Personal Debt Solutions

Personal insolvency is where an individual, as opposed to a company, can’t pay their debts as they fall due, and that can arise for a number of reasons such as illness, redundancy or marital problems. When this happens and a person has assets, ultimately their creditors could force a realisation of those assets.

In the situation where a person has a house and there’s some equity in it, then their creditors could ultimately force a sale of that property. So it’s very important that as soon as a person owing money realizes they have difficulties, they come and talk to us for advice. Your creditors can be very sympathetic, so long as they are approached as early as possible.

It’s often difficult to tell whether somebody advertising is actually a regulated insolvency practitioner. There are a lot of people advertising on the internet, and it’s a bit hit and miss as to exactly what qualification they have and whether they’re regulated or not.

Unregulated firms cannot provide an IVA solution, and for that reason the advice that they give is unlikely to be entirely balanced. The good thing about an insolvency practitioner is that they can provide all of the options available and they are obliged to provide you with objective and ethical advice.

Unregulated firms cannot provide an IVA solution, and for that reason the advice that they give is unlikely to be entirely balanced. The good thing about an insolvency practitioner is that they can provide all of the options available and they are obliged to provide you with objective and ethical advice.