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Personal Insolvency & Debt Relief

An honest insolvency test, free regulated advice, a full creditor schedule and the paperwork, decisions and routines that carry you through bankruptcy, an IVA or a debt relief order and out the other side.

Free · Mac (Apple silicon) and Windows · v1.0.0 · Other platforms

Then open the Marketplace in the app, search for Personal Insolvency & Debt Relief, and click Install. It goes into your own files, and works offline from then on.

Before you start: this plan is general information to help you organise your own money decisions. It is not financial, investment, tax or legal advice. Check decisions that matter with a qualified, licensed adviser in your country, and remember that investing and trading can lose money.

What it installs.

1

Pillar

1

Area

50

Projects

203

Starter tasks

💷 Personal Finance

Personal Insolvency & Debt Relief

Understanding bankruptcy, individual voluntary arrangements and debt relief orders when debts become unmanageable.

  1. Personal insolvency test on your own numbers
  2. Court papers and enforcement letters triage
  3. Full creditor schedule for a debt relief application
  4. Priority and non-priority debt sort
  5. Free regulated debt advice appointment
  6. Standard income and expenditure statement
  7. Asset and equity inventory before any formal solution
  8. Insolvency evidence and document pack
  9. Debt advert and fee trap red flags check
  10. Avoiding preference payments and asset transfers before applying
  11. How bankruptcy works in your jurisdiction
  12. How individual voluntary arrangements work
  13. Debt relief order eligibility and limits
  14. Debts that survive bankruptcy and other solutions
  15. Limitation periods and old debts check
  16. Public insolvency register and credit file effects
  17. Guarantors, co-signers and joint debts in insolvency
  18. Side-by-side comparison of formal debt solutions
  19. Written decision on your debt relief route
  20. Family home decision in bankruptcy or an IVA
  21. Car and work vehicle decision before applying
  22. Basic bank account with a bank you do not owe
  23. Choosing an insolvency practitioner for an IVA
  24. Saving the application fee for bankruptcy or a DRO
  25. Debt relief order application through an approved intermediary
  26. Online bankruptcy application submission
  27. IVA proposal and creditor vote
  28. Official receiver interview preparation
  29. First 30 days after an order or approval
  30. Bankruptcy discharge day checks
  31. IVA completion certificate and closing checks
  32. Creditor contact log and call scripts
  33. Living within the approved insolvency budget
  34. Income payments arrangement upkeep
  35. Change of circumstances reporting to your trustee or supervisor
  36. Annual IVA review with the supervisor
  37. Windfall and inheritance declaration rule
  38. Creditors still chasing after an order or arrangement
  39. IVA payment break and variation requests
  40. Insolvency paperwork archive
  41. Sole trader facing bankruptcy or an IVA
  42. Couple where one partner is insolvent
  43. Renting while in bankruptcy or a debt relief order
  44. Retiree with pension income and unmanageable debts
  45. Jobs, directorships and licences affected by insolvency
  46. Supporting a relative through insolvency
  47. Debt worry and mental health support plan
  48. Responding to a statutory demand or creditor petition
  49. Annulment, revocation and failed arrangement options
  50. First year after discharge money system

Where it starts.

Each project arrives with its purpose, milestones and first tasks written out. Here is how the first three read.

Personal insolvency test on your own numbers

Insolvency has two everyday tests: you cannot pay your debts as they fall due, or everything you owe is more than everything you own. Running both tests on your real figures, with essential bills paid first, tells you whether you are looking at a tight month or at a problem a formal debt solution exists to solve. It also gives the adviser a starting point instead of a feeling.

First tasks

  • Write down your monthly take-home pay from the last three payslips
  • Total the essential bills you must pay before any debt
  • Add up the contractual monthly payment on every debt
  • List what you own with a cautious resale value for each item
  • Record the monthly and overall shortfall on one dated sheet

Court papers and enforcement letters triage

Court claims, statutory demands, bailiff notices and repossession letters each carry a deadline, and missing one can turn a debt you could have challenged or paid in instalments into a judgment or an enforcement visit. Opening everything, sorting by deadline and getting the urgent ones in front of an adviser within days is the first job when debts have got out of hand.

First tasks

  • Open every unopened envelope from creditors, courts and collectors today
  • Sort the letters into piles by type and the date on each
  • Write the reply deadline in red on every court or legal document
  • Phone a free debt advice line about anything due within 21 days @priority(high)
  • File or send a reply to each court document before its deadline

Full creditor schedule for a debt relief application

Every formal debt solution starts with a complete list of who you owe, and a creditor left off can fall outside the arrangement and keep chasing you afterwards. A schedule with each creditor's name, address, account reference, balance, type of debt and whether it is joint or secured is exactly what an adviser, insolvency practitioner or official receiver will ask for first.

First tasks

  • Request your free statutory credit report from each credit reference agency
  • List every creditor with address, account reference and balance
  • Mark each debt as secured or unsecured and sole or joint
  • Trace any debt sold on to a collection agency to its current owner
  • Update the balances on the schedule from the latest statements @recurring(monthly:18)

Make it yours.

Install Personal Insolvency & Debt Relief, then tell Aurum the date you're aiming for. It checks whether the plan fits the weeks you actually have.

Free · Mac (Apple silicon) and Windows · v1.0.0 · Other platforms

Blueprints are general information to help you organise your own work. They are not medical, financial, legal or other professional advice. See the Terms.