Personal & Sole or Partnership Trader Debt
Personal & Sole or Partnership Trader Debt
We understand the financial struggles faced by individuals & sole traders. If you are a sole trader & get into financial difficulties, it is likely that it will impact both your business & personal finances as you are legally one entity.
We have particular strengths in helping directors with personal guarantees, sole or partnership traders & individuals who are asset rich - cash poor. We offer bespoke advice for your circumstance, one size does not fit all.
With our expert knowledge we can build you a solution which can help you become debt free within 5 years, protect your assets such as your home & affordable monthly payments.
To find out how we can help you with your financial difficulties, get in touch with Harveys today, we are always on hand to offer help, support & guidance.
Individual Voluntary Arrangement (IVA)
An IVA is formal agreement a person makes with their creditors as a whole to settle the sums due in whole or in part. It is endorsed by the Court & stops your creditors from taking further individual action against you.
To consider this, you need to have your financial position assessed by us. If an IVA is suitable, you will instruct us & we will send your creditors a "proposal" for the IVA which will state all your assets & liabilities, how you will be paying your creditors back, how long the repayment will take & how much creditors will be paid. Your creditors can agree this, modify & agree, or reject it. If agreed you will be legally bound by the IVA & its terms.
Live IVAs are registered with the Insolvency Services & remain on record until concluded..
An IVA should be something you consider before other more extreme measures such as declaring Bankruptcy or a Debt Relief Order. An IVA is a platform to getting your finances back on track & our Insolvency Practitioner (IP) can, through their extensive experience, identify if an IVA is right for you.
Call us to find out how Harveys can help your resolve your personal financial issues with an IVA.
Bankruptcy
A Bankruptcy Order is made in court usually on the petition of someone who is owed money by you or you can petition yourself. The restrictions of Bankruptcy last a minimum of 12 months, but can be extended, this generally occurs where a Bankrupt fails to co operate with the Official Receiver
(OR) or Trustee.
All Bankrupts complete a questionnaire & are interviewed by the OR's office either by phone or meeting. It is the OR's job to establish the reason for bankruptcy & is the Bankrupt able to account for the loss. If the OR establishes wrong doing during their enquiries they can conduct further investigations which in some cases can lead to prosecution. A Trustee in Bankruptcy is appointed to sell your assets & pay your creditors. This person can be the OR & is sometimes an IP, like us. Harveys manage cases where our IP is the Trustee.
For most, Bankruptcy ends on the one year anniversary of its start, but it does not mean that the OR or Trustee has finished their work & where you have assets to be sold, sometimes it can take a while for the Trustee to gain legal control & their sale. Do not mistake this for assets reverting to you.
Our IP acts in many cases as a Trustee in Bankruptcy. Trustees are appointed by the Secretary of State or the creditors in the estate.
Debt Relief Orders (DRO)
If you owe less than £20,000, have assets of less than £1,000, have surplus income of less than £50 per month & can afford to pay a £90 one off fee, a DRO may be the solution for you. Whilst this has the same impact on your credit rating as Bankruptcy, it is an effective & less invasive process to resolve your financial problems.
We do not provide this service but, to find out more, please follow the link to
https://www.gov.uk/options-for-paying-off-your-debts/debt-relief-orders
