Personal

Clients, Bankruptcy and IVA's

Personal clients may have financial difficulty, advising them may be harder than advising a corporate client in these circumstances. As well as offering debt consolidation and management solutions, LC can also offer an alternative to personal bankruptcy through an Individual Voluntary Arrangement.

Individual Voluntary Arrangement (IVA)

An IVA allows the individual to avoid bankruptcy and meets creditors' requirements through regular payments and a final recovery of a percentage of the total sum owed

An IVA allows a person to make an agreement to settle their debt within a reasonable and fixed period of time (usually about 60 months). Once they start an IVA, any interest or debt charges are frozen and the companies you owe money to will be stopped from demanding any additional payment.

But with so many companies purporting to offer debt advice it’s difficult to decide exactly who to make contact with. You’ll probably have read all the bad debt advice horror stories out there and want to ensure that you get sensible, quality advice.

Leonard Curtis’s arm for IVA’s is Simple Debt Solutions who been around for many years and are staffed by some of the most experienced debt advice consultants in the UK. They are not one of the many debt and IVA companies who’ve just recently set up in business to take advantage of the credit crunch.

Bankruptcy

An IVA is not for everyone, some prefer the formal proceedings of a Bankruptcy order, in many circumstances an individual can be discharged from the order after just 12 months.

Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and make sure your assets are shared out fairly among your creditors. Anyone can go bankrupt, including individual members of a partnership.

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