Frequently Asked Questions
We know that dealing with your finances can be difficult to understand but we are here to make it as simple as possible. Whether you are just looking to see your options or ready to take that first step to fixing your finances we will aim to give you all the information you need.
If you feel ready to take that step and talk to someone about your debts, simply fill in the contact form and someone will be in touch.
There isn’t a simple answer to this. There are different financial arrangements available around the UK such as an IVA, DAS, Trust Deed and many more. Each of these have different requirements and can help in different ways. Finance isn’t the sort of thing where one solution will fit all so when you use our service your advisor will work with your to investigate your situation and work out what is best. By working with our chosen partner you can be assured that you will get the best outcome for your situation.
A creditor is someone you owe money to. This can be to an individual from having obtained a personal loan or to a company or bank from obtaining credit such as loans and credit cards.
This is all based around what you owe and who you owe money to. Every circumstance is different and your advisor will work with you to establish the details of you case to get a better understanding. By taking into account your income and what bills and expenses you have your advisor will be able to come to an amount of what is reasonable for you to be paying.
This all depends on what sort of arrangement you go into. If you enter into bankruptcy after the initial year where creditors can take portions of any of your income then you are free to start anew but your assets such as home, car & possessions may have already been sold in order to settle outstanding debts. In an Individual Voluntary Arrangement ( IVA ) or Trust Deed at the end of your arrangement all your outstanding debts are written off, & this amount could be up to 85% of your debts. Once this type of arrangement is over you’re are free to start anew without the worry of debts hanging over you anymore.
An unsecured debt are debts that not guaranteed against anything. If you were to fall behind on paying a secured debt such as your mortgage payments then you could be at risk of your creditor seizing the property. However this is not the case in terms of an unsecured debt. Unsecured debts can be taken into a financial arrangement such as a Trust Deed or Individual Voluntary Arrangement ( IVA ) .
No you will only need to inform certain people such as your employer or people if you have borrowed from them.
If you go through the process of setting up a financial arrangement in order to sort your debts then for a short period of time you may be contacted until their records are updated. However once in certain financial arrangements your creditors are no longer to talk too or contact you and must go to your advisor instead.
Most unsecured debts such as credit cards , store cards , personal loans & many others can be included into a financial arrangement however student loans , court fines and debts obtained by fraud cannot.
Its ok if your circumstances change, such as losing your job or having a drop in income. All you need to do is communicate with your advisor and they will help you through the process.
If you enter into bankruptcy you may have to sell your home in order to settle your debts but if you are in either a Trust Deed or and IVA then you may not and instead just have to pay into your arrangement for an extra 12 months.