Licensed Insolvency Practitioner

Following a full and impartial assessment of your financial assessment, a licensed insolvency practitioner will be able to advise you about the different procedures available to you, in order to solve your debt problems. During this initial meeting, you must provide comprehensive details of everything you owe and of your monthly disposable income, so that the insolvency practitioner can work out which debt programme would be most suitable for you. The various options would include a debt management programme, remortgaging or debt consolidation, or in more severe cases, an individual voluntary agreement (IVA), Trust Deed (Scottish residents only), a debt relief order or bankruptcy.

A licensed insolvency practitioner would also be able to act on your behalf if you proceeded with a debt management programme, IVA or bankruptcy. The licensed insolvency practitioner acts as a liaison between you and your creditors during a debt management process, since any of these options will mean that your creditors are not able to chase you directly for funds. During an IVA process, the licensed insolvency practitioner would arrange a creditors meeting, where they would outline a proposal for paying back your debt (based on your financial circumstances). The idea is that the proposal should be more attractive to your creditors than if you were to declare yourself bankrupt. A licensed insolvency practitioner would also oversee debt management or bankruptcy proceedings. It is extremely important that you use a licensed insolvency practitioner, since the process of debt management or debt recovery is complicated. Find a licensed insolvency practitioner on the Insolvency Practitioners Association website.

Find a licensed insolvency practitioner today!

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.