If you’re in serious financial difficulty it’s impossible to overstate the importance of getting good advice. This is particularly the case if your situation is moving towards insolvency or bankruptcy.
Apart from the fact that handling these issues requires the skills of professionals who specialise in them, it’s also the case that an expert can give you a good overview of what your choices are, helping you to take decisions that are in your best interests in the longer term.
A licensed Insolvency Practitioner can not only handle the legal aspects of insolvency, but can also give you balanced advice as to what the best of your available choices is. When you consult an IP, the first thing they will need to do is carry out a thorough examination of your current financial state. This will involve assessing your income, outgoings, debts and assets.
Once your IP has an overall picture of your case, they will be able to outline the choices that you face. In many cases you will find that you have more options than you had at first thought, particularly if you have any assets. As well as outlining the possibilities, an IP can help you to be sure you fully understand the consequences of any choice that you may make, both now and for later on.
For people who simply can no longer meet their debt payments, there are a number of things an IP may suggest. Bankruptcy is only one of the possible outcomes in these cases, and there are many avenues you can explore that can help you to avoid this.
For example, you can attempt to reach alternative agreements with your creditors in order that you may still manage to make the required payments. Naturally these things involve negotiation with the creditors, and there are ways in which you can get help in doing this. Debt mediation services are hugely helpful to people in these positions.
Another possible course of action that your IP may suggest, is using an Individual Voluntary Arrangement. This is basically a formal measure to settle your existing debts, and stop them from getting further out of control.
IVAs work by drawing up an agreement through which you will pay at least a portion of the debts you owe, but normally not the full amount. Your IP will present the proposal to the creditors and can mediate between you throughout the process, making sure your interests are protected. If the IVA is accepted, it prevents your creditors from taking action against you or increasing the amount owed/ charged etc.
Whatever your situation, finding yourself with unmanageable debts can be extremely stressful, and trying to navigate the seemingly endless offers to solve your problems doesn’t help. The best first step you can take in getting things under control is to get the right advice. A licensed professional will represent your interests and make sure you get the chance to take the best measures to preserve your financial health and future.
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