Baines & Ernst Guide to Debt Management Plans

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Baines & Ernst Guide to Debt Management Plans"

Transcription

1 Baines & Ernst Guide to Debt Management Plans

2 Contents Introduction 1. Introduction 2. What is a Debt Management Plan? 3. How a Debt Management Plan works 4. Do you qualify for a Debt Management Plan? 5. Other debt solutions available 6. FAQs 7. How we could help you The last few years have certainly been a testing time for UK families as a result of the recession. Many people have suffered job losses through redundancies and extended periods of unemployment, while those holding onto their jobs have endured pay freezes. And while we try to keep our heads above water, we re seeing less money in our pockets at the end of the month as our cash is spent on skyrocketing utility bills, increased prices at the pumps and food inflation shooting up to 6.3% - that s three times the rate of the world s seven wealthiest countries! It s little wonder then why people throughout the country are feeling the pinch and struggling to make debt repayments that they were once able to afford. How to get debts under control If you re worried about your finances and are struggling to repay your debts, you re not alone. At the end of December 2011, personal debt in the UK stood at a staggering trillion, with the average household debt (excluding mortgages) at 7,948.* Many people in debt think that the only option available to them is Bankruptcy, and while this is true for some people, it certainly isn t true for all. This debt guide aims to provide you with an insight into Debt Management Plans and how they are helping people find an affordable way to repay their debts. So we ll be telling you: What a Debt Management Plan is How a Debt Management Plan works What the qualifying criteria is We will also provide an overview of other debt solutions available to you so you have a better understanding of services that could help you get out of debt. *Stats: Credit Action Baines & Ernst Debt Management Plan Guide Page 1

3 What is a Debt Management Plan? If your financial situation is stretched and you re struggling to make full repayments on your debts, then a Debt Management Plan could help you to clear debts at a rate that s more manageable within your budget. A Debt Management Plan is a solution that enables you to consolidate debt repayments into one affordable monthly payment that s based on what you can afford now not the monthly amount that was originally agreed with your creditors. BAINES & ERNST WERE A GREAT HELP AT A REALLY DARK TIME IN MY LIFE. THEY GAVE ME PEACE OF MIND Designed to suit you Before a repayment plan is created for you, a full review of your current expenditure against your income will be carried out. This will ensure that you have enough money every month to pay for household bills, rent / mortgage, travel, food and other essential outgoings. Affordable repayments Once your affordable repayment rate has been calculated, you will only have to make one payment into your Debt Management Plan every month which is distributed to the companies you owe money to. Flexibility A Debt Management Plan is not legally binding so the flexibility of a Plan means that you can increase repayments if your financial situation improves, which will help you to clear your debts in a shorter amount of time. Interest and charges frozen In 84% of debts managed by Baines & Ernst, interest and charges are frozen. Although this is not always guaranteed, we will always do our best to get these charges frozen on your behalf. Cut creditor pressure & reduce stress As your debts are being managed on your behalf through a Debt Management Plan, creditors no longer need to contact you about what you owe. If your creditors have any questions, they can speak directly to us. Clear debts Providing you make payments into the Plan every month, then you will clear debts on successful completion. WRITE OFF DEBT A Debt Management Plan won t allow you to write off debt, but it will help you to repay what you owe at an affordable rate. REPAYMENT PERIOD The duration of a Debt Management Plan varies from person to person as it depends on how much debt the individual has and how much they can afford to repay. CREDIT RATING Your credit rating will be affected in the medium to long term and you could find it difficult to get credit in the future. If you have already missed or made late payments, then your credit rating may already be affected. DEBTS Only unsecured debts can be included in a Debt Management Plan, this means personal loans, store cards, credit cards, bank overdrafts and catalogue accounts. Secured debts such as mortgages, HP loans, secured loans, council tax, utility bills, TV license or student loans cannot be included but they will be all taken into account before calculating Debt Management Plan repayments. Baines & Ernst Debt Management Plan Guide Page 2

4 How a Debt Management Plan works Step 1: Income and expenditure Repaying debts is a priority but so is making sure you have enough money to pay for all your essential bills and living expenses. Falling behind on bills such as rent / mortgage, gas, electric and council tax can cause major problems financially, so it is essential you have enough money to pay for these bills as well as food, travel, clothing and other living costs. The income and expenditure review will help you to identify how much you need each month to pay for the items mentioned above and work out a reasonable repayment rate that is much more manageable within your budget. Step 2: Negotiations with your creditors One of the most important stages of a Debt Management Plan is the negotiations with creditors, as this is when an affordable repayment rate is agreed. And this is where we step in. As part of our Debt Management Plan service, we handle all negotiations to ensure our customers get the lowest, most affordable repayment rate for their circumstances. We will also request that creditors freeze interest and charges and set up a monthly repayment structure for you. Step 3: Monthly repayments Once your debts have been consolidated into a lower, more affordable amount, you simply need to make one payment into the Plan each month and this will be distributed to those creditors included in the Debt Management Plan. This means you ll have one payment to make as opposed to several repayments to several creditors making it easier to manage your finances. KEEPING OUR CUSTOMERS UP-TO-DATE Debt Management Plan customers receive regular statements so that they can keep up-to-date on their debt repayments. They also have 24 hour access to an online statement facility and undergo a yearly review to make sure they repay their debts at a rate that is tailored towards their current circumstances. Baines & Ernst Debt Management Plan Guide Page 3

