Personal Solutions

If you are an Individual with debt problems then you are not alone. We can help you with a variety of debt solutions including an Individual Voluntary Arrangement(IVA) and Bankruptcy.

Individual Voluntary Arrangement (IVA)

In England and Wales, an individual voluntary arrangement (IVA) is a formal alternative for individuals wishing to avoid bankruptcy.

This is a formal proposal to an individual’s creditors to pay all or part of the debt over a specified period of time either by a one-off payment or a series of payments. The proposals are considered at a meeting of creditors and it is up to the creditors to modify, approve or otherwise. The scheme is then supervised by an insolvency practitioner.

Bankruptcy

An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition.

In the event that an individual does not wish to propose an IVA, or a creditor is pursuing a valid debt which the individual can not repay, then bankruptcy is an option. Current legislation allows the bankrupt to continue a modest lifestyle with any significant assets being realised for the benefit of creditors. Virtually all debts of the individual would be dealt with by the Trustee in bankruptcy. In normal circumstances the individual would be bankrupt for a period of 12 months.

Partnership Voluntary Arrangement (PVA)

A PVA is formal arrangement between creditors and the partnership, allowing a proportion of debt to be paid back over time.

Similar to a CVA however the partners may propose interlocking voluntary arrangements with each partner making proposals for their own debts and the debts of the partnership. Alternatively the partnership may propose a PVA usually accompanied by voluntary arrangements for each partner.

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