For Individuals
Personal Debt Solutions
We offer free, practical and expert advice to individuals (including sole traders) that are experiencing financial difficulties. We understand that having debt problems can be very stressful and upsetting and this is why our approach is always empathetic and supportive. We will take immediate steps to help you stabilise your financial position and then proceed to look at ways to improve it.
Negotiated Agreement with Creditors
This is where an individual (the debtor) contacts his or her creditors and negotiates an agreement to repay some or all of his debts. This is not a formal insolvency procedure and there is no court involvement. This option is most appropriate where the debtor has only a small number of creditors who are supportive of the debtor.
Individual Voluntary Arrangement
An individual voluntary arrangement (IVA) is an alternative to bankruptcy. It is a legal process that gives an individual struggling with their debts protection from creditors. The procedure enables the individual to put a proposal to his creditors for a composition in satisfaction of his debts or a scheme of arrangement of his affairs. A composition is an agreement under which creditors agree to accept a certain sum of money in settlement of the debts due to them.
Debt Relief Orders
DROs are a formal insolvency procedure that were introduced in April 2009 and are aimed at people with relatively low debts and, importantly, very little disposable income and few or no assets. Like bankruptcy, a DRO does not require creditors’ consent.
Bankruptcy
Bankruptcy is the administration of the affairs of an insolvent individual by a trustee in the interests of his creditors. When a person becomes bankrupt, the control of all his assets, with certain exceptions, passes to the trustee whose job is to sell them and distribute the proceeds to the creditors.
Let’s get started.
If you feel any of our services could benefit you or your business, please contact us on 0114 251 8820 for a free, confidential, no obligation discussion.
Alternatively, please complete our contact form and we will respond to you as soon as possible.