Time to Act

Just like the corporate sector the individual’s emotional burden of financial difficulty is a problem many do not face until their situation becomes desperate. Faced with county court judgements, the bailiffs, repossession of goods or ultimately, a Bankruptcy petition, the future can look bleak. In essence, there are four options available:

• Ignoring the problems and taking no action until it is really too late
• Negotiating reduced payments with creditors for a short period
• Court Administration order – less than 3 creditors and under £5000 of debt.
• Apply direct to your local county court
• Formally agreeing an Individual Voluntary Arrangement
• Applying for Bankruptcy

Clearly, ignoring the debt is not a viable answer. Indeed, negotiating reduced payments with creditors is only a short-term arrangement and does not have the support of the Courts, nor does it prevent interest accruing on the debt.

An Individual Voluntary Arrangement (IVA) avoids the stigma of Bankruptcy and is a powerful tool in dealing with personal debts.

In certain cases Bankruptcy may be a more appropriate measure, although individuals are advised to seek independent, professional advice before taking this route.

We accept appointments in Individual Voluntary Arrangements and Bankruptcy and will assist with informal negotiations with creditors.

In any event we will always encourage our individual clients to take immediate positive action.

Apply online

In the first instance call us 01792 459 600