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Well not necessarily. It’s true that when you are declared bankrupt or enter into an Individual Voluntary Arrangement, then this goes on public record in the Individual Insolvency Register. But the days of the advert in the local newspaper are long gone. The people that will get to know are obviously all of your creditors (which can include the bank , the mortgage company or your landlord) and you need to be careful if you work in any kind of job which requires a licence or some sort of

Dodd Rescue Penrith Individual voluntary arrangements (IVA)

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Remember that formal insolvency processes are complicated, and only explain a tiny part of the entire procedures. Remember also that these rules also may apply to partnerships so please speak to Dodd Rescue so that we can explain further.

This is a process which assists an individual to avoid bankruptcy. It is essentially a “contract” between the insolvent individual and their creditors.

In return for creditors agreeing not to make a person bankrupt, they receive a settlement of the debt owing to them (either in the whole or in part) over a set period of time. The normal period of time for an Individual Voluntary Arrangement (IVA) is 5 years. The agreement between the individual and the creditors is known as a proposal. The proposal must be agreed by at least 75% of the unsecured creditors before it can start.

It may be possible for an individual to include terms in the proposal which allows continuation of trade and protection for the family home. You will need the assistance of an Insolvency Practitioner to explain the consequences of an IVA. Contact Dodd Rescue for more details.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.