{"id":12594,"date":"2011-12-09T12:32:59","date_gmt":"2011-12-09T12:32:59","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=12594"},"modified":"2019-12-10T14:26:32","modified_gmt":"2019-12-10T14:26:32","slug":"insolvency-practitioner-help","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/insolvency-practitioner-help\/","title":{"rendered":"Insolvency Practitioner Help"},"content":{"rendered":"\n<p>If your situation has gotten to the point where you need the advice \nof an Insolvency Practitioner, it\u2019s vital that you get the information \nyou need. A good IP will ensure that you understand your choices, as well as their possible consequences.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Overview<\/h2>\n\n\n\n<p>The first thing an IP will probably want to do is take a good look at\n your finances, and work out what choices you are going to have. In \norder to do this they will need access to your income, outgoings, assets\n and a list of all of your debts. You will need to make sure you give \nthem all of the information they need, so that they can advise you \neffectively, and so that any processes they initiate are going to be \neffective.<\/p>\n\n\n\n<p>Depending on your situation, an IP may propose a number of things, \nparticularly if you have assets such as property. One of the things that\n they may propose is using an Individual Voluntary Arrangement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IVAs<\/h2>\n\n\n\n<p>If your IP does suggest that you use an IVA, this will involve them \ndrawing up a proposal for you. The proposal will include you offering to\n pay a certain amount of your borrowing back to your creditors over \ntime. Sometimes IVAs will also involve such methods as releasing equity \nfrom your home in order to pay your creditors back at least some of what\n you owe them.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_253299206_XS.jpg\" alt=\"Insovency Proposal\" class=\"wp-image-12599\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_253299206_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_253299206_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure>\n\n\n\n<p>It\u2019s vital that you understand the consequences of the proposal \nthat\u2019s being put forward, and you should take the time to ask your IP \nabout any aspect of it that you do not find clear. It is sometimes also \nthe case that, should your circumstances change during the IVA, your IP \nmay suggest making changes to your payment terms. Again, make sure that \nthey talk the possibility of this through with you before going ahead \nwith anything.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Decisions<\/h2>\n\n\n\n<p>If you have debts that you can\u2019t keep on top of, the chances are you \nwill have to make some difficult decisions. When the stress of debt is \ngetting to you it can be tempting to act quickly and make rash \ndecisions. In this situation it\u2019s best to try and take your time to make\n sure you do not commit to anything you may later regret. It\u2019s also well\n worth getting the best of your IP\u2019s experience and expertise, and \ntaking the time to discuss things fully with them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A good Insolvency Practitioner will ensure that you understand your choices, as well as their possible consequences.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-12594","post","type-post","status-publish","format-standard","hentry","category-general-debt-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=12594"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12594\/revisions"}],"predecessor-version":[{"id":12600,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12594\/revisions\/12600"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=12594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=12594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=12594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}