Support for individuals

Reassuring help through insolvency or financial difficulty

Practical advice and solutions

If you’re suffering under the emotional burden of financial difficulty, don’t wait until your situation becomes desperate.

Our experts are here to help; from the moment you think you might be in trouble. There’s no need to face the possibility of county court judgements, bailiffs, repossession or bankruptcy alone.

Ignoring the debt is never a good idea, so we’re here to encourage you to take positive action. That’s why we offer a full review of your financial circumstances to advice on the most practical and realistic way forward to deal with pay your debts.

Here’s where we can help:

  • Negotiated settlement

In the right circumstances, it might be possible to negotiate a lump sum payment to your creditors to avoid bankruptcy.

Creditors might be prepared to accept a final settlement that’s less than the total amount you owe. If creditors accept your offer, they agree to write off the balance of your debt.

After the settlement, creditors will stop calling and writing to you. But remember, negotiations can take some time, and creditors might continue legal action, as there is no legal protection.

  • Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) involves you making a proposal to creditors in order to satisfy your debts, and avoid bankruptcy.

IVAs are an extremely flexible insolvency tool. For example, they may involve you making monthly contributions for a set period or selling assets in order to fund payments to creditors. Your creditors have a vote on the terms of the procedure before it begins but, once approved, it is a legally binding agreement between you and your creditors.

Our insolvency practitioners can work with you, initially acting as a ‘nominee’ (prior to the IVA’s approval) and then ‘supervisor’ (after approval). As a nominee, the insolvency practitioner will assist with the drafting of the proposal to be put to creditors and ensure it meets the legal requirements. You’ll have to give details about your assets, debts, income and creditors. As a ‘supervisor’ they will check whether the terms of the IVA are being met. At the end of the arrangement, the balance of your debts is written-off by your creditors.

  • Bankruptcy

If you can’t reach an agreement with your creditors, bankruptcy can free you from overwhelming debts.

But remember, any assets you have may be sold and the proceeds shared among your creditors. Bankruptcy normally lasts 12 months – after that you can make a fresh start.

You give the Official Receiver details of your financial affairs, you’ll usually have to close your bank account and you won’t be able to get credit over £500 without disclosing your bankruptcy. The bankruptcy order is registered with credit reference agencies for at least six years, and you can’t be a company director or hold public office. But our specialists can help soften the blow, if bankruptcy is the only option.



Our insolvency practitioners operate through Price Bailey LLP. For information about our regulatory status see

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Insolvency and recovery services