Admitting that you are in serious financial difficultly, such as facing personal insolvency, can be really tough, but it can be better for you to seek help rather than be forced into bankruptcy as there may be alternative options to consider.
Seeking advice from an expert personal insolvency professional as early on as possible can help you to feel less anxious about the situation and move towards a resolution.
What Are My Options?
There are a number of options to discuss when you are in financial difficulties. It really does depend on your debt and whether this is secured or unsecured and how much you owe. Some of these options may include:
- Involuntary Voluntary Arrangements or IVAs – this is an agreement that we can make with your creditors where you will make regular payments to us and then we will allocate the money to the organisations you owe. The fees payable in a Voluntary Arrangement are determined by the Individual Arrangement.
- Bankruptcy – there are a three ways to become bankrupt, either you declare yourself bankrupt, your creditors make you bankrupt if you owe more than £5,000, or you break the terms of your IVA.
There are benefits and drawbacks to each of these options and it is important to take time with us to explore each of these options in detail to find the one that works best in the circumstances. After all, every situation is different and we will tailor your solution to your debt and lifestyle so you are clear about the future and what your personal insolvency means for you.
How Can Berley Help?
We understand how difficult it is to come to terms with your current circumstances, but when you come to us there will be no judgements, just practical advice about what you can do now to resolve the situation.
Whether you chose an IVA or bankruptcy, we will talk to you in detail about the process, the fees involved and any future implications of these options. We will also discuss what will happen should you not keep to any agreement you make and the consequences of this too.
Taking control of your personal finances will allow you to look to the future, come to terms with your situation and move towards a viable solution.
Contact Us Today
If you are struggling with personal debt and possible bankruptcy and you would like some advice about what your options concerning insolvency are and the potential next steps, call our insolvency team on 020 7788 8261, email us on email@example.com or complete our Free Online Enquiry and we’ll be in touch.
In cases of either corporate insolvency or personal insolvency, we can also provide representation at creditors' meetings on your behalf. On receipt of any such notice you can contact Mark West who will make the necessary arrangements.