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How do I know what
solution is best for me ?
What information
do I need to provide ?
How much does the
service cost ?
How do I know
I am being offered the right advice ?
Is the industry
regulated ?
What about my credit rating ?
What about my bank account in an IVA?
How do I stop my creditors contacting me ?
How do I know what
solution is best for
me ?
We will only consider
the options available to you after fully understanding
your financial position.
We will also consider your personal
objectives to make sure
any solution proposed matches. When we have the full facts
we can discuss any options available to you.
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What information
do I need to provide ?
We will conduct a short
telephone questionnaire to establish your financial situation.
We will need to ask you questions about your creditors,
income & financial situation. Your answers to these
questions will lead to any other information we require.
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How
much does
the service cost ?
There is no cost for establishing
your financial position & recommending a solution.
This is because we believe it is not possible to offer
you a solution without first fully understanding your
position. We will only charge a fee once you engage us
professionally to work for you. The fee will depend on
the type of solution and is structured to take into account
your financial position. For example, if you take out
a consolidation loan after an introduction by us we may
receive commission from the loan company. You are not
asked for payment.
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How
do I know I am being offered the
right advice ?
If the solution proposed:
1. Solves your financial problems;
2. Maximises your interests;
3. And those of your creditors;
then it is good advice.
It doesn't matter how long this takes we
will work with you to get it right.
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Is
this industry regulated ?
To act for you in an
IVA or bankruptcy a formal appointment is made under the
Insolvency Act 1986.
The person appointed is called an
Insolvency Practitioner.
Our Insolvency Practitioners are
regulated by the Institute of Chartered Accountants in
England and Wales (ICAEW).
Our conduct is monitored by the
Joint Insolvency Monitoring Unit (JIMU). Their job is
to assure best practice and advice is followed.
We aim to apply the principles
of best practice and advice in all that we do.
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If you are in financial distress it is likely that your credit rating will reflect this. Credit agencies do not score records but merely provide information to lenders who decide if you are worth the risk. For further reading Click Here.
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What about my bank account in an IVA?
If you have an overdraft it is likely that your bank will freeze your account. The debt of your overdraft will fall into a voluntary arrangement, if proposed & accepted. You can always open a simple cash only account so you can receive your salary & make payments, it is best to talk to your bank once you have decided what to do. For a list of cash accounts Click Here.
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How do I stop creditors contacting me ?
This depends on the solution you choose.
If you choose an IVA then, normally within 1 month creditors will stop contacting you as they deal with the supervisor of your IVA.
Creditors are legally bound by an IVA, once approved so they are prevented from chasing you directly.
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