We can help you if you require expert debt and bankruptcy advice. Some of your options are:
Informal Settlements – we can write to your creditors to reach an agreement by either writing off amounts or reducing your debts.
Debt Management Plans – this is like the above, although your creditors are paid monthly installments
Debt Relief Order – this is a low-cost alternative to bankruptcy and you must meet the following criteria:
- you owe less than £20,000.
- you do not own any assets worth more than £1,000 (including your car).
- you have less than £50 each month to live on (after paying household bills).
- you are not a homeowner.
- you have not had another DRO in the last six years.
- you are not currently subject to bankruptcy proceedings or IVA proceedings.
IVA – we can advise you on whether an IVA is best for you.
- 75% of your creditors in value must agree to the IVA proposal.
- An IVA usually lasts for 5 years.
- You will be required to make full disclosure of your finances.
- Your name will appear on an IVA Register which is a disadvantage as this will affect your credit rating.
You may have a claim against your IVA company if they mis-sold an IVA to you without properly explaining your various options.
Bankruptcy – bankruptcy normally lasts for one year and wipes out most of your debts. We can advise you on those debts which are not caught by your bankruptcy.
Advantages of bankruptcy:
- Most of your debts will be wiped off.
- You can make a clean start, although this will affect your credit rating.
Disadvantages of bankruptcy:
- You may lose your home if you are a homeowner.
- You may have to pay the trustee’s costs.
- You may have to be examined on your finances by a trustee who can examine you at Court.
- This will seriously affect your credit rating.
- This may affect your employment.
- You cannot act as a company director.
- This will affect you operating a bank account.
- You cannot bring most legal claims if you are bankrupt as you require permission.
- The Official Receiver or Trustee in Bankruptcy may make a claim for your income by applying for an Income Payments Order (IPO).
Please contact us if you require advice from an expert debt and bankruptcy solicitor.
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