You are personally insolvent if either:
- Your debts are more than your assets
- Or you are unable to pay your debts repayments when they fall due for payment.
Most people who find themselves in financial difficulty and facing personal insolvency are insolvent because they can’t pay their debts when they are due for payment. If your personal financial situation gets out of your control and you find that each month you are accumulating more debt because you cannot afford your debt repayments you need to take action.
Select one of the following pages to find out how we can help you:
– IVA FAQs
There are several options to consider for most people. Information about these options is set out in this site. If the appropriate option for you is an IVA we can help you. If you need advice and assistance to choose which option is right for you we can direct you to regulated providers of debt advice.
The Money Advice Service can provide you with free and impartial advice concerning how to manage debts.