. Please click through the summary to see more details of each option.

Informal Arrangements

Negotiation with a small number of creditors to resolve a short term problem can be a method of buying time to allow personal finances to get back on the rails.

Debt Management

Debt management is a more structured solution available when creditors (those parties that you owe money to) first start to get out of control.

Debt Management should only be seen as a short term solution.

Individual Voluntary Arrangement IVA

An Individual Voluntary Arrangement is presented under the Insolvency Act. It is a solution to repay your unsecured creditors (such as credit cards or bank loans) on a deferred basis . An Individual Voluntary Arrangement can often include a reduction in the amount paid back.

Unsecured creditors are those who are owed money but that do not have specific security over any particular asset.

A secured creditor is the opposite of an unsecured creditor, so the creditor will have specific security over a particular asset. An example would be a mortgage lender who will have security over the property against which they have raised a mortgage.


Bankruptcy is a one size fits all solution where all non-essential personal assets are sold for benefit of creditors.

Once bankruptcy is confirmed all unsecured creditors (see IVA above) are wrapped up in the Bankruptcy blanket and can no longer pursue you.

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