Based in Greater Manchester, I provide a free local service for all those struggling with their debts.
1. Do creditors have to accept an IVA proposal?
No they don't, but I would not suggest that you consider submitting a proposal unless I thought your creditors would be inclined to approve it.
2. Are Debt Management Plans better than IVA's?
This very much depends on your specific situation. Debt Management Plans work better at lower levels of debt. They are also considered appropriate if your debt situation is temporary and may improve. Only by asking appropriate questions can I determine the best solution for you.
3. Should I release the equity in my property to clear my unsecured debts?
Again this very much depends on your particular circumstances. If by doing this your monthly repayments are reduced to something you can afford, then it is something you may wish to consider. However you must think about the future and whether you will always be able to afford such payments e.g. are you thinking of starting a family? How safe is your job? Your property will be at risk if you fail to keep up payments on the secured debt you have taken out.
4. Why don't you charge an Upfront Fee?
I believe that everyone has the right to free debt advice. This is what I give. In some cases my fees are ultimately paid for by your creditors. In a number of situations, by taking my advice you can resolve your debt situation yourself without the need for any sort of formal arrangement. Because I don't charge you for the advice, you get out of your problems….. for free!
5. Can I obtain credit whilst in an IVA or Debt Management Plan?
No. The reason for this is that when working out how much you can afford to pay to your creditors each month, we allow you sufficient funds on which to live i.e. food, clothes, council tax rent/mortgage etc. What you then have left goes to pay off your debts. If you take out additional credit you will have no money left with which to pay off this new loan/credit card.
6. I have over £20,000 of debt. Can you help me?
Yes I can. How I can help you will depend on your individual situation but assuming you are working then solutions such as an IVA, a Debt Management Plan or possibly a secured loan/re-mortgage may be possible. It really does depend on your financial and personal circumstances. I will ask the appropriate questions and hopefully give you a couple of options. The choice is then up to you.
