The current economic continues to have an adverse effect on both commercial and private property markets. As a consequence, the effect
a bailiff to enforce a debt is not uncommon and can put your home as well as your possessions in jeopardy. On average a 113 mortgage Repossession Orders are made every day. There are various options available to an
vest in the Trustee whose function is to sell the assets to pay the costs of the bankruptcy estate and creditors. This will include a person’s main asset – the family home. The Trustee can only deal with the Bankrupt person’s equitable share in the property. In other words, if a property is jointly owned then this normally means the value of the property less any secured charges, such as a mortgage, which will leave the equity available, of which half would belong to the Trustee to realise. This can be done by the joint owner buying out the Trustee’s interest, a remortgage, reaching a settlement or at worst the sale of the property. An Individual Voluntary Arrangement (IVA) is a contractual arrangement with creditors to repay debts over a set period of time which can freeze interest and charges. It is based on monthly contributions that can be made and is an option that only an individual can propose. Approval of an IVA is subject to agreement by creditors. It provides room for negotiation and allows an individual to retain some control. Income will be assessed in order that contributions can be made to the IVA and the family home will still need to be dealt with, but this can be negotiated on terms which allow a controlled solution to be found. At Aspect Plus LLP we have the skills and experience to provide specialist advice to
which ranges from basic debt advice to Debt Management Plans, Debt relief Orders, Individual Voluntary Arrangements and Bankruptcy. Each option requires specialist advice in order that
as well protection of the family home. We can also negotiate settlements with your creditors and advise on the most suitable course of action to take. We always provide free initial
consequences of each process. The two most common formal insolvency processes for an individual that owns assets is an Individual Voluntary Arrangement and Bankruptcy. These are words that you may have heard or someone you know or a friend of a friend has dealt with, but do you really know what they mean? Both are dependent on each individuals own circumstances and each carry different consequences. In Bankruptcy, an individual can petition for their own bankruptcy but also a creditor can issue a petition and make an individual bankrupt. A Trustee in Bankruptcy is appointed and assets owned by the Debtor will
guide you through your situation in order that the right solution for you can be found.
position remains a serious issue. The average household debt in July 2015 was £6,005 which excludes any mortgages. The average consumer borrowing, which includes unsecured loans, deals, per UK adult was £3,176 in July 2013. The estimated outstanding average mortgage across £11.3m households is £112,604 as at July 2015. The family home is usually the most important asset as well as the singular largest investment an individual will make. This asset remains paramount to each individual who will want to protect the same for their family and their future at all costs. Therefore, it is imperative that the right advice According to the Money Advice Trust, local authorities in England and Wales referred 1.8m cases to bailiffs in the past 12 months. This mostly related to council tax arrears, business
Contact details: Aspect Plus LLP, 40a Station Road, Upminster, Essex RM14 2TR Tel: 01708 300170 Email: info@aspectplus.co.uk *Statistics from creditaction.co.uk