5 Do you qualify for a Debt Management Plan? To qualify for a Debt Management Plan, you must have: Two or more creditors (for example: credit cards, payday loans, overdrafts, store cards) Unsecured debts over 2,000 Proof of income If you re worried about your financial situation and feel like dealing with your debts alone is becoming a struggle, a professionally managed Debt Management Plan, could be the right solution for you. Debt Management Plan Breakdown Below is an example of how a Debt Management Plan could make your debts easier to manage CREDITOR 1 9,200 CREDITOR 2 5,200 CREDITOR 3 2,000 CREDITOR 4 1,500 TOTAL 18,100 Monthly repayment before DMP 600 WITH A DEBT MANAGEMENT PLAN New monthly payment 260 Monthly Saving 340 (An example projected case: assumes circumstances stay the same, DMP is adhered to and succesfully completed) BAINES AND ERNST HAVE MADE SO MUCH DIFFERENCE TO MY LIFE. I CAN NOW MOVE ON AND NOT FEEL THE STRESS OF OWING SO MUCH MONEY! Baines & Ernst Debt Management Plan Guide Page 4

6 Other debt solutions available: IVA A Debt Management Plan can be an ideal solution for many people, but not everyone s circumstances are the same. There are a number of alternative debt solutions that have been designed to help people with various levels of debt - so if a Debt Management Plan isn t the best option for you, you could qualify for one of the other solutions mentioned in this section... An Individual Voluntary Arrangement more commonly known as an IVA is a legally binding solution that helps people who are struggling financially to repay debts at a more affordable rate. IVAs typically last for a period of 5 years. During this time, creditors included in the Agreement will freeze interest and charges and write off any remaining debt at the end of the IVA. You are also protected from your creditors petitioning for your Bankruptcy and they are no longer allowed to contact you about your debts. If you are a homeowner, you may have to release equity in the final year of the IVA to help repay your creditors but this will be discussed with you before you progress with an Arrangement. WITH AN IVA YOU COULD FREEZE INTEREST AND CHARGES AND WRITE OFF DEBT AT THE END OF 60 MONTHS WITH AN IVA YOU COULD: Reduce monthly repayments Freeze interest and charges Write off unsecured debts included in the IVA Be free from debt usually at the end of 60 months DO YOU QUALIFY? IVAs are normally suitable for people who have: Three or more creditors (for example: credit cards, payday loans, overdrafts, store cards) Over 15,000 worth of unsecured debt Problems meeting repayments Proof of income Baines & Ernst Debt Management Plan Guide Page 5

7 Other debt solutions available: Bankruptcy Out of all the debt solutions available, Bankruptcy is perhaps the most well known. This could be because we often hear about celebrities or businesses in the public eye going bankrupt in the news. It is not unusual for people in financial difficulty to assume that the only option available to them is Bankruptcy. However, Bankruptcy should always be considered as a final resort because of the serious affects Bankruptcy can have on your life. For example you could face losing your home, valuable assets, car and in some cases your job. If you really cannot afford to repay your debts, then going bankrupt could be the right solution for you but you should always seek financial advice first and find out if your problems could be resolved through a Debt Management Plan, IVA or Debt Relief Order. BY GOING BANKRUPT, YOU COULD: Be free from debt included in your Bankruptcy Order at the end of 12 months DO YOU QUALIFY? Cannot afford to repay creditors Have a low disposable income after paying household bills and other living essentials BANKRUPTCY CAN HELP PEOPLE CLEAR DEBT BUT IT IS NOT THE ONLY SOLUTION AVAILABLE You should always seek advice before going bankrupt to see if your financial problems could be solved with a Debt Management Plan, IVA or Debt Relief Order. Baines & Ernst Debt Management Plan Guide Page 6

8 Other debt solutions available: Debt Relief Order A Debt Relief Order, also called a DRO, is an alternative to Bankruptcy and is available to people who have a very low disposable income and are struggling to repay debts. The duration of a Debt Relief Order is typically one year. During this period, none of the creditors included in the DRO will be able to take action against you to recoup money owed to them. At the end of the year, you ll be free from all the unsecured debts listed in the order. Alternative to Bankruptcy: A DRO is an alternative to Bankruptcy for those with little assets or disposable income. The Debt Relief services is provided FREE of charge by Baines & Ernst: All you have to pay is a one-off fee of 90 to the Insolvency Service. Clear debts: All unsecured debts included in the DRO will be cleared after 12 months. No monthly charges: We do not charge for the DRO service so you don t have to pay any monthly fees. No court appointments: Unlike Bankruptcy, you do not need to book an appointment at the courts to process your application we take care of everything on your behalf. DO YOU QUALIFY? Debt Relief Orders are normally suitable for people who: WE ARE REALLY HAPPY DEALING WITH BAINES & ERNST, YOU'VE BEEN GREAT. YOU TAKE THE STRESS OFF ME, IT'S HELPED US ALL ROUND Are on a low income Have 50 or less available from your income after deducting general living costs and bills Are unable to repay debts Have unsecured debts that do not exceed 15,000 Do not own valuable goods worth more than 300 or a car worth more than 1,000 Have not had a Debt Relief Order within the last 6 years Are not involved in another formal insolvency procedure when applying for a Debt Relief Order Baines & Ernst Debt Management Plan Guide Page 7

