If you are at the point where you realise that you need assistance because your company debt is at a level that you need assistance then we can help.
There are only 4 options to consider:
1. Do Nothing- Wait and see what happens and remain in survival mode until the outcome
2. Bankruptcy- We always suggest that bankruptcy is considered first as an option opposed to last. The reason is because if you have no assets, live in rented accommodation or own property where there is minimal equity, the bankruptcy is possibly the fastest way of eliminating unmanageable debts. It provides a fresh start t your financial life. We provide a pre bankruptcy counselling service.
3. Individual Voluntary Arrangement or Company Voluntary arrangement- This can be arranged 2 ways. Either an income based voluntary arrangement or an asset based IVA. The essence of these arrangements is to allow you to make a legal agreement with your creditors whereby you make an offer to your creditors. ( the people and organisations you owe money to) and make them an offer . Providing 75% of the total amount of debt agree to the proposal then the other 25% would have to go with the arrangement.
4. Informal agreement with creditors made on a one to one basis that resembles a commercial debt solutions plan.
Don’t be fooled by so called professionals enticing people into certain arrangements. It does happen and if you are unsure about what to do then please don’t rush into just anything because its easy! Remember it takes 5 minutes to sign up and commit to these agreements but its a lot harder to cancel them.