We understand how stressful it is if you are trying to cope with serious debt problems.
Rather than just waiting for the worst to happen, our specialists can provide clear practical advice either over the phone or face to face.
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Protection from creditors – Individual Voluntary Arrangements
An IVA is an alternative to bankruptcy. It is a legally binding agreement and generally lasts for five years to clear debts, either in full or in part and is binding on all your creditors.
To qualify, you will usually need to agree to the sale of an asset, or be able to contribute from your income.
Sometimes it is a combination of the two. If you'd like an IVA proposal you will first need to appoint a licensed insolvency practitioner and they will do the necessary to get approval by creditors.
If you would like advice on your personal financial situation, our experts at REVIVAL will be pleased to help you.
View the REVIVAL website:
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| Bankruptcy
Bankruptcy is a formal insolvency procedure if you are unable to pay your debts. Your assets may be sold to pay your creditors as much as possible. This does not include equipment needed for your business, basic domestic equipment (cloths, bedding, furniture etc.) and certain pension rights. Bankruptcy places a number of restrictions on you and it will affect your credit rating.
If you would like advice on your personal financial situation, our experts at REVIVAL will be pleased to help you.
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