9 Other debt solutions available... Protected Trust Deed A Protected Trust Deed is a debt solution that helps people living in Scotland clear debts. With a Protected Trust Deed, you could reduce your monthly repayments interest and charges will be frozen and any debts that still exist at the end of the Deed period (which normally lasts 3 years) will be written off. A Protected Trust Deed is a legally binding solution that will protect you from Sequestration (Bankruptcy) providing you keep to the terms of the Deed. WITH A PROTECTED TRUST DEED YOU COULD: Reduce monthly repayments Freeze interest and charges Write off unsecured debts included in the Protected Trust Deed Be free from debt usually at the end of 36 months Sequestration If you are a resident of Scotland and cannot afford to repay your debts, another solution available to you is Sequestration (Bankruptcy). Sequestration is a serious debt solution and should be considered as a last resort when solving your financial problems because of the affect it can have on your life. For example, you could face losing your home, valuable assets and in some cases your job. Before going ahead with Sequestration, you should seek advice and find out if your money problems could be resolved through a Debt Management Plan or a Protected Trust Deed. WITH SEQUESTRATION, YOU COULD: Be free from debt included in your Sequestration at the end of 12 months DO YOU QUALIFY? Protected Trust Deeds are available to people living in Scotland who have: Substantial unsecured debts Problems meeting repayments Proof of income DO YOU QUALIFY? Cannot afford to repay creditors Have a low disposable income after paying household bills and other living essentials Live in Scotland Baines & Ernst Debt Management Plan Guide Page 8

10 Frequently asked questions Can I cancel a Debt Management Plan? You can cancel with us at any time without any further charge providing you give two weeks written notice. Do creditors always accept reduced payment offers? Creditors must treat you fairly, so if you make a reduced offer of payment, your creditors have to take your circumstances into account when deciding what to do. Will my creditors continue to contact me? A Debt Management Plan is not legally protected, which means creditors can still contact you so it isn t unusual if they do. If you do not want to speak to them regarding your debts, simply refer them to us and we will handle their enquiries. Will my credit rating be affected if I get Debt Management Plan? Yes, your credit rating will be affected in the medium to long term if you get a Debt Management Plan. This is because you will be repaying your debts back at a rate that is lower than what you originally agreed with your creditors. Your credit rating will also be affected if you get an IVA, a Debt Relief Order or go Bankrupt. If you have already missed or made late payments before getting a debt solution, then your credit rating may already be affected. Can I take out a Plan if I am a homeowner or tenant? It makes no difference whether you are a tenant, homeowner or still living with your parents, you can still apply for a Debt Management Plan. Do I have to be in full time employment to apply for a Debt Management Plan? No. As long as you have proof of income, you can still apply for a Debt Management Plan. Is this a loan? No, a Debt Management Plan is not a loan. We neither lend you money, nor pay off your debts. Your payment plan is a solution that allows you to repay your creditors at a monthly rate you can afford. If you do not make payments into the plan, we cannot make payments to your creditors. Will I be credit checked before acceptance? No. Since we do not lend you any money, we do not need to credit check you. FOR A NO-OBLIGATION FINANCIAL REVIEW, SPEAK TO OUR FRIENDLY EXPERTS IN CONFIDENCE TODAY Baines & Ernst Debt Management Plan Guide Page 9

11 Frequently asked questions (continued) Does the Plan cover all of my debts? No. A Debt Management Plan can only cover your unsecured debts. Examples of debts that can be included in a Plan are: Personal loan Store card Credit card Bank overdraft Catalogue account Secured loans and bills cannot be included in a Debt Management Plan, so you will have to ensure you maintain payments on these types of bills: Mortgage Hire purchase loans (car loans) Secured loans Council tax Water rates / gas / electricity bills TV license How much does the Debt Management Plan service cost? We charge an initial set-up fee (which is equivalent to two monthly payments). This initial set up fee is retained by us for setting up your plan. While negotiations are taking place, we will make a small token payment to your creditors. This means that your accounts do not go unpaid for two months. The initial set-up fee includes: Drafting a bespoke payment plan Creation of a Debt Management Plan pack Communication with your creditors, either in writing or by telephone Calculation and issue of reduced payment proposals Preparation of the financial statement Home rep visits / help with Debt Management Plan pack paperwork for completion We can arrange for a professional representative to collect the pack and any supporting documents from you. If you need help completing the information pack, our representatives will be more than happy to lend a hand. We take a monthly management fee equivalent to % of each payment you make to us, subject to a monthly minimum of 35 and a monthly maximum of 100, plus 40 per annum paid on every anniversary of a plan. Specific costs will be notified to you in advance. What are the full terms and conditions of the plan? These will be provided to you in writing prior to you entering into the agreement. A copy can be viewed at DEBT SOLUTIONS THAT ARE BUILT AROUND YOUR BUDGET AND PERSONAL CIRCUMSTANCES Baines & Ernst Debt Management Plan Guide Page 10

