Sole Traders

Solutions for Sole Traders


Even without the protection afforded by a Limited Company, sole traders have options when they find that they are experiencing difficulties.

Whether its problems paying suppliers, issue with landlords or personal credit card debt incurred as a result of issues with the business, we can advise on the best solution for you.

We can help negotiate with your creditors on an informal basis, or if more formal involvement is required, we can work with you to consider whether an Individual Voluntary Arrangement, or even Bankruptcy, might be your best option.

Contact Steve Ford, our Licensed Insolvency Practitioner, directly on 07718 133927 for free, confidential advice. Alternatively, you can complete this contact form and Steve will give you a call back ASAP.

We’re here to help.
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Bankruptcy

Whilst personal Bankruptcy is obviously not something that anyone aspires to, it can actually offer a welcome relief to those who are struggling with debts which they have no realistic possibility of repaying.

As an experienced, Licensed Insolvency Practitioner who has acted as Trustee in Bankruptcy and given advice to hundreds of individuals, Steve Ford of S P Ford & Co. is well positioned to advise on the advantages and disadvantages of Bankruptcy.

There are many myths about bankruptcy, and many people will have their own opinions about what it really means often based on what they themselves have heard from a friend of a friend.

Some helpful facts include:
  • In the vast majority of situations, you will not lose your job as a result of bankruptcy
  • You will not go to prison as a result of not being able to repay your debts
  • You will not be forced to sell your house unless you have significant equity – even then negotiation may be possible
  • You will be able to rebuild your credit rating in the future, post bankruptcy
If you would like to discuss the option of Bankruptcy, or alternatives such as the IVA with Steve Ford, then please call 07718 133 927 to send an email enquiry.

Based in Lutterworth, Leicestershire, in the Midlands, and with meeting facilities in Leicester, Northampton, London, Bristol, Manchester and Leeds we are happy to meet with you at your convenience if we feel that we can be of assistance.

Individual Voluntary Arrangement – IVA

An Individual Voluntary Arrangement, or IVA, is a means by which an individual can negotiate a fair, legally binding, deal with his or her creditors for repayment of debts which may otherwise be impossible.

With the help of a Licensed Insolvency Practitioner such as Steve Ford of S P Ford & Co, your creditors, may be willing to accept a Proposal which potentially writes off a significant amount of your debt, providing it meets the following criteria:
  • Offers a better return to creditors than Bankruptcy
  • Provides a certain minimum return (varies depending on lenders but typically 25p in the £)
  • Represents the best offer that you can propose given your circumstances
  • Offer is over 5 years or until debt is repaid in full, whichever comes first
The main advantages of an IVA are as follows:
  • Creditors are usually willing to write off some of their debt
  • Interest is suspended once the agreement is in place
  • Agreement is legally binding so creditors cannot move the goal posts
  • At the end of the successful IVA you will be debt free
Entering into an IVA is a serious commitment and should not be entered into lightly.

If you would like to find out more please contact Steve Ford on 07718 133 927 or via this enquiry form for a free, no commitment conversation.

We are based in Leicestershire, in the Midlands, but are also happy to travel further afield if we think we will be able to be of assistance.
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For advice and solutions for sole traders, 
contact S P Ford & Co Ltd on:

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