Testimonials
We can help if you have debts over £3,000 to well over £100,000. Our goal is to solve your debt problems no matter what your circumstances. The examples below are a couple of our typical case studies:
Pete, Cumbria
“I had debts totaling £36,000 that I had built up gradually over a few years. During this time I had taken out loans to consolidate and buy a car but was finding it hard to make the full payments on my net income of £1,150 a month.
When I realised I was using my credit cards to pay my other debts I decided to seek help.
I was advised to try for an Individual Voluntary Arrangement. A proposal was put together for me, based on an offer of £260 a month which was accepted by my creditors.
This meant over 60 months I would pay back a total of £15,600 and the rest of my debt of £20,400 was completely written off!!”
Sarah, Gwynedd
“I have been living with my partner for six years and we have a daughter together. We had combined debts totaling £18,000, the worst thing about our debts was that we didn’t notice them creeping up, we didn’t have fancy cars or enjoy holidays abroad.
When I was made redundant from work, it dawned upon us how much in debt we really were and that we couldn’t afford to keep up with our repayments as I would struggle to get a job with the same salary as before. It was at this point we decided to seek help.
A monthly payment of £180 was agreed with our creditors, a total payment of £10,800 for our debts of £18,000. The best thing we have ever done, now we have total peace of mind.”
FAQs
Here you can find answers to the most frequently asked questions we receive:
IVA:
Will I lose my house?
Under an IVA you cannot be forced to sell your property and therefore your home will not be at risk.
Will interest on my debts be frozen?
Yes, an IVA freezes all interest and stops charges on your debt.
How long will it take to become debt free?
An IVA agreement guarantees you to be debt free within 60 months. After this time, all remaining debt is written-off or considered settled. Depending on your circumstances, you could be debt free even quicker.
What type of debts can be included in an IVA?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.
Trust Deed:
Will interest on my debts be frozen?
No, however any interest payments are included in the ‘agreed’ monthly payment and after 36 months any existing debt is written-off.
How long will it take to become debt free?
A Trust Deed agreement guarantees you to be debt free within 36 months.
What is a Protected Trust Deed?
‘Protecting’ a Trust Deed means that no further action can be taken against you by your creditors for recovery of the money you owe them. Lenders have to accept the balance of your Trust Fund account as full and final settlement at the end of the three year period.
What type of debts can be included in a Trust Deed?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.
Debt Management Plan:
Will I lose my house?
Under a Debt Management Plan you cannot be forced to sell your property and therefore your home will not be at risk.
Will interest on my debts be frozen?
This is down to negotiation between the debt advisor and the individual creditors. Interest can generally be lowered or frozen if you agree to pay your debts within a specific timescale.
What type of debts can be included in a Debt Management Plan?
The type of creditors that can be included are: banks, finance companies, credit card companies, store card companies and the Inland Revenue. Mortgages and loans secured on your property cannot be included.
Please explain the jargon?
Creditor – Someone whom you owe money to, i.e. bank or credit card company.
Debtor – Someone who owes money.
Individual Voluntary Arrangement – See IVA.
Insolvency Practitioner – See IP.
IP – A person specialising in formal insolvency cases. Required when entering into an IVA.
IVA – Legally-binding agreement with creditors to pay off an agreed amount of debt over a set time period.
Protected Trust Deed – A way of ‘Protecting’ a Trust Deed ensuring that no further action can be taken against you by your creditors for recovery of the money you owe them.
Secured Loan – A loan secured against a property or goods – These are normally exempt from any debt management scheme.
Trust Deed - Scotland only. A formal arrangement based on a proposal by a debtor to their creditors to clear their debt.
Unsecured Loan – A loan that is not secured on any property or goods.
For any other questions, please complete our contact form for a no-obligation call from our debt advisors.
Write off most of your debts