If you’re facing financial difficulties as an individual, our personal insolvency services can help you find a solution. We can provide guidance on debt management plans, bankruptcy, and individual voluntary arrangements, so we can help you choose the best option for your financial situation. Our experts can help you take control of your debt and find a path back to financial stability.
We understand that personal financial trouble can be hugely stressful. That’s why it’s important to get advice from an expert when you begin to experience financial difficulties to help understand early on what options are available to you. There are often more options available which could leave you in a better position than you first thought.
There are a number of personal insolvency options that are available, depending on your circumstances:
Informal Arrangement’s and Debt Management Plan’s are suitable options where you have a small number of creditors you wish to pay off in full over a manageable period of time to suit your own personal circumstances. These arrangements need agreed with each individual creditor and are not binding, this means creditors may enforce their debt at any time during the arrangement.
An alternative option for individuals facing insolvency is an Individual Voluntary Arrangement (IVA). This is a formal agreement entered into between you and your creditors as an alternative to bankruptcy. Unlike bankruptcy, you have more control as you can choose the insolvency practitioner and can put forward a deal that is most appropriate to your circumstances.
A further option is Bankruptcy. Bankruptcy is an official Court process and a person is only officially bankrupt if the Court makes a Bankruptcy Order against them.
In this situation, you would be declared bankrupt by a creditor or yourself and will become subject to a number of legal restrictions. Being made bankrupt is not for everyone and can have serious implications and restrictions on the individual.
Personal insolvency can be an extremely stressful situation. Our team can help take some of the stress off your plate and help guide you through the best option for your circumstances and help you move on.
Personal insolvency refers to a situation where an individual is unable to pay their debts as they become due. It typically arises when an individual’s income and assets are not sufficient to cover their debts, and they are no longer able to make repayments on their outstanding debts.
There are two main types of personal insolvency:
1. Bankruptcy: This is a formal legal process where an individual’s assets are liquidated to pay off their debts.
2. Individual Voluntary Arrangement (IVA): This is a formal agreement between an individual and their creditors, which sets out a plan for repaying their debts over a period of time.
Personal insolvency can have serious consequences, including damage to an individual’s credit rating and restrictions on their ability to obtain credit or hold certain types of employment. It is important to seek professional advice if you are struggling with debt to understand your options and to determine the best course of action for your specific situation.
There are two main types of personal insolvency:
1. Bankruptcy: This is a formal legal process where an individual’s assets are liquidated to pay off their debts. Bankruptcy is typically initiated by the individual themselves or by one or more of their creditors. Once a bankruptcy order is made, a receiver is appointed to manage the individual’s assets and distribute the proceeds to their creditors. The bankruptcy process usually lasts for a year, after which time the individual is discharged from their debts, although certain debts may not be discharged.
2. Individual Voluntary Arrangement (IVA): This is a formal agreement between an individual and their creditors, which sets out a plan for repaying their debts over a period of time. The individual makes payments to an insolvency practitioner, who distributes the funds to their creditors according to the terms of the IVA. IVAs typically last for a period of five years, after which time any remaining debts are discharged.
Personal insolvency can have a significant impact on an individual’s credit rating. A credit rating is a measure of an individual’s creditworthiness, and it is used by lenders to assess the risk of lending money to them. The impact of personal insolvency on an individual’s credit rating can vary depending on the specific circumstances of the case, but generally, it can affect both your credit score and your credit history.
Personal insolvency is likely to have a negative impact on an individual’s credit score, which A lower credit score can make it more difficult to obtain credit in the future or may result in higher interest rates and fees.
Bankruptcy can also remain on an individual’s credit report for up to ten years, while an IVA can remain on their credit report for up to six years. This can make it more difficult for the individual to obtain credit in the future, as lenders may view them as a higher risk.
It’s important to note that while personal insolvency can have a significant impact on an individual’s credit rating, it is not necessarily permanent. With time and responsible financial behaviour, an individual can improve their credit rating and demonstrate their creditworthiness to lenders.
If you are struggling with personal insolvency, an insolvency practitioner can help you understand your options and navigate the process. Insolvency Practitioners are licensed professionals who are experienced in managing personal insolvency cases, such as our team at Exodus Insolvency. We can provide advice on the different types of personal insolvency and help you determine which option is best for your specific situation.
We can provide advice on debt consolidation and other strategies for managing your debt or help you develop a financial plan that takes into account your income, assets, and debts. We can also help you navigate the legal requirements and paperwork associated with personal insolvency.
Whether or not you will lose your house in personal insolvency proceedings depends on several factors, including the type of personal insolvency proceeding you are going through and the value of your home.
In a bankruptcy process, your assets, including your house, may be sold to pay off your creditors. However, if you have little equity in your home or it is your primary residence, you may be able to keep it.
In an IVA, you may be able to keep your home if you are able to continue making your mortgage payments. Your creditors will typically expect you to use any equity in your home to pay off your debts, but you may be able to negotiate a payment plan that allows you to keep your home.
Exodus Insolvency provided me with exceptional service during a very difficult time in my life. Their team of professionals were knowledgeable, compassionate, and understanding throughout the entire process. They helped me navigate the complex world of insolvency and made it much less daunting. I would highly recommend Exodus Insolvency to anyone who is struggling with debt and needs help getting back on track.
I cannot thank Exodus Insolvency enough for the support they provided me and my business. When I realized I was no longer able to keep up with my debts, I was afraid that my business would go bankrupt and that I would lose everything. However, Exodus Insolvency provided me with expert advice and helped me create a realistic plan to manage my debts. With their help, my business was able to survive, and I am now back on the path to financial stability.
Exodus Insolvency is a lifesaver! After struggling for years to pay off my debts, I decided to seek professional help. I am so glad that I found Exodus Insolvency. They were able to negotiate with my creditors and come up with a payment plan that worked for me. Their team was professional, friendly, and always available to answer my questions. Thanks to Exodus Insolvency, I am now debt-free and able to enjoy my life without the constant worry of financial stress.