Personal Debt Solutions
Having to face up to personal debt can be one of the most difficult things an individual can ever have to do. Thankfully, you don’t have to do it alone.
Our expert team have helped to guide people safely back to a debt-free life for the past 30 years. Whether you need help with an IVA, bankruptcy, or just general advice, we’re here for you.
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Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement – or IVA – is an alternative solution to traditional bankruptcy. It is the ideal solution for those who want to avoid the restrictions of bankruptcy and can afford to make, lower, monthly payments to their creditors.
- Enables one monthly payment to be made into a pot for your creditors
- Outstanding debts are written off at the end of the arrangement
- Creditors bound by the arrangement can’t contact you directly
- Allows Company Directors to continue to act without restrictions
- Freezes interest accruing on certain debts
Our insolvency practitioners can help to create a proposal that works for you, allowing you to offer a manageable solution to your creditors.
Bankruptcy
Bankruptcy is a daunting concept, but most don’t understand that it is actually one of the most effective ways of writing off your debts:
- Assets are managed and realised by a Trustee in Bankruptcy
- Prevents most creditors from contacting you
- Writes debts off after 12 months
- Restrictions in place for 12 months
While there are other factors to keep in mind, such as what will happen to your assets, bankruptcy can allow you to regain control of your finances and put an end to your debt worries.
Debt Relief Order (DRO)
Debt Relief Orders – or DROs – are known colloquially as “bankruptcy lite”. They function in mostly the same way, but are tailored for those with low income and little assets:
- Free application online
- Subject to eligibility criteria
- Writes off debt after 12 months
- Prevents most creditors from contacting you
Not everyone can qualify for a DRO, but if you’re eligible it can be the perfect way to take back control of your finances.
Debt Management Plan (DMP)
A Debt Management Plan (DMP) is an informal repayment plan set up between you and your creditors:
- Enables one monthly payment to be made into a pot for your creditors
- No obligation on lenders to freeze interest
- Shows good faith to creditors
While it’s non-legally binding, a DMP can be a great option for those who are struggling with smaller debts and wish to stay on top of things.
Book a Free Consultation
Although it’s tempting to bury your head in the sand, debt – if left unattended – can quickly spiral out of control.
The longer you ignore it, the larger interest fees and penalty charges get. To help keep things manageable, you should get in touch with an insolvency practitioner as soon as possible.
We understand better than anyone that in times of financial uncertainty you don’t want to be paying any additional fees. That’s why we offer a free consultation to all of our clients. Get in touch to get free advice today.
