If you are in the position of being unable to keep up with your financial commitments and are facing insolvency or bankruptcy, you may need to go through certain legal processes. Insolvency Practitioners are the only professionals who are licensed to carry out certain legal activities within the UK. If your case involves these processes then you will indeed need to use the services of an IP.
Insolvency Practitioners specialise in all matters relating to insolvency, for individuals and businesses who cannot keep up with their debts. There are a few options for people in these situations, but it can be difficult to figure out which is best for you. An IP can advise you as to what your best options are as well as carrying out the legal and administrative processes involved.
When you see an IP, they will need access to information about your situation. This will include details of all of your debts, as well as your income and assets if applicable. This will allow them not only to advise you how best to move forward, but also make sure any measures that they implement on your behalf are going to be effective.
An IP can help you to use the law to best protect yourself, something that is really invaluable if you’re being pursued by lenders. Some of the measures that IPs can help you to use, such as Individual Voluntary Arrangements, afford you a basic level of legal protection from your creditors actions.
The fact that you need an Insolvency Practitioner in certain situations is mainly to protect your interests. As well as helping you to get your debts in hand, an IP is able to mediate between you and your creditors, and is obliged to protect your interests.
For example, if you propose an IVA, and your creditors accept it, they are prevented from being able to take further legal action against you regarding the relevant debts. This gives you the ability to really work toward being free from the debts that you may currently feel are out-with your control.
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