There are many reasons why people get into debt such as credit card or store card debt or even debt after a death in the family. Some callers have debt arising from divorce, separation or single parenthood. For this reason we provide dedicated advice on these situations.
Corporate voluntary Insolvency
The circumstances of your company will determine which process is most suited to your requirements. It is imperative that the best course of action and process is taken to ensure the best outcome is achieved. Our insolvency practitioners can advise you further on:
- Administration
- Receivership
- Company Voluntary Agreement (CVA)
- Liquidation
Personal voluntary Insolvency
It is important to note that each of the options below can adversely affect your credit rating. However, this should not necessarily be a factor in deciding which course of action is the most appropriate and our recovery and insolvency experts are here to guide you through the process and explain every step of the way.
- Debt Management Plan (DMP)
- Individual Voluntary Agreement (IVA)
- Bankruptcy
- Debt Relief Order (DRO)
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Bankruptcy is a formal court procedure which you can start or which one or more of your creditors owed at least £750 can start. Your assets (with certain exceptions) are sold to help pay your creditors. However, you can usually keep your personal belongings, the contents of your home and your tools of trade (which may include your car) unless they have a high value. I search financial blog for advice and read on - Pros and Cons of an IVA.
If you have surplus income after meeting your essential household and personal expenses, you will have to make payments out of your income for up to 3 years.
Your assets and income are dealt with by a licensed and regulated insolvency practitioner or by a government official called the official receiver. Bankruptcy usually lasts for 1 year, and once you have been freed (discharged) from your bankruptcy, you are released from your debts (with certain exceptions).
• Debts are written off, with certain exceptions applying
• Creditors can't take further action unless the debts are secured on your home or other property.
• It allows you to make a fresh start after only a year.
• You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after debts secured on it have been paid.
If you have surplus income after meeting your essential household and personal expenses, you will have to make payments out of your income for up to 3 years.
Your assets and income are dealt with by a licensed and regulated insolvency practitioner or by a government official called the official receiver. Bankruptcy usually lasts for 1 year, and once you have been freed (discharged) from your bankruptcy, you are released from your debts (with certain exceptions).
• Debts are written off, with certain exceptions applying
• Creditors can't take further action unless the debts are secured on your home or other property.
• It allows you to make a fresh start after only a year.
• You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after debts secured on it have been paid.
Insolvency advice can provide a confidential, fast and proven service in negotiating financial solutions for those in debt. Insolvency advice is available nationwide and insolvency advice has helped hundreds of people over the years through procedures such as Individual Voluntary Arrangements (IVAs).
Many creditors have dedicated insolvency advice departments dealing with debt collection and considering IVA proposals. Insolvency advisers have a long relationship with these departments and have a high success rate in agreeing significantly reduced repayment plans over a fixed term, with any remaining debt written off at the end of the Arrangement.
By obtaining insolvency advice with an IVA with us you will benefit in the following ways:
- No up-front fees
- No more stress
- Just one affordable monthly payment
- Full control of your finances
- No more telephone calls demanding payment
- No more threatening letters
- All interest frozen and
- A return to normality
There are no large up-front fees to pay as with some insolvency advice companies. Insolvency advice companies are licensed under the Consumer Credit Act 1974 to carry on all categories of credit hire business. Get also IVA, Debt management, bankruptcy-insolvency advice.We are also registered under the Data Protection Act 1998. Our qualified Insolvency Practitioners are licensed with the Insolvency Practitioners Association.
Many creditors have dedicated insolvency advice departments dealing with debt collection and considering IVA proposals. Insolvency advisers have a long relationship with these departments and have a high success rate in agreeing significantly reduced repayment plans over a fixed term, with any remaining debt written off at the end of the Arrangement.
By obtaining insolvency advice with an IVA with us you will benefit in the following ways:
- No up-front fees
- No more stress
- Just one affordable monthly payment
- Full control of your finances
- No more telephone calls demanding payment
- No more threatening letters
- All interest frozen and
- A return to normality
There are no large up-front fees to pay as with some insolvency advice companies. Insolvency advice companies are licensed under the Consumer Credit Act 1974 to carry on all categories of credit hire business. Get also IVA, Debt management, bankruptcy-insolvency advice.We are also registered under the Data Protection Act 1998. Our qualified Insolvency Practitioners are licensed with the Insolvency Practitioners Association.
