Write off up to 81% of debt and avoid becoming bankrupt

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How much debt do you have?

Roughly how much unsecured debts do you currently have?

What Is Bankruptcy?

If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts.

As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000.

Our partner company’s assessment team will discuss with you the bankruptcy process and how it will affect you.

Steps to Bankruptcy

  • You will need to complete an online application via The Insolvency Service website at www.gov.uk. The application includes details of your assets, debts and income and expenditure.
  • You will be required to pay a fee of £680 before your application is processed. This can be paid in instalments.
  • Your bankruptcy application will be considered by an adjudicator who will if appropriate make the bankruptcy order. Shortly after the order is made, you will receive a copy of it. You may be interviewed about your situation by the Official Receiver (“The OR”).
  • You are usually discharged from bankruptcy within 1 year. The Official Receiver will be looking to see if you have any assets in Bankruptcy, for example a property, that can be sold to raise money towards paying your creditors. If you have a monthly disposable income, after considering your essential living costs for you and your family, you could be required to make payments under an Income Payments Agreement/Order, which will last for 3 years.
  • Depending upon the circumstances, an outside Trustee may be appointed. This will be an Insolvency Practitioner.

Key Facts of going Bankrupt

if your income is high enough, you’ll be asked to make payments towards your debts for 3 years (If your income is made up solely of benefits, you do not need to make payments)

Your credit rating will be affected for 6 years and during the term of bankruptcy you may not obtain credit of more than £500.

Learn more to see if bankruptcy is the right solution for you.

If you own your home and there is equity available, it might have to be sold (but you may be able to apply to your local authority for re-housing)

At the end of the bankruptcy term, any unsecured debts are written off.

Interest and charges are frozen and legal action must stop

Debt solutions available

Answer a few questions and see what solutions are available.

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or call us on 01625 801007

Other Potential Debt Solutions

Designed to put you back on track

IVA

Help if your debts are over £5,000. An IVA can help clear up to 81% of unaffordable debts

More info

Debt Management

Help if you have debts of £2,000 or more. Reduce monthly payments

More info

Bankruptcy

Help if you have little or no disposable income

This page

Debt Relief Order

For those with little spare income and low value assets

More info

Money Helper is an important service set up by the Government. They provide free debt counseling, debt adjustment and credit information.

About

We specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.

Accreditations

Sarah North is authorised in the UK to act as Insolvency Practitioner by the Insolvency Practitioners Association

Company

Registered Address: Sandfold House, Sandfold Lane, Levenshulme, M19 3BJ. Tel: 01625 801007.

Information

We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.

We are a fully licensed and regulated insolvency practice specialising in the provision of Individual Voluntary Arrangements (IVA’s). In 2020 we helped over 500 people successfully enter an IVA and supported a further 2,700 people by referring them to a fee free or charitable debt advice service provider.

*The amount of debt write off is based on your own personal circumstances.
As of 28th September 2021, 37% of customers are estimated to write off 81% or more of unsecured debts included in the IVA.

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