Frequently Asked Questions
- What is debt management?
- Is my home at risk in a debt management plan?
- Can I get a loan if I don't own a home?
- What if I have CCJ's, Defaults, Adverse Credit?
- What is an IVA?
- What will an IVA cost?
- Will I lose my home in an IVA?
- Is an IVA registered on my credit file?
- What are the advantages and disadvantages to an IVA?
1: What is debt management?
Answer : It is possible to organise your own debt management plan with your creditors, however, it is usually more effective to use a company experienced in managing debts on behalf of individuals to liase with the creditors and ensure they understand the pressures their clients may be under and arranges a more suitable affordable monthly payment in accordance with what you can afford to pay. Not what they request that you pay!
2: Is my home at risk in a debt management plan?
Answer : The short answer is potentially, although we will do all we can to help the creditors avoid this course of action. We will keep you up-to-date in all correspondence and rest assured we work tirelessly on behalf of all our clients.
3: Can I get a loan if I don't own a home?
Answer : Yes, we would recommend an unsecured loan. Please apply via the following form and we will ensure the best practice advice solution is offered to suit your personal circumstances.
4: What if I have CCJ's, Defaults, Adverse Credit?
Answer : No problems. Believe it or not almost all our clients have some sort of adverse credit. Our arrangements are designed to help individuals with poor credit.
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5: What is an IVA?
Answer : An IVA, or Individual Voluntary Arrangement, is a formal contract between you and your creditors. It is an alternative to bankruptcy. The term is usually set at 60 months (5 years). We will advise you with this proposal and complete all necessary paper work on your behalf.
6: What will it cost?
Answer : Absolutely nothing... We are paid by the creditors out of your monthly payment and do NOT under any circumstances request any fees for our services from our clients.
7: Will I lose my home in an IVA?
Answer : No.. An IVA was designed to enable an individual to avoid bankruptcy and keep their home and job. You may have to release some equity from your property in the arrangement, however, this will be clearly laid out in the proposal.
8: Is an IVA registered on my credit file?
Answer : Yes. However once the IVA is completed it can be looked at favourably as you will receive a certificate of successful completion showing that you have made a commitment to clearing as much of your debt as possible.
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9: What are the advantages and disadvantages to an IVA?
Answer : Please click here to review the advantages & disadvantages of an IVA.