advice when you need it most
Whether it’s through the loss of a job or contract, the breakdown of a personal relationship or bereavement, an increasing number of us have had cause to worry about our personal finances. In this stressful situation you need sound, practical advice to help you face your financial problems and look to the future.
As a firm of Licensed Insolvency Practitioners, we have helped many people overcome personal debt problems. We always consider each case on its own merits and provide a tailor-made overview of the best options available to you.
We have a great relationship with High Street Lenders and Banks and understand what they are looking for when we put forward a debt solution. This significantly reduces uncertainty for you and helps to de-stress the process.
See below for the options that may be available to you.
Many firms will tell you that an IVA is only available if your debts are greater than the value of your assets. This is incorrect.
To do an IVA you must be insolvent, and we apply two basic tests of insolvency which are:
- Your liabilities (debts) are greater than your assets.
And / Or
- You are unable to pay your debts as they fall due for payment.
If you have unsecured debts and are unable to afford the repayments, an IVA can help to address your debt problems.
We review your financial position, create a budget based on your current expenditure and gain an understanding of what you are trying to achieve. This will enable us to understand whether an IVA is suitable for you.
We do not charge for our initial advice.
If your situation is suitable for an IVA and you wish to proceed, we liaise with creditors from day one and help you put forward a proposal to your creditors. If the IVA is agreed, one of our Licensed Insolvency Practitioners will become the Supervisor of the IVA and administer the case on behalf of you and your creditors.
Unlike IVA factories we have no relationships with Debt Management firms and therefore, remain impartial at all times. We understand an IVA is not a one size fits all solution; all of our IVAs are tailored around each individual’s particular circumstances.
We only put forward proposals that we believe have a good chance of being implemented.
Once an IVA is in place, it will immediately reduce the stress you and your family have been under and, in most cases, will ensure you keep your family home and other personal effects.
In certain situations, for example if you have less than three creditors, it may not be necessary to enter into an IVA. We have experience in negotiating these informal agreements with your creditors.
If an IVA is not suitable we will may also direct you to debt charities such as Stepchange who may be able to assist with alternative solutions such as a Debt Management Plan.
Many think that once they are declared bankrupt there are no further options available to them. However, if your asset level outweighs your debt level then you still have the option to have your bankruptcy cancelled; this is called Annulment.
Your bankruptcy can only be annulled by the Court on one of the following grounds:-
- That the bankruptcy order ought not to have been made in the first place; or
- The debts, costs and expenses of your bankruptcy have either been paid in full, or payment of them has been guaranteed to the satisfaction of court; or
- Your creditors have accepted your IVA proposal.
We remove the stress from you by liaising with The Official Receiver, The Trustee in Bankruptcy and your creditors in order to assess the solutions available.
If you decide to proceed with an annulment one of our representatives will attend Court on your behalf in order to obtain your annulment.
Annulling your bankruptcy can reduce the stigma of bankruptcy and we often find that clients have the potential to make a substantial saving compared to the financial impact of remaining bankrupt.
Costs in bankruptcy can be significant because your Trustee in Bankruptcy will normally charge their fees on a time cost basis. Secretary of State fees (calculated on a scale rate) are also charged on assets realised for the purpose of your bankruptcy and these can also be sizeable.
We can help you can make a substantial saving by annulling your bankruptcy. We charge a fixed fee which means that you know the real cost on day one. Annulling your bankruptcy also avoids the Secretary of State fees that usually form the bulk of expenses in bankruptcy.
You regain control of your assets that would otherwise form part of the Bankruptcy estate.
Sometimes, bankruptcy can actually be the right solution if you are struggling to pay your creditors and have minimal assets.
We do not charge for bankruptcy advice. The process for making yourself bankrupt is simple and all done online through a Government website. We can give you pointers on this and can also direct you to specialist charities that will assist free of charge.
We work closely with other agencies with specialist expertise in brokering remortgages and secured loans for people in positions of debt. In some instances a debt problem can be resolved by consolidating loans, however, we will always take your individual circumstances into account to make sure this is the right solution for you.
We do not do Debt Management Plans or arrange Debt Relief Orders. However, we will advise you if we think that these are appropriate to your circumstances and we will direct you to the specialist agencies and charities that do provide free support for those processes.
It is important that you take the steps that are best for you and we will not encourage you to do anything that isn’t suitable. What is best for you in your particular circumstances is what matters the most.