Financial difficulties can hit suddenly and for all sorts of reasons. Individuals may find themselves having lost their job, or simply struggling with the cost of living. Companies may fall victim to changing economic trends, or be hurt by a major supplier or customer's own difficulties.
Whatever the situation, individuals and company directors alike can feel like there's no way out, that no-one shares their problems and that the situation has become unsolvable before they even realised anything was wrong.At Simmonds & Company we assist people all the time to resolve debt problems, people who've lost all hope of recovery, and they're often relieved to discover what solutions are available to them.
Whatever the situation, individuals and company directors alike can feel like there's no way out, that no-one shares their problems and that the situation has become unsolvable before they even realised anything was wrong.At Simmonds & Company we assist people all the time to resolve debt problems, people who've lost all hope of recovery, and they're often relieved to discover what solutions are available to them.
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Not all debts need to be dealt with by a formal arrangement.
In certain cases, arrangements can be made with creditors which will enable a company or individual to continue to trade and/or regularise their financial responsibilities without the need to enter into formal arrangement As Insolvency Practitioners we can, with your consent, correspond with your creditors and put forward for their consideration a payment plan or settlement of your debts thereby avoiding formal insolvency proceedings.
In certain cases, arrangements can be made with creditors which will enable a company or individual to continue to trade and/or regularise their financial responsibilities without the need to enter into formal arrangement As Insolvency Practitioners we can, with your consent, correspond with your creditors and put forward for their consideration a payment plan or settlement of your debts thereby avoiding formal insolvency proceedings.
If an individual has a substantial amount of debt that they are unable to repay, typically more than 5,000. One of their creditors may petition the court to make that individual bankrupt. Bankruptcy is a process, typically lasting 12 months, in which a debtor's assets are distributed pro rata to their creditors by an Insolvency Practitioner or the Official Receiver.
If you are an individual struggling to repay a substantial amount of personal debt, you may be able to relieve some of the pressure by entering into an Individual Voluntary Arrangement (IVA).
This is a legally binding agreement between a debtor and their creditors, typically lasting 3 to 5 years, in which the debtor will pay back only what they can realistically afford each month, taking into account their income, living costs and essential expenses, and in return their creditors agree to freeze the interest on the debts and write off any amount still outstanding after the Arrangement has concluded.
This is a legally binding agreement between a debtor and their creditors, typically lasting 3 to 5 years, in which the debtor will pay back only what they can realistically afford each month, taking into account their income, living costs and essential expenses, and in return their creditors agree to freeze the interest on the debts and write off any amount still outstanding after the Arrangement has concluded.
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