Debt Management Plans
This scheme sets up an informal agreement with you as the client and your creditors. You agree a repayment schedule with your creditors that you can afford. The scheme is informal and designed to be flexible, but it’s important to know that creditors are not obliged to stick to the agreement terms (as they are with an IVA or bankruptcy).
If you cannot afford to repay your unsecured debts in a reasonable time, then Bankruptcy could be an option as this will allow you to write off your unsecured debts. You may be required to sell any assets that you own to repay your creditors, depending on their value and if you are able to, you could be asked to make a monthly payment for 3 years. Once you are discharged from Bankruptcy you can make a fresh start.
Debt Relief Order
If you have few assets, very little extra income and unsecured debt which is under £30,000 in value, then a DRO may be the right option for you. If you qualify then a Debt Relief Order will freeze all your debts for 12 months and if your circumstances have not changed in a year, it will completely write off all your unsecured debts included in the DRO. We can offer you advice according to your circumstances.
We can also provide budgeting guidance to help you to better manage your incomings and outgoings and assess your options for repaying your debts. Often, it is possible to find areas of potential savings so that you can meet your repayments and avoid the need to enter into a formalised debt management scheme. If the budget shows that you don’t have the ability to meet your commitments, then it provides an excellent starting point for us to review your next steps and help you to move forward positively.
Our specialist teams are on hand to look at different refinancing options. We will look for the best options available to you based on your personal circumstances. If you have equity in your home then a remortgage or equity release might be an option for you or refinancing your existing debts may be a alternative solution to free up funds and repay your debts.
Why people choose us
The staff are like financial Angel’s helping you with every step!
The service this company offers… changed my life! They were so kind and approachable and they helped me through every step, the staff in every department made my journey to a better financial future so smooth.. I can pay for the food shop now without a worry and I can help my daughter through uni, and I’ve slept soundly for the first time in years… thanks to the awsome people who helped me…
A financial weight was lifted.. it was the best thing I have ever done and I recommend it to anyone who has found themselves in a financial hole …
You can really trust these people… they wouldn’t steer you wrong…x
* Taken from independent verified Feefo reviews, for the full details of these please click here.