BANKRUPTCY
Bankruptcy.
If you are considering filing for bankruptcy, an individual voluntary arrangement may be an alternative.
Before you take the step of declaring yourself bankrupt, ask us if an IVA would be more beneficial.

So what is an individual voluntary arrangement

An IVA could write off up to 75% of your debts.

If you owe more than £15,000 an IVA may well be the solution to your debt problems. If you owe less than £15,000 there may be other debt solutions
  1. To see if you qualify for an Individual Voluntary Arrangement please complete our questionnaire.
  2. One of our panel of insolvency practitioners will contact you in confidence to discuss your application.
  3. If you meet our criteria you will be accepted onto our Individual Voluntary Arrangement programme and referred to one our debt negotiators.
  4. The insolvency practitioner will contact all your creditors informing them that they are now your legal financial representative.
  5. An Individual Voluntary Arrangement proposal will be written, based on your ability to pay. This is a formal agreement that stipulates the terms of your Individual Voluntary Arrangement .
  6. To protect you from your creditors, an interim order, which is a form of legal protection is granted. This is a legal step giving you full protection from all your creditors.
  7. Once the interim order is granted, your creditors cannot take legal action against you to recover their losses. Having this interim order means you are protected from any of your creditors issuing or continuing bankruptcy proceedings.
  8. The insolvency practitioner then prepares a nominees report, which is a legal statement that describes a professional opinion on whether your IVA is a genuine offer of account.
  9. A meeting of your creditors is held soon afterwards. This creditors meeting consists of all the creditors gathered together to discuss your Individual Voluntary Arrangement. Usually, creditors rarely attend these meetings as all voting has taken place beforehand.
  10. Once your IVA is approved and accepted, you are legally bound to maintain your monthly Individual Voluntary Arrangement payments.
  11. Once your IVA is accepted, none of your creditors can harass you again.
  12. Your monthly payment should be easily affordable as it is based on your disposable income.
So before you take the step of declaring yourself bankrupt, make sure you understand what the real alternatives are.

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