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Find the Right Debt Solution
IVA
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts.
Criteria for an IVA
- In order for an IVA to be approved it would be ideal if your debts are over £6,000
- You cannot afford to pay your debts
- You must owe money to 2 or more creditors
- You will need a surplus income each month (after living expenses, but excluding debt payments)
Bankruptcy
Bankruptcy is a way of dealing with your debts if you are unable to pay them. It offers you a fresh start after you are discharged.
Criteria for Bankruptcy
- You are a resident in England and Wales
- You owe more than £5,000 in unsecured debt
- You are unable to pay your debts
- You have not been declared bankrupt in the last 6 years
- You are not subject to a Debt Relief Order
DRO
A Debt Relief Order (DRO) is a formal legal solution that helps people with low income and few assets to write off debts.
Criteria for DRO
- You owe £50,000 or less.
- You have £75 or less leftover in monthly income after paying your essential household bills.
- You do not have any assets worth more than £2,000, and you must not own a vehicle worth more than £4,000.
- You do not own a property.
DMP
A Debt Management Plan (DMP) allows you to make a single monthly payment towards your debts based on what you can afford. A DMP continues until all your debts have been paid back in full.
Criteria for DMP
- You can afford to pay creditors a small amount each month.
- Your debts are unsecured i.e. not secured against a property or a vehicle.
Our Vision
Our mission is to provide a helping hand to those in financial distress, offering them practical and ethical solutions to regain control of their financial lives. We believe in treating every client with respect and dignity, ensuring fairness and equity for all in everything we do. With an international presence and a team of experienced professionals, we are committed to delivering exceptional services. We aim to exceed expectations, making a positive impact on the lives of overburdened individuals. At Anchorage Chambers, we guide our clients toward brighter financial futures, helping them navigate the stormy seas of debt with integrity and expertise.
To find out more about how to manage your debt and to receive free impartial advice you can visit www.moneyhelper.org.uk (opens in a new tab)
IVA Frequently Asked Questions
All IVA FAQsAn Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA can give you more control of your assets than bankruptcy.
Most unsecured debts other than debts such as court fines and student loans are covered under an IVA. This can include credit cards, store cards, payday loans, overdrafts personal loans and more. Trading debts including debts owed to suppliers and H M Revenue and Customs are also covered under IVAs.
Your payments to the IVA will depend on different factors of which your income will play a major role. Your monthly expenditure and your personal circumstances will also be taken into consideration. We ensure that you pay what is affordable for you and not what your creditors may ask for.
Even if some of your creditors have taken court proceedings against you these debts can still be included in your IVA. Once the IVA is approved all court actions will cease.
Bankruptcy Frequently Asked Questions
All Bankruptcy FAQsBankruptcy is a way for an individual to deal with debts that they are unable to pay. Any available assets are shared amongst those that you owe money to, and it enables you to make a fresh start after you have been discharged.
A bankruptcy order can be made for one of three reasons: • you cannot pay what you owe and want to declare yourself bankrupt • your creditors apply to make you bankrupt because you owe them £5000 or more • an insolvency practitioner makes you bankrupt because you’ve broken the terms of an IVA
Most unsecured debts other than debts such as court fines and student loans are covered under a bankruptcy. This can include credit cards, store cards, payday loans, overdrafts personal loans and more. Trading debts including debts owed to suppliers (if you are no longer using them to trade) and H M Revenue and Customs are also covered under a bankruptcy. Discharge from bankruptcy releases you from most of the debts you owed at the date of the bankruptcy order. Exceptions include debts arising from fraud and any claims which cannot be made in the bankruptcy itself.
Your payments to the bankruptcy will depend on different factors of which your income will play a major role. Your monthly expenditure and your personal circumstances will also be taken into consideration. You will only be asked to pay what is affordable for you and if you are in receipt of benefit only income then you will not be expected to pay anything. Payments into bankruptcy are for three years.
Our Training Consultants
NTI
NTI have been proud training partners with the international businesses of Anchorage Chambers in the UK, Asia and South Africa for a number of years.
nti.co.ukCLICKD Solutions
CLICKD Solutions is a compliance-focused consultancy agency that provides high quality training modules and forensic call monitoring services.
clickdsolutions.comNews
Insolvency firm readies for growth with Salford Quays HQ expansion
Anchorage Chambers has applied to add four-storeys to its two-floor head office, with workspace and apartments planned within the extension.
Read More (opens in a new tab)Debt advisor owed over £26m
Approximately 8,000 of the company's individual voluntary arrangement (IVA) clients have now been transferred to Salford-based insolvency management firm Anchorage Chambers.
Read More (opens in a new tab)Administrators secure transfer of IVA clients
The business' existing client book of approximately 8,000 clients has now been successfully transferred to insolvency firm, Anchorage Chambers.
Read More (opens in a new tab)Contact Us
If you are having a difficult time financially our team will be happy to discuss your available options. Fees will apply in some solutions, and your credit rating may be affected.