Personal Insolvency Solutions
It is all too easy for individuals to become overwhelmed by credit card and store card bills, loan repayments, and mortgage or rent arrears. The same can be said for small business owners, small traders and partnerships, where personal and business debt can often overlap.
Our team of debt advice specialists are exactly that - qualified insolvency practitioners who are experts in their field and not looking for 'quick fix' solutions. The calibre of our work is renowned and we will endeavour to always find the personal insolvency solution that suits you best by evaluating your circumstances.
Wherever the solution lies, we deliver early, accessible and effective advice. Our ultimate goal is to provide you with expert guidance to help you regain control of your finances and provide you with some debt relief.
We can advise and implement a number of solutions to help individuals with financial issues including:
Individual Voluntary Arrangements (IVAs)
An alternative to bankruptcy, an individual voluntary arrangement (IVA) is a legal process that gives an individual with debt repayment difficulties protection from creditors by reaching a debt repayment plan with them. Not all arrangements are the same, and will be determined by the terms of the proposal agreed by the creditors. An IVA lasts in the region of between one and five years, when interest on debts is frozen and repayments are made to creditors from the realisation of assets or from contributions made out of earnings.
Partnership Voluntary Arrangements (PVAs)
Similar to an IVA, in the case of a PVA, if approved by creditors, the partnership will be protected from its creditors to allow it to continue its business and so generate income to satisfy its debts. A PVA can be run alongside IVAs of one or more of the partners.
When repaying debts is not possible, bankruptcy may be the most appropriate course of action. Again, there are advantages and disadvantages of bankruptcy depending upon your individual circumstances, and this option should not be pursued without having first taken professional advice.
The above is not an exhaustive list of available options, and not every option suits every individual's circumstances. The importance of involving a specialist cannot be over stressed in order to avoid any costly mistakes.
For further information contact a member of the team below: