Choice between IVA or bankruptcy

Some people can't go bankrupt without losing their job as well and this is one of the advantages of an IVA over Bankruptcy. Mr F, 29, was a banker whose contract of employment would have meant dismissal - had he sought bankruptcy. A failed relationship had left Mr F with debts of £122,000 in his name.

We negotiated a ClearDebt IVA where his creditors forgave 68% of what he owed. Over five years, he will only need to repay 32 pence of every pound he owed. Not everyone can get a deal this good - but it does show that creditors can be persuaded by personal circumstances and will accept realistic proposals.

Take the ClearDebt debt test now to find the best option for you - our short online debt calculator will analyse your finances and give you an instant result showing your options:

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