12 How we could help you We have helped over 100,000 people escape the pressure of debt we could help you too! Photographs of models have been used to protect client confidentiality. At Baines & Ernst our ethos is simple to help people find an affordable way to clear their debts. Every day we offer advice to people with various levels of debt who are struggling to repay creditors. So whether you want to consolidate debt repayments into an affordable monthly amount or need more information on writing off debt with a legally binding solution, we can help. As members of DEMSA, we follow their Code of Conduct as approved by the OFT, so you can be confident that we take the greatest of care to ensure our customers receive the highest standards of service and the best advice at all times. Baines & Ernst part of the Paymex Group winners of Debt Management Provider of the Year, 2010 and 2011 Finalists at the Insolvency and Rescue Awards What will Baines & Ernst do for me? As part of our Debt Management Plan service, we will: Negotiate lower repayment rates with your creditors on your behalf Request the freezing of interest and charges Distribute payments to your creditors every month Provide clear debt advice every step of the way Provide online access to statements 24 hours a day Arrange an Annual Plan Review Get in touch Our friendly team is available to provide advice on the range of debt solutions available to you. You can also complete the enquiry form on our website and well get back to you. H Call our freephone Cheaper from mobiles Request a call back, text DEBT to Baines & Ernst Debt Management Plan Guide Page 11

BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS

BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS Contents 1. Introduction 2. What is a Debt Management Plan? 3. How a Debt Management Plan works 4. Do you qualify for a Debt Management Plan? 5. Other debt

More information

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr A guide to IVAs A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) Contents Part 1 Overview 3 Guide overview Part 2 IVAs 4 What is an IVA? How does an IVA work?

More information

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland)

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Why you should read this guide Many people living in Scotland, through no fault of their own, are struggling

More information

Options for dealing with debt

Options for dealing with debt Options for dealing with debt This factsheet explains what you can do if you cannot afford your debts. It gives an overview of the options that you may have, but is not a suitable alternative to speaking

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

CCCS Debt Advice Guide

CCCS Debt Advice Guide CCCS Debt Advice Guide Introduction As a registered charity, we help people with financial troubles by giving them free, impartial advice. If you need debt help, you have come to the right place; whatever

More information

Find the best path page 04. A. Repayment Plan page 05. B. Debt Relief Order page 08. C. Individual Voluntary Arrangement page 10

Find the best path page 04. A. Repayment Plan page 05. B. Debt Relief Order page 08. C. Individual Voluntary Arrangement page 10 2 At Crosslight we understand that finding yourself in debt can be a frightening and bewildering experience. That s why we re here to help you navigate your way through the routes out of debt and advise

More information

Guide to: Debt Management Plans. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk

Guide to: Debt Management Plans. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk Guide to: Debt Management Plans Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk Contents 1. What is a Debt Management Plan 2. How The Process Works 3. DMP FAQs

More information

Free, Impartial Debt Advice. Carter Green IVA Guide 1

Free, Impartial Debt Advice. Carter Green IVA Guide 1 IVA Guide Free, Impartial Debt Advice Carter Green IVA Guide 1 Contents INTRODUCTION HOW WILL THIS GUIDE HELP YOU 2 SECTION 1 SECTION 2 SECTION 3 IVAS About IVAs 3 How an IVA works 4 Why an IVA? 5 How

More information

DMP or IVA? Call Payplan on 0800 716 239. debt plans

DMP or IVA? Call Payplan on 0800 716 239. debt plans debt plans Call Payplan on 0800 716 239 Our free helpline is open Monday to Friday 8am-9pm, and Saturday 9am-3pm. Find out more at www.payplan.com Please contact us if you d like this leaflet in Braille,

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

IN BRIEF. A simple guide to debt solutions TACKLING DEBT MONEY ADVICE LIFESTYLE BUDGETING

IN BRIEF. A simple guide to debt solutions TACKLING DEBT MONEY ADVICE LIFESTYLE BUDGETING IN BRIEF A simple guide to debt solutions TACKLING DEBT BUDGETING LIFESTYLE MONEY ADVICE START LIVING AGAIN At PayPlan we understand the reality of living with debt and the effects it can have on every

More information

Ashley Park Financial Solutions

Ashley Park Financial Solutions Ashley Park Financial Solutions Ashley Park Financial Solutions are here to help you. We remove the stress caused by your obligation to meet high monthly repayments on your debts. We can reduce your monthly

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide.

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide. SECTION Insolvency procedures in England and Wales in Scotland in Northern Ireland Available on on Independent of of Nationwide products products and and services services What is insolvency? Insolvency

More information

Debt Solution Overview 2

Debt Solution Overview 2 Contents Debt Solution Overview 2 Debt Management What is a Debt Management Plan? 3 What are the benefits of a Debt Management Plan? 3 How does it work? 3 What debts can be included in a plan? 4 What debts

More information

things to know Helping you understand your debt

things to know Helping you understand your debt things to know Helping you understand your debt Your questions answered Some common questions Here are the answers to some frequently asked questions that may arise when dealing with your debt. Creditors

More information

insolvency group Help and advice for Businesses and Limited Companies Licensed Insolvency Practitioners & Business Recovery Professionals

insolvency group Help and advice for Businesses and Limited Companies Licensed Insolvency Practitioners & Business Recovery Professionals focus insolvency group Help and advice for Businesses and Limited Companies Licensed Insolvency Practitioners & Business Recovery Professionals Call: 0800 157 7330 or 01257 251319 www.focusinsolvencygroup.co.uk

More information

Dealing with debt. A guide for customers

Dealing with debt. A guide for customers Dealing with debt A guide for customers How you can get help Banks are here to help you run your finances smoothly in a complicated world. You can get help in good and bad times. Banks understand that

More information

Debt advice leaflet. You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy.

