Debt Relief Orders
A debt relief order is intended to offer a low cost and simple alternative to individuals in the UK to filing for bankruptcy
Insolvency IVA is a great way to help you manage your debts and learn how to come out of your financial mountain
Unfortunately there are times when its possible we may need the services of a bankruptcy lawyer for accrued debts.
Most debts are taken in times of extreme need and there are many solutions that can be used to get out of debt
What we Do
Individual & Corporates Accounting Services
Individual voluntary arrangement (IVA) is plan that was introduced by the insolvency act of 1986 to provide people with an alternative to being declared bankrupt
An IVA can let you enter into a repayment agreement with your creditors which is a legally binding agreement and an alternative to declaring bankruptcy
An IVA Calculator is something that is used to determine if someone is eligible for an Individual Voluntary agreement
Resources & Calculators
Useful Resources for Financial Management & Forecasting
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Debt Relief Orders
A debt relief order is intended to offer a low cost and simple alternative to individuals in the UK to filing for bankruptcy. The debt relief order was introduced by the UK Government in April of 2009. These orders are an option for individuals with little or no residual income, or individuals with no assets, who are struggling to pay their finances, and who have accumulated large amounts of debt which is preventing them from getting all their finances back into order.
A debt relief order can protect individuals from creditors which are attempting to come after their assets, it can reduce their overall debt level, and can give individuals the time to get their finances back in order. If you qualify for a debt relief order, the debts will be written off by the UK Government within one year.
For an individual to qualify for a debt relief order their unsecured liabilities (qualifying debts) cannot exceed a total of 15,000 lbs; for those that don’t qualify for a debt relief order, there are alternative debt relief options like an IVA. Additionally, for individuals who already have an IVA for debt relief, they are not subject to obtain debt relief orders from the UK Government. To qualify for debt relief orders an individual cannot be subject to any other form of formal insolvency procedures, nor can they have another procedure pending when applying for debt relief orders.
The debt relief order is an option for those who have little to no income, have very few (if any) assets, and for those individuals which creditors are harrasing for payment, and threatening to come after them. Debt relief orders cannot be obtained by individuals who own more than 3,000 lbs in asset amounts (including stocks, antiques, or jewelry). Additionally if you are a homeowner, you will likely be excluded from these orders, whether or not there is a mortgage on your home. Overall, debt relief orders are a great option for individuals struggling to make ends meet and just trying to get thier finances back in order.
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