At Vantis we have a dedicated team of people who understand the financial difficulties individuals face, and who have the experience to help find a solution to put these debt related problems behind them.
After obtaining details of your financial situation our specialists are able to advise on a range of options and find an appropriate debt solution for you.
Options available include:
Individual voluntary arrangement (IVA)
A formal binding agreement between you and your creditors whereby the interest on the debt is frozen, and often the creditors accept a substantially reduced sum in full and final settlement of the debt. We will assist you in formulating an agreement that will be approved by the creditors and dealing with the formalities required.
Bankruptcy
In some circumstances bankruptcy may be the most appropriate solution. The result of bankruptcy is to release the individual of their liability to repay the debt. All bankruptcy assets are controlled by the Trustee in bankruptcy, who’s duty it is to realise them and utilise the proceeds in settlement of the bankruptcy debts.
Debt Management
Debt consolidation or some sort of rescheduling of your debt may be something you have considered. In some cases, where the debt is relatively modest, this may be the best option. However, a debt management scheme is not legally binding on the creditors, who may be able to change their minds. Furthermore, unlike IVA’s or bankruptcy, debt management schemes are not supervised by regulated professionals, so there may be little recourse if things go wrong.
Should you require any further information on any of the above please contact us.
Call Julie Kinnison on 01903 222507 or email using the online form.