Debt advice leaflet. You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy. Debt advice leaflet You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy. Debt advice leaflet Dealing with your debts can be difficult

More information

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY FACT SHEET NO. 10 NORTHERN IRELAND What is bankruptcy? Bankruptcy is a way of dealing with debts that you cannot pay.

More information

Debt Relief Orders in the UK. A brief overview

Debt Relief Orders in the UK. A brief overview Debt Relief Orders in the UK A brief overview What is a Debt Relief Order? What is a Debt Relief Order? Suitable for people who: do not own their own home What is a Debt Relief Order? Suitable for people

More information

AToM Debt Solutions. Individual Voluntary Arrangements (IVA) Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.

AToM Debt Solutions. Individual Voluntary Arrangements (IVA) Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co. AToM Debt Solutions Individual Voluntary Arrangements (IVA) Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk Debt Statistics Striking Numbers 1m every 8.5 mins Growth in UK debt

More information

Debt Advice Self help guide

Debt Advice Self help guide Advice Shop Debt Advice Self help guide If you are having problems with debts, making ends meet and paying your bills, then this guide is for you. It explains the steps you can take to sort out your money

More information

AToM Debt Solutions. Debt Management. Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk

AToM Debt Solutions. Debt Management. Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk AToM Debt Solutions Debt Management Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk Debt Statistics Striking Numbers 1m every 8.5 mins Growth in UK debt 228m Daily increase in

More information

MONEY WORRIES? A SELF HELP GUIDE TO DEALING WITH YOUR DEBTS. Contents

MONEY WORRIES? A SELF HELP GUIDE TO DEALING WITH YOUR DEBTS. Contents MONEY WORRIES? A SELF HELP GUIDE TO DEALING WITH YOUR DEBTS Contents 1 Introduction page 3 Checking that the money is owed 4 Working out your budget Income Expenditure 4 Negotiating with Priority creditors

More information

Dealing with debt - toolkit Information from Southampton City Council. Step 6. More debts credit or non-priority debts

Dealing with debt - toolkit Information from Southampton City Council. Step 6. More debts credit or non-priority debts Dealing with debt - toolkit Information from Southampton City Council Step 6. More debts credit or non-priority debts Step 6. More debts credit or non-priority You may have debts, other than priority debts.

More information

In Debt. Dealing with your creditors

In Debt. Dealing with your creditors In Debt Dealing with your creditors 0 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members

More information

You ll make affordable monthly payments based on your situation

You ll make affordable monthly payments based on your situation You ll make affordable monthly payments based on your situation We may be able to freeze/reduce any interest and charges We deal with your creditors for you, and letters and phone calls should decrease

More information

Debt and Money Concerns

Debt and Money Concerns About Brent Carers We are an independant charity with over 4,000 carers currently registered with us. We provide information, advice and support to carers across Brent. We are the voice for carers in the

More information

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members of the IVA Standing Committee for

More information

Other options for dealing with your debts

Other options for dealing with your debts Other options for dealing with your debts This information is an extract from the booklet Managing your debt, which is part of our financial guidance series. You may find the full booklet helpful. We can

More information

Debt Options Information guide

Debt Options Information guide Debt Options Information guide Debt & Money Advice Support CIC (DMAS CIC) is authorised and regulated by the Financial Conduct Authority FRN: 631799. A company registered in England & Wales 9203918. 1

More information

AToM Debt Solutions. Full & Final Settlements. Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk

AToM Debt Solutions. Full & Final Settlements. Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk AToM Debt Solutions Full & Final Settlements Call AToM Debt Solutions now on 0845 40 40 240 or visit www.atomltd.co.uk Debt Statistics Striking Numbers 1m every 8.5 mins Growth in UK debt 228m Daily increase

More information

Comparison of a Debtor s Options

Comparison of a Debtor s Options Comparison of a Debtor s Options Individual Voluntary Arrangement (IVA) An IVA is an alternative to bankruptcy. It is a contract between a debtor and his/her creditors on which creditors will reasonably

More information

Welcome to Debt Deliverance

Welcome to Debt Deliverance Welcome to Debt Deliverance The aim of this information pack is to give an overview of how we can potentially help you and your clients get a better deal. However there is a lot more to Debt Deliverance

More information

What options are available? Ways to deal with debt.

What options are available? Ways to deal with debt. What options are available? What options are available? There are a range of options available to help you to deal with your debt. Before deciding on any of the options please speak to a Debt Action NI

More information

In Debt? Dealing with your Creditors

In Debt? Dealing with your Creditors In Debt? Dealing with your Creditors for FREE advice call 01535 64 00 00 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service

More information

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you BUDGETING LIFESTYLE MONEY ADVICE START LIVING AGAIN WELCOME TO PAYPLAN At PayPlan, we

More information

Table of Contents. Who Is Eligible 4 The End Result 4. Filing Bankruptcy 5 Costs 5 Assets 5 Debts Included 6 How it Affects Credit 6

Table of Contents. Who Is Eligible 4 The End Result 4. Filing Bankruptcy 5 Costs 5 Assets 5 Debts Included 6 How it Affects Credit 6 Table of Contents Introduction 2 Consumer Proposals 3 What is a Consumer Proposal? 3 How Does a Consumer Proposal Work? 3 Filing a Consumer Proposal 3 Acceptance or Rejection 3 Costs 4 Debts Included 4

