For Individuals

Personal Debt Plans: Increasing numbers of individuals are finding themselves in financial difficulties, usually caused by circumstances outside their control and through no fault of their own.

Whether you have incurred personal debts through your business activities, or if you’re struggling with credit cards, store cards and personal loans, we can help.

Our initial advice will be free and without obligation.

Our aim is to provide you with sympathetic, expert support, and to offer the most appropriate solution tailored to your specific personal needs, and to help you put your debt-related problems behind you.

The options most commonly used include:
An Individual Voluntary Arrangement or “IVA”, which is a legally binding agreement between you and your creditors under which your creditors accept a sum – usually substantially reduced – in full settlement of your debts.

Bankruptcy where an individual is released from his obligation to pay his debts, but their assets are taken under the control of a trustee, whose function is to sell them and use the proceeds to pay off the creditors.

A Debt Management Plan a scheme where debts are rescheduled and a modest regular payment is made instead of the (usually larger) minimum payments required by creditors. However, debt management plans are not usually legally binding, which means that creditors may change their minds. Additionally they are often administered by unregulated organisations, with little recourse if things go wrong.

Beware – in recent years there has been a growth in debt charities and not-for-profit organisations which offer free advice. Many of these give sound, impartial advice (indeed, we work with a number of debt charities). However, several of them rely on banks and other lenders for their funding, and we have come across many examples where the advice is, to say the least, questionable. As Insolvency Practitioners Burton Sweet Corporate Recovery are subject to statutory regulation, with a professional body which monitors our activities and thoroughly investigates any complaints.