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Choosing the Right Insolvency Practitioner

If you’re going down the route of bankruptcy, insolvency or are considering measures such as an IVA, you’ll need the services of an Insolvency Practitioner. IPs in the UK must be licensed to act in matters of insolvency, and the discipline is regulated by the Insolvency Practitioners’ Association.

Professional

IPs are often professionals who are originally from legal and accounting backgrounds, but today many people train to go into the profession straight away. IPs are the only people licensed to carry out certain procedures within UK law, and are therefore required to fulfil rigorous requirements in terms of standards and professionalism.

Insolvency Practitioner

Financial Advice

As well as having the technical and legal ability to carry these matters out, IPs are also in a position to give individuals and companies trustworthy advice about their finances. If you’re no longer able to meet your debt payments, an IP is best placed to help you work out how to handle the situation.

Navigating financial matters is never easy, and when you’re facing unmanageable debt the importance of making the right choices is even greater. For this reason it’s imperative that an IP gives you sound advice that will really help your situation in the long term.

Insolvency Practitioners Association

The  Insolvency Practitioners Association or IPA is the main membership body for IPs, and also influences the standards and practices for the profession as a whole. IPs who are members of the IPA are therefore required to demonstrate a high standard in their profession. For this reason it’s always advisable to try to use an IP who is indeed a member of the IPA. This way you have a level of security that the person advising you is going to have the expertise and judgement to give you the best advice possible.

Guidance

When you end up in a situation where there is a possibility that you may become bankrupt, there are often a lot of difficult choices to make. Again, the value of having the guidance of a good IP is enormous in these situations. When your debt troubles have landed you in a position where you’re having to consider your assets, for example, it really helps to have someone available who can explain the consequences of any decisions you take.

Often, when people are struggling with mounting debt, it can seem like there are no avenues left to explore, but with the help of a good IP, you may find things aren’t hopeless after all.

To explore any of the above please contact us at National Debt Relief.

National Debt Relief belongs to a firm of leading chartered accountants who are one of the largest insolvency practices in the UK. We offer a complete portfolio of personal insolvency services in relation to IVA, Debt Management Plan and Bankruptcy. All our debt advice is confidential and with no obligation.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.

MoneyHelper

If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper