WE CAN HELP YOU WITH YOUR DEBT PROBLEMS

There are a number of solutions that can enable you to take control of your financial situation. We have access to the complete range of debt solutions, so we can find you a tailored answer to your debt problem. After a quick consultation which, among other things, will review your income, expenditure and level of debt we will be able to give you advice on the next steps based on your own personal and financial situation.

DEBT ADVICE, WHAT IS IT?

Tailored advice with the purpose of assisting over indebted individuals to gain control of their finances and remove their debt burden.

WHAT ARE THE BENEFITS OF DEBT ADVICE?

You will be given help on the road to financial recovery allowing you to regain control of your situation. You may also have the potential to retain your property while clearing your debts. If you seek debt advice as soon as you realise you have a debt problem then you may be able to avoid Bankruptcy.

TALK TO SOMEONE

If you think debt is a problem then why not take a financial health check today?
The sooner you take action to resolve your debt the sooner you begin to regain control of your financial situation and potentially avoid the consequences of Bankruptcy.

Types of Plans available

Debt Management Plan

A Debt Management Plan is an informal arrangement with your creditors whereby you agree to make a set monthly contribution towards your debt. If you enter a Debt Management Plan you will be able to consolidate all of your unsecured debts into one affordable monthly payment.

You may be able to freeze charges or interest to enable you to repay the amount you borrowed more effectively.

Benefits of a Debt Management Plan

• Pressure from creditors is removed
• The repayments are based on what you can reasonable afford
• You will be able to make reduced payments to your creditors and we may even be able to freeze the interest on your outstanding debts
• You will not have to correspond with your creditors in the future
• You will only have to make one monthly payment to one company

Full & Final Settlement

A Full and Final Settlement is a solution where your creditors are contacted and asked to accept a lump sum payment as a reduced settlement on an outstanding debt. The level of the reduced settlement is dependant on the creditor, the type of debt and your individual circumstances. By accepting a reduced lump sum payment, the creditor agrees to write off any outstanding debt.

For a Full & Final Settlement to be accepted you must be able to make a lump sum payment of at least 60% of the outstanding debt.

Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is a legally binding agreement that enables you to make a proposal to your creditors which, if accepted, will allow them to make one monthly affordable payment, usually for five years. The IVA was introduced in 1986 to provide an alternative solution to Bankruptcy for people with serious debt problems.

At the end of the IVA, you will be completely debt free after paying only a percentage of your overall debts.

Benefits of an Individual Voluntary Arrangement

• Usually lasts 5 years
• All pressure from your creditors is removed
• An IVA is a legally binding agreement so once your creditors agree to the proposal then they cannot change their mind
• Any interest or penalty charges will be frozen
• At the end of the IVA you will be completely debt free

An Individual Voluntary Arrangement is only available in England, Wales or Northern Ireland.

GR&A IFA act as Introducers to a number of Debt Management agencies who are responsible for the advice and guidance given, we will however complete a Fact-Find with you and see if there are any other ways of assisting you before this route is explored.

There are a number of Free Advice agencies and also the Citizens Advice Bureau is able to give guidance.

There are consequences to entering into any of the financial agreements shown that may affect you obtaining new credit or mortgages in the future.