*Calls cost 5p per minute plus your phone company's access charge

FTVA (Fast Track Voluntary Arrangements)

About an FTVA

An FTVA is something you can consider if you are already in Bankruptcy which allows you to enter into an agreement with your creditors which, if they agree, will result in you coming out of Bankruptcy.

You might consider an FTVA if you have means of raising funds not previously available to you for your bankruptcy.

The essential thing about an FTVA is that it must bring about a more positive outcome for your creditors than your Bankruptcy.

Costs of an FTVA

Be aware that an FTVA does have some costs associated with it. The official receiver (who manages your Bankruptcy) will expect paying around £300 to review your proposal and he must be confident that it does bring about a better outcome for your creditors.

The benefits of an FTVA

One of the key benefits of an FTVA, if it is accepted, is that your Bankruptcy record will be wiped clean. This is a major plus point in trying to re-establish your credit rating. It may also be possible to regain control of some of the assets previously surrendered for your Bankruptcy such as your house.

Find out more

If you are currently in Bankruptcy and want to find out more about an FTVA, speak to the Official Receiver dealing with your Bankruptcy for more information and advice.