Licensed Insolvency Practitioners

Insolvency practitioners are specially qualified individuals who are licensed to advice individuals or companies about the steps to take if they have serious debt troubles. They are also qualified to represent their clients, individuals or companies, in a legally binding debt management arrangement if this is required. In addition to needing a license, insolvency practitioners are also required to have professional indemnity insurance, and insurance that is specifically relating to the individual cases that they take on.

Before employing an insolvency practitioner, you should ensure that they are fully licensed to advise you. You will find a register of all the licensed insolvency practitioners in your area on the Insolvency Practitioners Association website. Licensed insolvency practitioners are expected to advise you in an independent and impartial capacity, acting in your best interests and according to the money that you have available. They can communicate with your creditors to negotiate more favourable terms for you if your current interest payments and charges are preventing you from getting out of your debt, and can also give you advice about the best ways of remaining debt-free in the future.

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How can a licensed insolvency practitioner help you?

• It's important that you employ a licensed insolvency practitioner, as only someone will the full qualifications and accreditations would be able to fully advise you as to your options.  You can find this out on the Insolvency Practitioners Association website.  Acting as an Insolvency Practitioner without the appropriate regulation is an offence.
• If you are being hounded by your creditors, an insolvency practitioner could provide you with some welcome breathing space by taking on the management of your debts.  You would pay back as much as you could afford each month, and the licensed insolvency practitioner would distribute the money among your creditors.
• A licensed insolvency practitioner would take on a number of roles during the process of, for example, an individual voluntary agreement (IVA).  They would advise you about the process, liaise with your creditors and organise a meeting to outline the payment proposal they had drawn up, and supervise you throughout the agreement to ensure that you were able to meet the agreed conditions.