If you are insolvent, meaning you can no longer afford to repay your debt, an IVA or Bankruptcy are debt solutions available to you.
Please remember that Bankruptcy should only ever be considered as a last resort, once all other options have been fully exhausted. For more information on how to avoid Bankruptcy, contact the All Clear Finance team on 0800 048 1762.
IVA vs Bankruptcy Comparisons:
| IVA | Bankruptcy | |
|---|---|---|
| Is my name kept private? | Yes, IVAs are never advertised.
| No, bankruptcy orders are always advertised in your local paper. |
Will my IVA be kept private? | Yes, only creditors are notified. | No, everyone that you are financially connected with will be contacted. |
| Can I still run my business? | Yes, you can still be a company director or practice professional roles involving finance. | No, normally your business will be closed immediately. Certain employment situations are also hindered. |
| Can I keep control over my assets? | Yes, some assets are excluded from your proposal. | No, any assets will be sold to raise money for your creditors, this includes your home. |
| Can I keep my bank account? | Yes, although some extra facilities may be removed. | No, all bank accounts will be closed immediately. |
| Can I avoid going to court? | Yes, as long as you can answer questions on the phone during the creditors meeting. | No, you will always have to go to court. |
| Am I legally protected from my creditors? | Yes, legal proceedings cannot be brought against you once the IVA has been accepted. | No, your creditors may look to sell your assets and take any appropriate court action. |
All Clear Finance is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.