Receiving help from an expert personal insolvency professional as early as possible can put a stop to the stressful situation and move towards a resolution.

If you are one of the 100,000 people a year facing insolvency in England and Wales, you can take proactive steps to manage your debts than being forced into bankruptcy. At Berley, our insolvency practitioners are licensed, professionals, and highly discreet. Every case is handled efficiently and supportively, without harsh judgement or unnecessary comments.

Individual Voluntary Arrangement (IVA)

The process of an Individual Voluntary Arrangement (IVA) involves a professional insolvency practitioner like us to review your financial situation, taking into consideration of your debts, income, as well as other assets and liabilities. Using the information, we will calculate how much you can afford to pay each month and how long the repayment period will be.

If 75% (by debt value) of the creditors agree, your IVA will commence. Thereafter, you will make regular payments to us and we will allocate the money to the creditors you owe. There are two fees associated with an IVA, a set-up fee and a small handling charge for each payment.

An IVA is often preferred over bankruptcy because:

  • It stops creditors from taking any legal action against you
  • You do not face the same restrictions as bankruptcy would
  • You have more control of your assets than bankruptcy
  • When your IVA ends, the entry will be removed from Individual Insolvency Register after three months


When you are in a situation where your debts from credit cards and personal loans leave you unable to pay, and you have little assets which you can sell to improve the situation, then bankruptcy may be suitable for you.

There are three ways to become bankrupt, either you declare yourself bankrupt, your creditors make you bankrupt if you owe more than £5,000, or you break the terms of your IVA.

There are benefits and drawbacks to bankruptcy and it is important to discuss your situations with an insolvency professional first. Call us on 020 7636 9094, email us or complete our Online Enquiry and we’ll be in touch.

Berley can help with personal insolvency

Coming to terms with your debt circumstances takes courage, which is why we offer practical advice on what you can do to resolve the situation and get your life back to normal as soon as possible.

Whether you choose an IVA or bankruptcy, we will discuss with you in detail about the process, the fees involved and any future implications of these options. We will also discuss what will happen should you not keep to any agreement you make and the consequences of this too.

Taking control of your personal finances will put a stop to stress and pressure from creditors, while you move towards a viable solution.

Call our insolvency team on 020 7636 9094 today.