If you are looking for financial advice in the UK because your company is struggling, you should set up a meeting with an expert insolvency practitioner in your area. There are many ways to find an expert to assist you with your problems and help you resolve any issues you have. Before hiring them, it is important to ask numerous questions to find out about the process.
These questions will assist you when speaking to an insolvency practitioner.
Do you provide a free consultation service?
If you need information on insolvency or any kind of debt advice, you must first book a consultation to explain your current situation. When you approach an insolvency practitioner, you must be aware that they provide a professional service which is operating as a business created to make profit, so in most occasions you’ll have to pay for their advice. However, some firms do offer a free initial consultation to assess your situation and offer workable strategies.
Will I lose my property?
One of the biggest fears people have when they become insolvent is that they’ll have their home taken away from them. However, this rarely happens in the UK and most of the time a solution can be agreed upon whereby no one has to lose their property if they encounter financial trouble. An insolvency practitioner will be able to reassure you and provide options to help you avoid a scenario where you must use your home as collateral. It is important to consult with a professional before agreeing to pay any creditors using your own personal assets.
Is there a possibility of losing my vehicle?
Your vehicle and property are looked on as two different things when you go bankrupt, in most cases, if you drive an expensive car, you may be asked to sell the vehicle to pay your debts. Alternatively, you could downgrade to a cheaper model and use the money from the sale to pay creditors. There may be certain situations where a creditor will insist on a debtor selling their car and handing over all the proceeds.
How will it affect my job?
If you go bankrupt, it can affect your job in a variety of ways depending on your profession. There are certain occupations where if you fail to fully repay back all your creditors you will lose your job. You could also face expulsion from your industry’s regulatory body which means you won’t be able to work in that industry as a licenced professional.
Will bankruptcy affect my credit rating?
If you enter into an arrangement whereby a creditor suffers financial loss due to your company going bankrupt, your credit rating will be affected. Your rating can be affected for up to 6 years in the UK.
If you are faced with financial difficulty and you don’t know where to turn, consult with a knowledgeable insolvency practitioner to assist you. Before you arrange a meeting, it is advisable to draw up a list of questions to ask, so you better understand the entire process when you discuss your options with them.