How does it all work?
You provide us details of your total debts, total monthly outgoings and total monthly income.
Based on that figure we will prepare a debt solution tailored to your needs and send out some paperwork for you to sign. Once that paperwork is returned we will begin work on your behalf and negotiate with your lenders to help reorganise your debts.
Do I need copies of the agreements?
It does not matter if you have lost or mis-placed documents, they can help but most importantly we need up to date statements showing your current balances.
How long does it take?
Your debt solution can be arranged in as quickly as 4 weeks*. As soon as your paperwork is returned with any relevant payments we will begin work.
*Depending on creditors accepting our proposals
How much does it cost?
Our fees are built into your plan and vary depending on how much you pay or what kind of debt solution you enter into.
Will some of my debt be written off?
Yes. Your creditors would rather receive something than nothing so as this is a formal arrangement and considered to be the next step before bankruptcy they are prepared to accept reduced balances if paid off within an agreed time scale; usually 60 months.
How much of my debt will be written off?
The most you can expect to have written of is 75%. The least lenders will accept is 25p per £1 owed but the amount varies depending on your level of debt and available monthly contributions.
Are there any repercussions or will I fall out with my lender?
It is likely that relationships have already fallen down with your lender due to arrears and missed payments on the account. A debt management plan or IVA will result in a default notice being entered against your debts.
However, a well structured plan that you stick to will help repair relationships with your lenders as you are showing willing to repay your debts.
Will it affect my credit rating?
Yes, your credit file will show you have entered into an IVA.
Will I be able to obtain credit such as mortgages in the future?
Over time you may be able to obtain essential forms of credit such as mortgages though due to the current economic climate lending criteria’s are becoming much more stringent.
Can I keep using my credit card?
All of your unsecured debt will have to be included in your IVA so you will not be able to keep using your credit card.
Is it legal? Is this a legitimate company?
Yes. This is completely legal due to guidelines and legislation set by the government to help consumers overcome their debts.