Debt Consultancy Solicitors

If you’re in financial difficulty, our specialist lawyers can advise on how to manage your debt and negotiate agreements with your creditors.

We understand how stressful it can be to deal with debt, particularly if you have received County Court Judgements, Statutory Demands or Bankruptcy Orders. Our lawyers can guide you through your financial problems and defend you against legal action.

We can help if:

You have cash flow problems
You can’t pay your debts when they’re due
Creditors or the Inland Revenue are making claims against you
A creditor has issued a Bankruptcy Petition issued against you
Someone in your family is in debt and your assets are at risk.

Our solicitors can negotiate repayments between you and your creditors, either through informal agreements or more formal measures like Individual Voluntary Arrangements (IVAs).

If necessary, we can also help you through the bankruptcy process. We’ll always advise you on the best course of action for your personal situation.

Our solicitors have a vast amount of experience with all aspects of debt and insolvency. Our close contacts with insolvency practitioners, creditors and other industry professionals mean that we can resolve your debt issues quickly, effectively, and confidentially.

Payment options to suit your needs and circumstances

Extensive experience in advising and acting for creditors and debtors

Offices in 15 locations across the country

Professional and confidential service

For general enquiries

0370 1500 100

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Phone lines are open 24/7, 365 days a year

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Irwin Mitchell are a very professional, trustworthy and straightforward company to deal with. I would recommend them to anyone."

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Frequently Asked Questions

What Is An Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is an agreement that you make with your creditors to pay back all or part of your debts.

To make an IVA, you must work with an insolvency practitioner and give them details about your assets, income, debts, and creditors. They will work out what you can afford to repay and how long repayments will take.

The insolvency practitioner will propose these repayments to your creditors. If the creditors holding 75% of your debt agree, the IVA will start. You make payments to the insolvency practitioner, who divides the money between your creditors.

You will have to pay fees to the insolvency practitioner, but the IVA prevents your creditors from filing a bankruptcy order or taking court action against you. However, the insolvency practitioner can cancel the IVA or even make you bankrupt themselves if you fail to keep up with the agreed repayments.

What Is A Statutory Demand?

A statutory demand is the first step in the process for a creditor to make you bankrupt.

Statutory demands give you 21 days to repay a debt. If you don’t respond.

The creditor can apply to court to make you bankrupt. Approximately eight weeks later, the court will decide whether or not to issue a Bankruptcy Order, which will make you bankrupt.

You do have the right to dispute a Statutory Demand but it’s important to act quickly to avoid being made bankrupt – contact us today to find out more about how we can help dispute a Statutory Demand.

What Is Bankruptcy?

Bankruptcy is a declaration that you can’t reasonably pay back all of your debt. You can declare bankruptcy voluntarily or you can be forced to do it by a creditor if you have missed repayments too long.

Once you are bankrupt, a Trustee takes over responsibility for your assets and money. They’ll sell your assets – and potentially your home - to pay back your debts. If you own a business, it will probably be liquidated, its assets sold off, and your staff laid off.

They’ll also decide how much of your income will go towards your monthly debt repayments. You’ll be able to keep a portion of your income to pay for necessities such as housing and food.

Bankruptcy usually lasts a year, after which you will no longer be liable for your pre-bankruptcy debts. It can last longer if you don’t cooperate with your Trustee. Bankruptcy will stay on your credit report for up to six years, making it hard for you to borrow money again in the future.

Bankruptcy is a serious form of insolvency but can sometimes be the best option for resolving your debt problems.

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Debt Consultancy Solicitors

For general enquiries

Debt Consultancy - More Information

What Is Insolvency?

How Does Insolvency Work?

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