{"id":3529,"date":"2014-01-22T12:00:17","date_gmt":"2014-01-22T12:00:17","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3529"},"modified":"2020-10-20T15:44:26","modified_gmt":"2020-10-20T14:44:26","slug":"insolvency-practitioner-2","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/insolvency-practitioner-2\/","title":{"rendered":"What is an Insolvency Practitioner?"},"content":{"rendered":"\n<p>An <strong>IP<\/strong>, or an <strong>Insolvency Practitioner<\/strong>,\n is a professional who specialises in the field of Insolvency. All IPs \nin the UK are required to be licensed, and to conform to a set of \nprofessional standards. The practise is regulated by the Insolvency \nPractitioners Association, who also set out the required standards.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Most IPs come from some other professional background, such as law or\n accounting, before specialising in insolvency matters. Many of the \nprocesses involved in insolvency are carried out within rigorous legal \nframeworks, and can only be processed by those professionals licensed \nwith this specialty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Debt Advice<\/h2>\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\/03\/Fotolia_253299206_XS.jpg\" alt=\"Insolvency Practitioner\" class=\"wp-image-3534\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_253299206_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_253299206_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure>\n\n\n\n<p>As well as having the ability to carry out certain professional and \nlegal duties, IPs are also able to give excellent debt advice to people \nwith serious financial difficulties. If you find yourself in a position \nwhere you are no longer in control of your finances and cannot meet your\n financial commitments, an IP can advise you as to what your options \nare.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Other Choices<\/h2>\n\n\n\n<p>Many people assume that if they can\u2019t meet their debt payments that \nthe consequence will necessarily be bankruptcy, but this is often not \nthe case. There are a number of other avenues you can explore before \nreaching that point, and an IP can help you to navigate these confusing \noptions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Overview<\/h2>\n\n\n\n<p>An IP will take into account your overall situation, from your income\n and outgoings, through to your assets, and of course your debts. \nBearing in mind all of these factors, an IP will give you an overview of\n what options you have, and in many cases will be able to help you to \ntake these forward.<\/p>\n\n\n\n<p>Your IP may suggest a number of different things to sort out your \nfinances, for example the sale of assets, many of which may give you the\n breathing space you need to get back on track.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IVA<\/h2>\n\n\n\n<p>One of the options that you may end up exploring is an Individual \nVoluntary Arrangement. Whether or not this is right for you will depend \non the circumstances of your own case, and an IP will help you to make \nthis type of decision.<\/p>\n\n\n\n<p>If you do end up going down the route of an IVA, your IP will assist \nyou in working out a proposal and will then present this to your \ncreditors through the legal system. In many circumstances, an IVA can \nhelp people who feel they have fewer and fewer options to get their \nfinances back under control, and avoid bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An IP, or an Insolvency Practitioner, is a professional who specialises in the field of Insolvency. <\/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-3529","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\/3529","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=3529"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3529\/revisions"}],"predecessor-version":[{"id":3535,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3529\/revisions\/3535"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}