What is Bankruptcy?
Bankruptcy is one way of dealing with debts that you cannot pay. Bankruptcy proceedings eventually free you from overwhelming debts, however any assets that you have may be sold and the proceeds shared amongst your creditors. Bankruptcy lasts for twelve months, after which time you can make a fresh start.
What are the effects of Bankruptcy?
- You will have to report to the Official Receiver and provide him with details of your financial affairs
- The Official Receiver will effectively own all your assets and look to realise their value for the benefit of creditors
- You will usually have to close your bank account
- You are unable to obtain credit exceeding £500 without disclosing your bankruptcy
- The Bankruptcy Order is registered with credit reference agencies for at least six years
- Your employment may be affected depending upon what job you do
- You cannot be a company director or hold public office
What are the alternatives to Bankruptcy?
- Individual Voluntary Arrangements
- Debt Management Plans Final Settlements
Bankruptcy is one way of dealing with debts that you cannot pay. Bankruptcy proceedings eventually free you from overwhelming debts, however any assets that you have may be sold and the proceeds shared amongst your creditors. Bankruptcy lasts for twelve months, after which time you can make a fresh start.
What are the effects of Bankruptcy?
- You will have to report to the Official Receiver and provide him with details of your financial affairs
- The Official Receiver will effectively own all your assets and look to realise their value for the benefit of creditors
- You will usually have to close your bank account
- You are unable to obtain credit exceeding £500 without disclosing your bankruptcy
- The Bankruptcy Order is registered with credit reference agencies for at least six years
- Your employment may be affected depending upon what job you do
- You cannot be a company director or hold public office
What are the alternatives to Bankruptcy?
- Individual Voluntary Arrangements
- Debt Management Plans Final Settlements
You can go back around 6 years in order to claim back missold PPI, however the creditor might not have any details on you and if so you will not be able to claim unless you have paperwork.
How many years can you go back to claim PPI?
Payment Protection Insurance (PPI) is an insurance policy set up to cover your monthly loan or credit card payments (or a percentage of them) if you cannot meet the contractual monthly payments due to being unable to work. PPI applies to those who cannot work due to illness, injury that has been caused by an accident, or those people who unfortunately been made redundant from their job.
Over the last ten years, some loan and credit card agreements have been mis-sold and as a result people are due thousands of pounds in compensation. Large organisations have had to repay billions of pounds (Lloyds TSB is repaying £3.2 billion) to people who were told PPI was essential.
Have you been missold PPI?
- Were you told or sold the wrong thing;
- Did you even know you had been sold PPI?
- Where you unemployed or retired when you took out the loan or credit card?
- Were you self-employed when you took out the borrowing?
- Did you have any medical conditions when you bought the PPI? Most policies don't allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
- Did you take out a loan or credit with one of the dozens of lenders and financial institutions who have already been fined by the FSA for the way they sold PPI? Take a look at the table to see if this is the case. If 'yes' then there's a strong chance that you have a PPI policy.
How many years can you go back to claim PPI?
Payment Protection Insurance (PPI) is an insurance policy set up to cover your monthly loan or credit card payments (or a percentage of them) if you cannot meet the contractual monthly payments due to being unable to work. PPI applies to those who cannot work due to illness, injury that has been caused by an accident, or those people who unfortunately been made redundant from their job.
Over the last ten years, some loan and credit card agreements have been mis-sold and as a result people are due thousands of pounds in compensation. Large organisations have had to repay billions of pounds (Lloyds TSB is repaying £3.2 billion) to people who were told PPI was essential.
Have you been missold PPI?
- Were you told or sold the wrong thing;
- Did you even know you had been sold PPI?
- Where you unemployed or retired when you took out the loan or credit card?
- Were you self-employed when you took out the borrowing?
- Did you have any medical conditions when you bought the PPI? Most policies don't allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
- Did you take out a loan or credit with one of the dozens of lenders and financial institutions who have already been fined by the FSA for the way they sold PPI? Take a look at the table to see if this is the case. If 'yes' then there's a strong chance that you have a PPI policy.
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