Personal Insolvency

People get into debt for all sorts of reasons. Debt is emotive and there is little point in the “burying heads in the sand syndrome”, albeit understandable. Unless financial difficulties are faced with determination and resolve, the slippery slope to bankruptcy is inevitable. Here at Irwin & Company we have spent more years than we care to remember helping people to overcome their debt problems and return to a normal life. Our fully trained staff can discuss, and make a preliminary assessment of the solutions available to you.

Not sure if you have a debt problem? Try asking yourself the following questions –

Are you:

  • Using most of your income to pay debts?
  • Making only minimum payments on credit cards each month?
  • Maxing out on your credit cards each month?
  • Robbing Peter to pay Paul?
  • Borrowing or using credit cards to pay for items you used to buy in cash?
  • Paying your bills late?
  • Using savings to pay bills?
  • Being called by debt collection agencies?
  • Working overtime or in a second job to make ends meet?
  • Worrying that if you or your partner were made redundant, you would be in financial crisis?

If you have answered yes to any of these questions, then you need to take action.

There are two main categories of personal insolvency procedures that are currently available to the individual:

Bankruptcy or an Individual Voluntary Arrangement.

Insolvency Register

The Insolvency Service, which is a government body, maintains and Individual Insolvency Register which is a public register containing details of bankruptcies and Individual Voluntary Arrangements that are either current or have ended in the last 3 months. It also contains current bankruptcy restrictions orders and undertakings, and current debt relief restrictions orders and undertakings.