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Debt Advice

Debt Advice

COVID-19 has and will continue to wreak havoc on personal and business finances. If you find yourself troubled with either personal or business debt or possibly both, you will find it very helpful to chat with our team about your options. 

Our team at 121 offers impartial and helpful advice to identify your options, which depend on your circumstances and also your objectives. We are experienced at helping both individuals and businesses. 

The options could include both informal or formal solutions, including:

Personal Debt Solutions

Informal Settlements Valid if you have a few debts and can offer a settlement.
Individual Voluntary Arrangement “IVA”Formal plan either based on paying affordable monthly payments for a set period or can be based on offering a full and final settlement.
Debt Management Plan Informal payment plan based on paying affordable monthly payments. You can exit the plan at any stage.
Debt Relief Order Formal solution to deal with debts under £20,000. There are other qualifying criteria.
Bankruptcy Formal solution relevant if you have minimal assets and cannot afford to contributions towards your debt.

Company Solutions

Moratorium and Restructure Introduced new in 2020; there are new procedures to help companies restructure their debt and finances.
Company Voluntary Arrangement “CVA” Formal plan which allows a company to retain its assets and make monthly contributions towards debt.
Administration “Admin”Formal solution which can help the company restructure debts or facilitate the sale of a business to a new entity.
Creditors Voluntary Liquidation “CVL” Used to wind up the company’s affairs.
Compulsory Liquidation Winding up proceedings initiated through the courts.

We are here to advise and not sell. The right solution depends on your circumstances and your objectives, and the level of your debt.
Our team will provide expert debt advice and properly assess your circumstances, keeping your informed and relaxed throughout the process.

We may be able to help you consolidate your debts by evaluating different lending solutions and offer expert advice on your available options. Get in touch with our team of expert advisors today.

Get in touch for friendly, independent, expert advice.