More information

Alternatives to bankruptcy

Alternatives to bankruptcy Alternatives to bankruptcy Contents Introduction... 3 You do not have to become bankrupt just because you are in debt.... 3 Informal Arrangements?... 3 Informal arrangements, also known as 'family arrangements'

More information

Money Management Team Limited Limited Service & Fee Agreement

Money Management Team Limited Limited Service & Fee Agreement Money Management Team Limited Limited Service & Fee Agreement These Terms of Business set out the agreement between you and us. Please ensure that you read them all carefully. If you do not understand

More information

Taking the steps to regain control

Taking the steps to regain control Taking the steps to regain control Congratulations! Just reading this means you are taking the most difficult single step in dealing with debt problems facing them head on and finding out what you can

More information

Clients Copy. Terms and Conditions of Business

Clients Copy. Terms and Conditions of Business Terms and Conditions of Business Our aim at Refresh Debt Services is to help you on your way to financial recovery. We aim to be transparent in all our dealings with you so that you understand every aspect

More information

Taking Control. guide to Debt Solutions. Your comprehensive

Taking Control. guide to Debt Solutions. Your comprehensive Taking Control Your comprehensive guide to Debt Solutions 1 Contents Page Number About X-debt 3 Debt Solutions: Individual Voluntary Arrangements (IVAs) 4 Company Voluntary Arrangements (CVAs) 5 Debt Management

More information

Guide to: Consolidation Loans. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk

Guide to: Consolidation Loans. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk Guide to: Consolidation Loans Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk Contents 1. What is a Consolidation Loan 2. Re-Mortgages 3. Secured Loans 4. Personal

More information

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first Dealing with debt - toolkit Information from Southampton City Council Step 5. Tackle the most important debts first Step 5. Tackle the most important debts first priority creditors. Some debts are more

More information

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY The most common options available to individuals who are unable to pay their debts are:- 1 Do nothing. 2 Obtain an unsecured debt consolidation

More information

Debt Management Plan. Terms of Business

Debt Management Plan. Terms of Business Debt Management Plan Terms of Business Important Note These terms of business (the Terms ) explain the rights and obligations of You and Us regarding the provision of your Debt Management Plan. You should

More information

Personal Insolvency Service

Personal Insolvency Service Personal Insolvency Service W.O. McGrory & Co offers a specialist service to individuals and company directors experiencing personal financial problems that need the assistance of professional intervention.

More information

The. outcomes. advice

The. outcomes. advice The outcomes of CAB advice One or more outcomes were recorded for 10 per cent of clients who received full advice. 232 million worth of income gain recorded, including 202 million of benefit gain. 4,675

More information

LOAN APPLICATION FORM

LOAN APPLICATION FORM LOAN APPLICATION FORM Please use black ink and complete all sections in BLOCK CAPITALS. (For loans fully covered by savings or guarantee, only Parts 1, 3 and 9 should be completed.) If you need any help,

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

MABS Guide to the Personal Insolvency Act, 2012

MABS Guide to the Personal Insolvency Act, 2012 MABS Guide to the Personal Insolvency Act, 2012 DISCLAIMER: This Guide is for general information purposes only and does not constitute legal, financial or other professional advice. Specific advice should

More information

Secured loans - A guide

Secured loans - A guide Secured loans - A guide WHAT IS A SECURED LOAN? A secured loan is a loan in which the borrower pledges some asset such as a car or property as collateral for the loan, which then becomes a secured debt

More information

Assets are items you own that have a monetary value such as property, car, shares, antiques or savings.

Assets are items you own that have a monetary value such as property, car, shares, antiques or savings. Debt Jargon Adverse credit If you fall into arrears or default on a loan or credit agreement, the resulting effect on your credit history is described as having adverse credit. This makes it harder or

More information

About insolvency. Information for individuals and companies

About insolvency. Information for individuals and companies About insolvency Information for individuals and companies BUSINESS WITH CONFIDENCE icaew.com/insolvency Contents Introduction 01 What is insolvency? 01 What does an insolvency practitioner do? 02 Who

More information

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009 M on Factsheet e y E3 A dv i c e Bankruptcy U ni Make Every Count t The information and benefit rates in this leaflet are correct at April 2009 01438 737555 www.hertsdirect.org/benefits Bankruptcy Bankruptcy

More information

What is a Short Sale?

What is a Short Sale? What is a Short Sale? A Short Sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what

More information

Terms and Conditions

Terms and Conditions Terms and Conditions We want your decision to use Valour Financial Management services to be the best decision you have ever made towards regaining control of your financial situation. To that end we aim

More information

A Debtor s Guide to the role of a PIP

A Debtor s Guide to the role of a PIP A Debtor s Guide to the role of a A guide to the role of your professional advisor for a DSA or a PIA Insolvency Service of Ireland nseirbhís Dócmhainneachta na héirea n ISI Tackling problem debt together

More information

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem.

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem. MK Money Lifeline Self-Help Pack This pack outlines the steps you will need to take to help you deal with your debt problem. Once debts start to mount there is a process that you will need to go through

More information

A Self Help Guide to Money Problems

A Self Help Guide to Money Problems A Self Help Guide to Money Problems DERBY CITY COUNCIL Money Advice Service If you re in debt and don t know which way to turn, then this guide will help you. Act now! Help yourself by following these

More information

We have over 20 years experience of helping people just like you. We are the only small business debt advice charity operating in the UK.

