0 Problems with DEBT? What are the opɵons available? What are the pros and cons? Where do I go for advice?

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1 0 Problems with DEBT? What are the op ons available? What are the pros and cons? Where do I go for advice?

2 Informal Op ons (Non statutory) Do Nothing Informal Agreement/ Negotiated Settlement DMP Debt Management Plan Informal Options Re Mortgage to Consolidate Consolidation Loan Unsecured

3 Do Nothing No Cost No S gma No Protec on Credit ra ng damaged when in default. Court ac on by creditors/bailiffs Bankruptcy by creditors Financial situa on gets worse DMP Debt Management Plan Debtor no longer has to deal with creditors Debt Management Company (DMC) may be able to arrange interest to be frozen Reduced affordable monthly amount No debt forgiveness Not legally binding on creditors May last for a very long me Impact on credit ra ng Hidden costs

4 Consolida on Loan Unsecured One monthly payment, so easier to manage Debt spread over longer period so monthly amount lower Larger debt tends to be at a lower interest rate No s gma Creditors may accept slightly less for full and final se lement. Banks not willing to lend if adverse credit status If lending available interest and charges high No protec on while arranging new loan Risk of con nued credit card / finance use Re Mortgage to Consolidate Lower interest rate than other loans Pay off all unsecured debts No s gma Creditors may accept slightly less for full and final se lement. Mortgage payments increased risk of repossession if any missed Total interest over years very high High set up costs Banks not willing to lend/adverse credit No protec on while arranging new loan

5 Informal Agreement / Nego ated Se lement Lower costs than statutory solu ons You can do it yourself. Flexible No S gma. Creditors may accept slightly less for full and final se lement if lump sum is available. Debtor no longer has to deal with creditors. DMC may be able to arrange interest to be frozen to a reduced affordable monthly amount. Need to budget and cut outgoings. Must stop using credit. Need to raise lump sum? Not legally binding on creditors, no protec on. Debtor needs to be proac ve at a me when under financial stress. Not easy where there is a large number of creditors. Defaults will be noted on credit file, impact on credit ra ng. No debt forgiveness. Not legally binding on creditors. May last for a very long me. Hidden costs.

6 Formal Op ons (Statutory) Bankruptcy Formal Options IVA- Individual Voluntary Arrangement Debt Relief Order

7 IVA Individual Voluntary Arrangement All creditors en tled to vote will be bound Interim Order court protec on if required Lower s gma not adver sed Easier to earn a living/be self employed Assets do not vest in trustee Dura on usually 5 years Need 75% of creditors by value to approve If IVA fails, bankruptcy likely Creditors may require modifica ons Stays on credit record same as bankruptcy Public record Bankruptcy Discharge from debt Short usually one year Finality clean slate Problems re earning a living/con nuing in business Assets will vest in trustee S gma public record/london Gaze e General disabili es of bankruptcy Stays on credit record for 6 years Low return to creditors Fee 700

8 Debt Relief Order Same dura on as bankruptcy short 90 Fee only Debts wri en off Clean slate a er one year Limited eligibility 15k debt, 50 per month disposable income, 300 or less asset value. Some debts survive (as in bankruptcy) Stays on credit record for 6 years Not available if homeowner.

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