Personal insolvency
Personal Insolvency.
Personal debt problems are rarely only financial. We will explain the routes available, what each one means in practice, and which are realistically open to you — privately, and without judgement.
Personal insolvency advice starts with your position
Before considering any procedure, we look at income, essential outgoings, assets, secured borrowing and the pressure you are actually under. Sometimes the answer is a formal arrangement. Sometimes it is a conversation with creditors that has not yet been had.
The formal routes
Individual Voluntary Arrangements and bankruptcy are the two routes we advise on most, and they suit very different circumstances. A Debt Relief Order is a third possibility where debts are modest, income is low and there is little or nothing to realise.
- An IVA — a binding arrangement to pay what you can afford over a set period
- Bankruptcy — a shorter, more absolute route with different consequences
- A Debt Relief Order — for smaller debts, low income and minimal assets, with no court application
- Informal arrangements, where creditors will engage without formality
Directors and personal exposure
Where company difficulties have created personal exposure — a guarantee, an overdrawn loan account — the two positions need to be looked at together rather than separately.
Questions
Questions we are asked most
Will my employer or family be told?
Our conversations with you are confidential. Some formal procedures are matters of public record, and we will explain clearly what becomes public before you commit to anything.
Will I lose my home?
That depends on equity, ownership and which route is used. It is one of the first things we look at, and we will not be vague about it.
Related
A formal arrangement with your creditors.
What it involves, and what it does not.
Next step
You do not need to know which procedure applies before you call.
The initial conversation is confidential, free of charge, and commits you to nothing.