Our Solutions
The formal insolvency solutions detailed below only apply to residents of England, Wales, and Northern Ireland. The formal solutions are bankruptcy, Individual Voluntary Arrangement, and a Debt Relief Order. Separate solutions apply in Scotland, but these are not provided by Parkfield Insolvency Limited.
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement, or IVA, is a legally binding arrangement with your creditors. You can only apply for an IVA through an Insolvency Practitioner. You would usually make a monthly payment for between 60 and 72 months toward your debts. At the successful conclusion of the IVA your unsecured debts would be written off.
Debt Relief Order (DRO)
A Debt Relief Order, or DRO as it is sometimes referred to is a formal debt solution There is an initial set up fee of £90. Qualifying debts would be frozen for 12 months and providing you continue to meet the eligibility criteria; the qualifying debts will be written off at the end of the 12-month period. You may qualify for a DRO if you do not have assets worth more than £2,000, owe less than £30,000, are not a homeowner and cannot afford to pay more than £75 per month toward your debts . You can only apply for a DRO through an approved intermediary.
Bankruptcy
Bankruptcy is a formal insolvency procedure. You make an application online to the Insolvency Service which costs £680. This can be paid in instalments. The Official Receiver will review your income, expenditure, assets, and liabilities. You will usually be discharged after 12 months however, if you have agreed or been ordered to make payments this may last for 3 years.
Debt Management Plan (DMP)
A Debt Management Plan is an informal arrangement with your creditors, this arrangement is managed via a third-party debt management company, or some charities can offer them free of charge. You would make one affordable payment to the third party which is calculated by completing an income and expenditure review, and this would be distributed amongst your unsecured creditors.
Consolidation Loan
A consolidation loan is a form of credit taken to consolidate all your debts into one manageable payment each month.
Parkfield Insolvency will not charge you a fee for initial information and signposting. If you were to proceed and implement a recommended debt solution where fees are applicable, full details will be provided before setting up. Parkfield Insolvency proposes and administers Individual Voluntary Arrangements (IVAs). Advice is provided on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution. The debt solutions offered by Parkfield Insolvency Limited only apply to residents of England, and Wales.
Parkfield Insolvency is a trading style of Parkfield Insolvency Limited, Company Number 14371483, registered in England and Wales, at Dalton House, Cross Street, Sale, M33 7AR.
Peter Jackson is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner.
To qualify for an IVA with Parkfield Insolvency, you must have a minimum of £6,000 of qualifying unsecured debt owed to two or more creditors
There is potentially a debt write off in some IVAs. However, the amount of debt written off differs for each customer depending upon their individual financial circumstances and is subject to the approval of their creditors.
Data Protection Act Registration Number – ZB399874. To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
