What’s more expensive, an IVA or bankruptcy?

The typical term of an IVA is 5 years and under an Income Payment Order in bankruptcy you will only be required to make payments for 3 years.

The monthly repayment amount may also be higher in an IVA than it would be in bankruptcy but don’t let this fool you into thinking bankruptcy is the better option. If you’re made bankrupt then you could lose your home, your job and also details of it will be made public so your friends, family and anyone else who knows you could find out about it.

When looking for the right debt solution for you, it’s important that you get professional debt advice and base your decision on a number of factors rather than just what’s going to be the cheapest.

If you found this answer helpful you may also want to look at the following:

What debt solutions are available?


Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA