Cloud Accountant (who are part of umbrella.co.uk – Umbrella Accountants LLP) have added a Corporate Rescue and Personal Debt Solutions arm to their current business.
Personal Debt Problems
If you are struggling managing repayments on a number of debts , live in England or Wales and have insufficient assets to repay your debts in full then an Individual Voluntary Arrangement (IVA) could help provide a debt solution.
IVA’s were introduced to help people with significant debt problems who did not want to go down the route of the more stringent process of bankruptcy. Often people are put off by theupfront cost of applying for bankruptcy or the fact that bankruptcies are advertised in your local newspaper.
In simple terms an IVA must be processed by an Insolvency Practitioner (an IP). The IP puts together a summary of your current financial situation to show your creditors that you are currently unable to repay your debts in full. The IP also puts together a proposal showing a compromise and what you can contribute over the next 5 years.