When your finances are in a bad way, the importance of getting good advice is impossible to overstate. If bankruptcy is a threat, or if you’re looking to use such measures as Individual Voluntary Arrangements, then you’ll be looking to use the services of an Insolvency Practitioner or IP.
IPs are required to be licensed in order to practise in the UK. This means that anyone working as an IP legally has proven their knowledge and professionalism with regard to acting in matters of insolvency and bankruptcy.
The practise is regulated and monitored by the Insolvency Practitioners’ Association, who also dictate the standards and practices that are maintained within the discipline as a whole.
One of the roles that the IPA fulfils is licensing IPs to carry out their duties. IPs who are members of the IPA can therefore be assumed to perform their duties to a high level of professionalism.
As well as being the only people who can carry out certain legal processes relating to insolvency and bankruptcy, Insolvency Practitioners are also the best people to advise you if you’re in this type of situation.
If your finances are out of control, the decisions you make are hugely important, and the value of getting sound, trustworthy advice is immeasurable. In short, you can trust the advice that a licensed IP will give you, as it is their primary responsibility to ensure that you are given whatever protection the law affords you in difficult financial circumstances.
When you consult an IP, the first thing they will do is attempt to get a sound overall picture of your finances. They will then be able to inform you of your options, explaining the consequences of each, and advise you as to which of these are most likely to help your long term situation.
IPs may suggest measures such as IVAs, which can help people to get on top of debts that have become unmanageable while avoiding bankruptcy. If you do use an IVA, your IP will also be responsible for administering and monitoring it, and will handle any necessary negotiations with your creditors on your behalf.
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