Debt Resolution Services

A full and final settlement is an offer made to creditors to pay off debts for less than the full amount owed. This can be good option for those who are struggling to make payments and want to avoid bankruptcy. It's important to negotiate with creditors and get any agreement in writing before making any payments.

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An administration order is a legal agreement between you and your creditors to pay your debts in affordable monthly installments. The total debt must be less than £5,000.

It can assist you by providing a structured repayment plan, stopping further interest and charges, and preventing legal action from your creditors.

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Bankruptcy is a legal process that helps individuals and businesses who are unable to their debts. It can provide relief from overwhelming debt and a fresh start financially. However, it should only be used as a last resort when all other options have been exhausted. Knights International are here to discuss  bankruptcy, its benefits and drawbacks to determine if it's the right for your specific situation.

A debt respite scheme, also known as a "breathing space," is a government initiative that provides individuals with temporary relief from debt collection and enforcement action. During this period, creditors are not allowed to contact the debtor or take legal action against them. This gives the debtor time to seek debt advice and develop a plan to manage their finances.

A Debt Relief Order (DRO) is a way to have your debts written off if you have up to £50,000 worth of debt, few assets and little surplus income. To be eligible for a DRO, you must have debts of £50,000 or less, have less than £2,000 worth of assets (and a vehicle not worth more than £4,000), and have less than £75 per month of surplus income after paying your essential living expenses.

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A Company Voluntary Arrangement (CVA) is an agreement between a company and its creditors to repay debts over a fixed period of time. It is typically used by companies that are struggling financially but still have a viable business. On the other hand, a Members Voluntary Arrangement (MVA) is a process used by solvent companies to distribute assets to shareholders in a tax-efficient manner. It is typically when a company is no longer needed or when shareholders want to retire. Knights International professional advice assists you in determining which arrangement is best for your specific situation.

A debt management plan is a program that helps debtors to pay off their debts by negotiating with creditors to reduce interest rates and waive fees. It can assist a debtor by providing a structured repayment plan that fits their budget and helps them to debt-free over time.

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An Individual Voluntary Arrangement (IVA) is a formal arrangement between an individual and their creditors to pay back their debts over a set of time, normally, 5 years. It is typically used as an alternative to bankruptcy for those who are struggling with unmanageable debt. IVAs are usually considered when an individual has a income and can afford to make regular payments towards their debts. They are often used as a last resort when other debt management options have been exhausted.​​

Liquidation is the process of selling off a company's assets to pay off its debts. It is used as a last resort when a company is unable to pay its creditors and is facing closure.

Liquidation can be a complex and time-consuming process, so it's important that you speak with Knights International for professional advice before deciding to go this route.