Your assets

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Your Assets

Many people currently struggling with debt have found themselves in this situation through no fault of their own. The recession has brought about reduction in incomes, redundancy and for many this has impacted on their financial situation almost overnight.

Many people have worked hard over the years to build themselves a secure future and have accumulated savings, pension funds etc. as part of that future planning. When you are struggling with debt all of this can be placed at risk and it is important therefore that you look for ways to preserve as much of this as possible whilst also dealing with the issue of your unsecured debt.

Creditors who are not being paid can take enforcement action against your assets and/or take bankruptcy proceedings against you and this is placing your assets at risk. An IVA will need to deal with those assets but, subject to creditor agreement, this can involve certain assets being excluded thereby preserving some of that future planning.

Assets that are required to meet the basic domestic needs for your family - and your children’s toys/electrical goods etc. – are not normally at risk but certain bailiff’s have been known to uplift items that they deem to be non-essential and/or of value. An IVA would absolutely exclude these items!

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