Individual
Personal Insolvency Tools
If you are facing bankruptcy (losing control of your assets) or you are looking for an alternative way to deal with your debts, we will advise on the various options available and the best course to take.
What is personal insolvency support?
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a type of debt solution that’s offered to individuals who have been having trouble repaying debts for a long time. Here’s how an IVA works: you agree to pay a set sum each month over the course of a agreed timeframe – normally between 3-5 years. Once the term of your repayment term is over, your debt will be paid off, even if you haven’t repaid the full amount.
An IVA will only cover unsecured debts. Things like your mortgage or car loan won’t be included. Here’s what an IVA can include:
- Rent arrears.
- Overdrawn bank accounts.
- Credit cards and store cards.
- Unsecured personal loans.
- Unpaid medical, legal and accounting fees.
Bankruptcy
Deciding whether personal bankruptcy is the right course of action can be tricky. It’s important to explore your options beforehand by talking to a qualified debt counsellor, like the ones you’ll find at Maxwell Davies. We’ll be able to offer impartial and confidential advice about your current financial situation, and take you through the steps you’ll need to take to pursue individual bankruptcy.
Please do get in touch
You don’t know what we can do until you ask.
If you or your business is facing financial problems, then please do not put it off. Please contact us so you can take your first step towards resolving your situation.
Seeking advice early on really can help to find the best resolution and whatever happens we will be beside you, helping you through the process.