So you then hire/liaise with debt management companies to be a middle person who contact with your creditors on your behalf and provide a plan to pay your creditors some money every month you can afford agreed by both parties.
It's not bankruptcy but it register you on the govt. insolvency register.
If any one has IVA arrangemant than his/her name will be on the insolvency register showing IVA against your name but not bankruptcy, so does it affect on naturalization application
Please advise, i will be very grateful.