Why an Insolvency Practitioner is Vital
There are many different ways to deal with problem debts. Debt management plans, bankruptcy and IVAs are all possibilities. The method that’s right for you will depend on your own circumstances and the amount you owe to your creditors; there’s no one-size-fits-all solution.
For many clients, IVAs offer the best balance: a chance to repay as much debt as possible without being trapped in an endless spiral of interest and fees. But there are other reasons to choose IVAs.
For one thing, an IVA is legally binding on all sides, so your creditors have to stop asking you for money once they have accepted its terms. IVAs also offer a unique opportunity to reduce the amount you owe whilst freezing interest and also ensuring you make a reasonable effort to repay what you can afford to.
An IVA also has to be overseen by an Insolvency Practitioner – an individual who is qualified and licenced to administer IVAs.
What Will My Insolvency Practitioner Do?
The Insolvency Practitioner’s job is to act as an interface between you and your creditors. In the process of setting up your IVA, they’ll negotiate a deal that’s acceptable to everyone if at all possible.
As well as overseeing IVAs, your Insolvency Practitioner is also able to help individuals and business owners with other types of debts. For example, they may assist people with bankruptcy, liquidations and deal with companies that have gone into administration.
How is an Insolvency Practitioner Different to a Debt Adviser?
Insolvency Practitioners must pass a series of exams to trade, and they must also obtain a licence. Some will have a background in accountancy, but it’s not necessary for an Insolvency Practitioner to trade as an accountant first.
Why is an Insolvency Practitioner the Best Person to Help?
- Your Insolvency Practitioner is licenced to do the job they do. They are the experts in insolvency.
- The Insolvency Practitioner you work with must consider the best interests of you and your creditors to come up with a fair repayment plan.
- Insolvency Practitioners will always give sound financial advice – this in itself can be extremely useful when you are dealing with debts and multiple creditors.
- All Insolvency Practitioners are registered with professional bodies that audit them to ensure they are doing a good job.
- From day to day, Insolvency Practitioners deal with individuals and families that are taking steps to improve their financial standing. The experience they can offer is unparalleled.
If you’re considering an IVA, don’t underestimate the value an Insolvency Practitioner can bring to the process call Varden Nuttall today on 0800 804 7530 or visit the website at www.vardennuttall.co.uk.