Debt Management is a way of repaying your debts to your creditors by means of 1 agreed and affordable monthly payment.
It is an informal debt solution arranged by a Debt Management Company, who will work with you in order to determine what you can realistically afford to pay to all of your creditors. Once a realistic payment is arranged, they will negotiate your new payment on your behalf.
If you would like to find out more about Debt Management then click here...
Bankruptcy is a formal court procedure which you can start or which one or more of your creditors owed at least £5,000 can start. Your assets (with certain exceptions) are sold to help pay your creditors. However, you can usually keep your personal belongings, the contents of your home and your tools of trade (which may include your car) unless they have a high value.
Bankruptcy usually lasts for 1 year, and once you have been freed (discharged) from your bankruptcy, you are released from your debts (with certain exceptions).
To read more about Bankruptcy or to find out how to avoid Bankruptcy click here...
Here at McCambridge Duffy we have a range of solutions in place to help people who are self employed and struggling with debts.
There are different types of solution available for different types of Self Employed Businesses; Whether you are a sole trader with debts, a limited company or even in a Partnership.
To read more about the Self Employed Solutions we offer click here...
A debt can be consolidated into one monthly payment by taking out a personal or secured loan or by remortgaging your property. The idea behind debt consolidation is that you use this loan to pay off all your other debts and are left with one monthly payment.
Debt consolidation is not usually advised for large debts as it could put you into the same or even a worse position.
If you would like to read more about Debt Consolidation click here....
A Debt Relief Order is a solution designed for people who have debts no greater than £30,000 and who have very little assets (no more than £2,000). You are allowed a vehicle up to the value of £2,000 in a Debt Relief Order.
It lasts for 1 year and on completion, you are released from your debt
To read more about a Debt Relief Order click here...
An Administration order is for debts of less than £5,000. It is imposed and administered through your county court. Under the administration order you make regular monthly payments to the court who will then distribute this money to your creditors. The court will also take some of this money towards their own costs.
If you would like to read more about Administration Orders click here....
A Trust Deed is a Debt solution similar to the IVA, only for residents of Scotland.
It allows you to legally address your problem debts by means of affordable debt repayments usually over a period of 3 years. At the end of the Trust Deed, any remaining debts are legaly written off.
If you would like to read more about Trust Deeds click here....
To find out if McCambridge Duffy can help you regain control over your finances before matters are taken out of your hands, or to find out what kind of debt solution might be right for you, simply get in touch.
" Very good company for an iva, documents sent out very fast, very understanding people that offer great support and advice would definately reccomend."
Work out what your new monthly debt repayment could be by filling in our debt and budget calculator form.
Client was struggling with monthly debt repayments of £560 to several creditors. We were able to have this reduced to £250 per month, with all interest and charges frozen. After 60 months of paying this reduced amount she will become debt free and any remaining debt will be written off.
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