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Personal Debt

Going into debt can be extremely stressful, but the good news is that no debt problem is unsolvable. One of our friendly, experienced team will discuss your situation with you and explain the options available.

If you’re experiencing financial difficulties, you should seek professional advice as soon as possible before making any decisions. The earlier you act, the more options there are available.

Get in touch today

Cost of service
Our fees depend on the complexity of the case, but we will be happy to provide a no-obligation quote on enquiry.

Options for managing personal debt include:

Individual Voluntary Arrangement (IVA)
An IVA is a way of avoiding bankruptcy.  It is a contract which is agreed between you and your unsecured creditors to pay off your debts in affordable monthly payments for up to five years.  Any debt you can’t afford to repay will be written off.

Having an IVA in place provides you with protection from your creditors – they won’t be able to take further action against you and no further interest will be added.

An Individual Voluntary Arrangement is an ideal option for anyone who has a regular income or an asset to realise.  If you’re a sole trader, you’ll be able to continue trading while the IVA is in place.

We will assess your individual circumstances and help you come up with an arrangement that is both acceptable to your creditors and affordable for you. 

You can apply to declare yourself bankrupt if you cannot pay your debts.  When you make yourself bankrupt, your creditors will no longer be able to chase you for your payments. There is a fee for declaring bankruptcy, and there are restrictions on what you can and cannot do when you are bankrupt. 

Bankruptcy is a serious decision, and you should take independent advice before going down this route.

Debt Relief Order
A Debt Relief Order (DRO) is a way to deal with your debts if you have few assets or disposable income and debt of less than £30,000.  Often referred to as ‘bankruptcy lite’, a DRO is cheaper than bankruptcy and means you’re usually freed from your debts after 12 months. However, as with bankruptcy, there are restrictions in place if you get a DRO.

Other informal settlement of debts 
You can choose to deal with your debts yourself.If you are not sure that this is the right thing to do get in touch.