We have over 20 years experience of helping people just like you. We are the only small business debt advice charity operating in the UK. Freephone 0800 197 6026 www.businessdebtline.org Debt relief orders (DROs) What this fact sheet covers This fact sheet tells you when a debt relief order may be a good option for you to deal with your

More information

Please read and sign the following. This is to confirm you have received and read all of the. Client ID: EDS <<ClientID>> Version 2.5.

Please read and sign the following. This is to confirm you have received and read all of the. Client ID: EDS <<ClientID>> Version 2.5. Terms and Conditions of Business Please read and sign the following. This is to confirm you have received and read all of the Terms and Conditions of Business. Client ID: EDS Version 2.5.7

More information

Important Information to help people in mortgage arrears

Important Information to help people in mortgage arrears Important Information to help people in mortgage arrears September 2015 Talk to your Lender Banking & Payments Federation Ireland represents Ireland s principal mortgage lenders. These lenders are committed

More information

TABLE OF CONTENTS. Introduction...3 What is Debt Consolidation?...5. Debt Consolidation Program Processes...19

TABLE OF CONTENTS. Introduction...3 What is Debt Consolidation?...5. Debt Consolidation Program Processes...19 TABLE OF CONTENTS Introduction...3 What is Debt Consolidation?...5 A) CHAPTER 13 B) WHAT DEBTS ARE ADDRESSED? Debt Consolidation Program Processes...19 A) DEBT MANAGEMENT PROGRAM B) DEBT SETTLEMENT PROGRAM

More information

Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership. Action Pack. Final Demand. Mortgage Council Tax

Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership. Action Pack. Final Demand. Mortgage Council Tax Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership Action Pack Final Demand Mortgage Council Tax Bank Overdraft Rent GAS Electricity Reminder It could

More information

Take Control of Your Debt

Take Control of Your Debt Student Services Funding & Advice Take Control of Your Debt SUCCESS...We ll help you achieve it! @UWS_Funding TAKE CONTROL OF YOUR DEBT Borrowing money can be an inevitable part of life. It is important

More information

A welcome from your team

A welcome from your team A welcome from your team May we take this opportunity to thank you for contacting Netchwood Networks. The purpose of this brochure is to give you an easy to understand explanation of the different options

More information

Money Advice Pack PB 1

Money Advice Pack PB 1 Money Advice Pack 1 Introduction Many people suffer difficulties with money at some time in their lives. Money problems can be caused by a variety of reasons, such as losing your job, illness, decreased

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

Important information to help people in mortgage arrears

Important information to help people in mortgage arrears Important information to help people in mortgage arrears September 2015 Contents Talk to your Lender Talk to your Lender 3 Explore your Options 4 Contact a Trusted Third Party for Advice - MABS (Money

More information

Debt Advice Self Help Pack

Debt Advice Self Help Pack Central Bedfordshire Council www.centralbedfordshire.gov.uk Debt Advice Self Help Pack Do you find there is not enough money to pay your bills each week/month? Has your credit become debt? Are your outgoings

More information

Making ends meet. A self-help guide for tenants with debt problems. Housing Services

Making ends meet. A self-help guide for tenants with debt problems. Housing Services Housing Services Making ends meet A self-help guide for tenants with debt problems Produced by Housing Services, with help from the Money Advice Unit at the Citizens Advice Bureau Introduction It is easy

More information

Dealing with Problem Debt

Dealing with Problem Debt Dealing with Problem Debt Insolvency Service of Ireland Seirbhís Dócmhainneachta na héireann ISI Tackling problem debt together Insolvency Service of Ireland nseirbhís Dócmhainneachta na héirea n ISI Tackling

More information

Financial Support and Benefits

Financial Support and Benefits Financial Support and Benefits Debt Somerset County Council positively values diversity, and celebrates cultural and social differences. Our Equal Opportunities Promise is to provide all services of equal

More information

PART 1. Self Help Debt Pack

PART 1. Self Help Debt Pack PART 1 Self Help Debt Pack CONTENTS Introduction Page 3 How to contact GAIN Page 4 How to use the GAIN Self Help Pack Page 5 STEP 1 List Your Debts Page 7 STEP 2 Your Personal Budget Page 15 STEP 3 Your

More information

Life and protection insurance explained

Life and protection insurance explained protection? Life and protection explained A guide to personal and family protection This guide explains the types of life and protection available and how they can offer you valuable peace of mind. If

More information

WB Debtcare. Debt Arrangement Scheme. WYLIE & BISSET LLP WB DEBTCARE Freephone: 0800 015 0607 Email: contact@wbdebtcare.com www.wbdebtcare.

WB Debtcare. Debt Arrangement Scheme. WYLIE & BISSET LLP WB DEBTCARE Freephone: 0800 015 0607 Email: contact@wbdebtcare.com www.wbdebtcare. WB Debtcare Debt Arrangement Scheme WYLIE & BISSET LLP WB DEBTCARE Freephone: 0800 015 0607 Email: contact@wbdebtcare.com www.wbdebtcare.com A Guide to the Debt Arrangement Scheme (D.A.S) with us WB Debtcare

More information

Dealing with debt. finding your feet. Advice for you if you are in debt

Dealing with debt. finding your feet. Advice for you if you are in debt Dealing with debt finding your feet Advice for you if you are in debt Help yourself deal with your debt Even though it may seem that there is little you can do to help yourself, in fact there is more than

More information

Debt. Essentials. We can t tell you everything in these few pages but it should help you see that there are options.

