Personal insolvency can feel overwhelming, but there are several formal options available that can provide genuine relief. Individual Voluntary Arrangements (IVAs), Debt Relief Orders (DROs), and bankruptcy all have different implications and eligibility criteria.
An IVA is a legally binding agreement between you and your creditors to repay a proportion of your debt over a fixed period, typically five years. It allows you to keep certain assets, including your home in many cases, while protecting you from creditor action.
At Currie Young, our personal insolvency specialists offer confidential advice on all available options. We will help you understand which route is most appropriate for your circumstances.