Personal insolvency occurs when you’re unable to pay your debts. If this happens it can be handled in two ways: either through declaring yourself bankrupt, or through having a Part X Personal Insolvency Agreement.
In both cases, the best approach is to deal with the situation as quickly as possible and that means seeking professional help as soon as you know you’re unable to pay your debts, not when letters of demand or legal threats start arriving.
Once your creditors are aware you are taking action, they are usually willing to work with you to negotiate an agreement that will bring about a more positive outcome for all involved.
WAIS’s specialists understand personal insolvency is a difficult time and we help our clients to solve financial problems and guide them through the process to help minimise stress.