Debt Solutions

To find out which of the options you might follow click below

Creditor Arrangement / Debt Management Plan

A Creditor Arrangement / Debt Management Plan is an informal agreement between you and your creditors. Contact us today to discover if a creditor arrangement / debt management plan is the best debt solution for you.

 

Advantages of a Creditor Arrangement/Debt Management PlansDisadvantages of a Creditor Arrangement/Debt Management Plans
• Expert advisers deal with your creditors.• Your credit rating will worsen.
• You make a single payment each month.• Creditors don't have to agree its an informal arrangement, no legal protection.
• Straight-forward and simple procedure to set up.• Interest on the debt may not be frozen.
• Reduces monthly expenditure budget your bills and expenses.• Creditors may continue aggresive collection at any time.
• Releases imediate pressure from creditors.• Restricts spending during the plan.
• Your creditors may agree to stop adding interest charges.• Debt repayment could go on for years.
• Your DMP can change. It's flexible.
• Statement provided so you can check your debt level.
• Allows time for another debt solution to be proposed you can end the plan at any time.

Why choose us to manage your creditor arrangement / debt managment plan?

Creditors will, once they are aware of the involvement of Debt Consultants, stop calling you and call us instead.
It can be difficult to judge acceptable expenditure yourself
You have a better chance of terms being accepted by your creditors with professional help.
Let us reduce the stress of debt and help you get back on track.

 

Debt Relief Order

A Debt Relief Order (DRO) is an alternative to bankruptcy for certain types of debt and is done via The Citizens Advice Bureau. If you have little disposable income, don’t own your own home, and cannot see an improvement in your financial situation in the near future, a DRO may be an available solution for you. Contact us today to see if a DRO is the best debt solution for you.

Advantages of a DRODisadvantages of a DRO
Debts written offOnly for debts less that £20,000
Usual period of 12 monthsCannot have a vehicle worth more than £1000
Creditors must stop chasing the debtCannot own items of value or have savings over £1000
Cost £90 as a one off paymentMust have lived, owned a property or business in England or Wales for the last 3 years
No need to attend courtMust have £50 or less disposable income
DRO’s are not advertised in the local paper or London Gazette, however they are recorded on the Insolvency Register for 15 months.Cannot obtain credit over £500 without disclosing the DRO to the creditor
Credit rating affected

Bankruptcy

Bankruptcy no longer has the social stigma it once had and can be a viable debt solution option.

Advantages of an IVADisadvantages of an IVA
Debt interest frozenRegular monthly payments must be met for the term of the agreement
Some of your debt wiped offCreditors have the right to vote for or against the proposal
Usually a set term of 60 months (5 years)Any increase in equity in a property may have to be realised
Creditors MUST stop chasing the debt if the IVA is accepted by 75% of the monetary value of the debt
Court ratified procedure but no need to attend
Discreet debt solution

IVA – Individual Voluntary Agreement

An Individual Voluntary Agreement (IVA) is a legally binding agreement between you and your creditors. With this government initiative, you must show your creditors that you can not afford your debts. Contact us today to discover if an IVA is the best debt solution for you.

 

Advantages of bankruptcy Disadvantages of bankruptcy
Debts written off£680 cash payment required per person on the day
Usual period of 12 months or lessBankruptcy advertised in the press
Creditors must stop chasing the debtCannot be a Director of a limited company
Straight-forward procedureCannot hold certain positions within the community
No longer carries the stigma it used toIf you borrow £500 or more the creditor must be made aware of your bankruptcy
We will be with you throughout the procedureYour assets are in the hands of the Official Receiver
Detrimental affect to your credit rating

Why choose us to manage your IVA?

Your consultant will work with you to ensure an IVA is the right choice for your particular financial situation. An IVA that fails can have devastating consequences. Imagine being unable to meet creditors demands following review only to have the original value of your debt re-instated.