Debt. Essentials. We can t tell you everything in these few pages but it should help you see that there are options. Debt Essentials If you are in debt here is some vital information to help you get back in control. Debts may not go away quickly but you can manage them and reduce the stress it may be causing. We can

More information

Bankruptcy Annulment Service. An overview

Bankruptcy Annulment Service. An overview Bankruptcy Annulment Service An overview Individual Insolvencies There will be well over 100,000 personal insolvencies this year in England & Wales Over 70,000 will be bankruptcies (2008: 67,500) Of these,

More information

CALL DEBT. Talk to an Aussie Who Cares

CALL DEBT. Talk to an Aussie Who Cares A Complete complete Guide Guide to to Debt Relief Debt Relief Solutions in Australia in Australia CALL 1800 00 3328 DEBT Talk to an Aussie Who Cares Contents Introduction... 3 About Debt Rescue... 4 The

More information

CHOOSE THE RIGHT DEBT SOLUTION We ll help you take charge of your debt

CHOOSE THE RIGHT DEBT SOLUTION We ll help you take charge of your debt working in partnership with Payplan CHOOSE THE RIGHT DEBT SOLUTION We ll help you take charge of your debt BUDGETING LIFESTYLE MONEY ADVICE LIFE IS FOR LIVING Here at PayPlan, we understand the effect

More information

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way Additional borrowing guide 1 Additional borrowing We re with you every step of the way Additional borrowing guide 2 What is additional borrowing? Sometimes you may be able to borrow extra money from your

More information

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business National House 80 82 Wellington Road North Stockport SK4 1HW CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business Introduction Important Note: These Terms and Conditions of Business explain our

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender A simple guide to getting more from your future with Aviva Equity Release Best Equity Release Lender J4602_PF011120_1015.indd 1 09/10/15 8:06 pm Contents An introduction to Aviva Equity Release What is

More information

Important information to help people in mortgage arrears

Important information to help people in mortgage arrears Important information to help people in mortgage arrears September 2015 Contents Talk to your Lender Talk to your Lender 3 Explore your Options 4 Contact a Trusted Third Party for Advice - MABS (Money

More information

Helping you manage your debts

Helping you manage your debts debt advice Helping you manage your debts A three-step guide start today you re on the right path to reducing your debt review prepare offer Start today This guide will take you through the steps you need

More information

Debt Advice For Older People

Debt Advice For Older People Debt Advice For Older People Debt Advice For Older People Older people are among the hardest hit financially in the current economic climate as savings are eroded and everyday essentials increase in cost.

More information

Living Debt Free. By Douglas Hoyes. BA, CA, CIRP, CBV, Trustee Co-Founder of

Living Debt Free. By Douglas Hoyes. BA, CA, CIRP, CBV, Trustee Co-Founder of Fresh Start A Concise Guide to Living Debt Free By Douglas Hoyes BA, CA, CIRP, CBV, Trustee Co-Founder of Fresh Start A Concise Guide to Living Debt Free By Douglas Hoyes BA, CA, CIRP, CBV, Trustee Co-Founder,

More information

TRUST DEEDS. WB Debtcare

TRUST DEEDS. WB Debtcare WB Debtcare TRUST DEEDS WYLIE & BISSET LLP WB DEBTCARE Freephone: 0800 015 0607 Telephone: 0141 566 7006 Email: contact@wbdebtcare.com Website: www.wbdebtcare.com A guide to your Trust Deed with us WB

More information

Debt Settlement Arrangement (DSA)

Debt Settlement Arrangement (DSA) Debt Settlement Arrangement (DSA) A solution for people with unmanageable unsecured debt Insolvency Service of Ireland Seirbhís Dócmhainneachta na héireann ISI Tackling problem debt together Insolvency

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

There are four main areas to look at when you are trying to manage your money more effectively.

There are four main areas to look at when you are trying to manage your money more effectively. Dear Self Help Budgeting Pack Thank you for your interest in our Money Management Advice Service. This pack has been designed to help you manage your money better and re-prioritise your essential expenditure.

More information

GUIDE TO DEALING WITH DEBT

GUIDE TO DEALING WITH DEBT GUIDE TO DEALING WITH DEBT CONTENTS Page 4 Where do I start? Page 5 Do I have to pay? What can I afford to pay? Page 7 Who to pay first? Page 10 What can I afford to pay on my Credit Debts? Page 12 What

More information

Volume 1 Taking the first steps

Volume 1 Taking the first steps Volume 1 Taking the first steps Welcome to Your Money A guide to managing Take the first step in changing your financial future. Call InCharge Debt Solutions today at 1.877.544.7766 or visit www.incharge.org

More information

Welcome to. OneFamily

Welcome to. OneFamily OneFamily Lifetime Mortgages 1 Welcome to OneFamily Welcome to our OneFamily Lifetime Mortgages. This brochure acts as an easyto-digest introduction to lifetime mortgages and provides you with a summary

More information