The UK debt problem
Aggressive lending by financial institutions and increases in
interest rates have led to record levels of people finding themselves
in difficulty over debt.
Don't suffer in silence call our independent financial adviser,
James Mann who can help you take control of your finances.
Unlike debt management agencies, we take an ethical approach. We will help you to
choose a debt management solution which suits your needs
rather than ours.
We aim to find a solution that will help you out of your financial
difficulties as quickly and as painlessly as possible.
At Simpson Millar LLP we understand that the hardest step it to take control of
your finances, but our friendly and approachable team await your call. Let us take
the weight of your shoulders and help you solve your debt problems.
Contact us now to discuss how we can help you by completing our, no obligation,
online enquiry form and we
will call you back or you can call us directly on 0844 858 3200.
The Solutions
We take an ethical approach to all the possible solutions to your debt problems
and will provide you with the right solution for you.
- Bankruptcy - most severe, usually used as a last resort
and has the effect of writing of your debts.
- Disadvantages of Bankruptcy:
- adverse affect on your credit rating
- difficult to obtain credit in the future including
mortgages
- potential disqualification from holding certain positions or doing
certain jobs
Make sure you get the essential sound financial advice you need
by calling us to discuss the implications before you take the
decision to declare yourself bankrupt.
- IVA - Individual Voluntary Arrangement - an agreement
between you and the people to whom you owe money (‘the Creditors’)
whereby you agree with your creditors to repay a percentage
of the debt that you have over a period of time.
An IVA can make sense to the Creditors because without it, the only alternative
is often bankruptcy and this can result in the Creditors recovering far less if
anything at all. It can also make sense to you as it can avoid some of the disadvantages
of bankruptcy. However, it does require the agreement
of the Creditors and for this you will more often than not need the services
of an Insolvency Practitioner.
- Re-Financing - sometimes finding some breathing space
and re-financing the current debt provides an adequate solution. This can involve:
- re-mortgaging your home, or
- finding some other form of unsecured borrowing (beware some debt management companies
will recommend this option because of the commissions that they get paid by the
loan provider)
- Belt Tightening - you may just need a little advice on ‘belt-tightening’:
- cutting back on those little luxuries for a few months will get
you out of the red
- you can reclaim money for services, eg unfair bank charges
Call our helpline today on 0800 195 8101 or use our free, no obligation,
online enquiry form to register for a call back or call us directly on 0844 858 3200.
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