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.

IVA Mis-Selling

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.

Please complete to request a Free Telephone Consultation for up to 15 minutes. We will then arrange a mutually convenient time to call you and the call can take place out of normal business hours.

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