Debt solutions: consolidation loans, free debt management

Debt Solutions will give you free advice, a free financial statement and will explain your options and recommend a course of action which is in your best interest and suits your personal circumstances to help you resolve your debt problems.
The most extreme option available but one that should be considered, particularly if things are really bad. In certain circumstances it can be the best option. But once you are declared bankrupt you are likely to be locked into it for many years. The long-term ramifications of which include: being unable to access credit, be in certain types of business or open a bank current account.

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FEES FOR OTHER SERVICES             top
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There is no fee for the initial interview or factfind.  If you agree to instruct us then we charge a one-off fee to set up the arrangement and to carry out the initial negotiations with your creditors.  We will write letters, deal with telephone calls and correspond on your behalf.  If we receive prompt replies to our enquiry letter we aim to complete our review within 28 days at which time your new payments will commence, within your budget.
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Alternatively, go to the top of the page and download our brochure, our questionnaire and our Terms of Business.
At times it may seem like there is no way to get out of debt. That the bills will keep coming and the credit card debt continue to mount.
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How can Debt Solutions help?
Much of our assessment work these days can be done by phone and e-mail.   If you prefer, it may be possible to have a face-to-face meeting in order to get the best understanding of your circumstances. Prior to this meeting we will complete a ‘factfind’ or income and expenditure form and then explain the options open to you.  There is no charge for this meeting and you are under no obligation to take the matter any further.  However, if you do decide to ask us to help you with the management of your debts then we do charge a fee.  This is detailed in the preceding  section under Fees.
Please remember that your home may be repossessed if you do not keep up repayments on a mortgage
The creditors receive more - lower costs, coupled with the fact that the debtor has an opportunity to continue to earn or trade profitably, make it much more likely that the creditors receive all or part of their money.
There may be hidden catches, not least of which are the charges if you want to repay the loan early. A debt consolidation loan may be the answer but, if repaid over a short term, the monthly payment could be similar to what you are already paying so there may be no financial advantage.
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Debt Solutions can help by putting together the details of the rescue plan which will eventually be passed over to the insolvency practitioner who will become the nominee of the arrangement.  Once you have decided to proceed with an IVA you may refer any creditor enquiries to us.  As your acting agent we will deal with creditor enquiries.  It is important that no payment promises are made to creditors who are to be entered into the IVA as this would be deemed to be preferential treatment.
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Lenders will want to see evidence of income and expenditure and if yours includes high levels of social spending, mobile telephones, clothes, for example, you would be expected to reduce these to within agreed guidelines.  However, if you are in arrears with payments, it is quite common for some lenders or their debt collection agents to demand much higher monthly payments and this in itself can cause affordability problems.  Debt Solutions can help.
If the individual fails to make these payments it is then the supervisor’s statutory obligation to the creditors to make that individual bankrupt.
Would you like friendly advice and a FREE evaluation of your circumstances?
Will my creditors agree with my proposals?
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Debt Consolidation loans                top
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Such help that is offered is usually only temporary, for 2 - 3 months at the most, and you will be expected to resume full payments after this.  Also banks often threaten to take away your banking facility which makes it even more difficult for you to pay your bills, especially when you want to!  Then, to compound the problem, they return your cheques which incurs further charges.
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What is the process?
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(b) The interest rate being charged is less than the average rate on your current debts.
Until now Debt Solutions has mainly been of help to those with larger amounts of debt, typically in excess of Ј20,000.  Lately, however, we have received lots of enquiries from those who are finding it hard to manage relatively small amounts of debt, whether priority, secured or unsecured.
And whatever your situation, however bad things seem to be, we can design a solution tailor-made to your needs. A solution which not only takes care of your immediate problems but provides a long term programme to help you regain control of your life.
Records are retained by the credit reference agencies for 6 years.
You may think you are struggling but do you know where your money is going? In some cases a financial statement will show that, with improved financial housekeeping, you may be able to afford to pay your debts.
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It is important also to consider, in the case of an IVA, the impact on other members of the family or partners, as it may be necessary to enjoin a wife, husband or partner in their own arrangement in order to avoid action against them for recovery of debts where debts and assets are in joint names.
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Also, many lenders are not geared up to dealing with long-term debt and they may refer or ‘sell’ your account to their debt recovery agents.  This is often a more preferable arrangement because these agents have a better understanding of the practical side of debt management and they may be able to agree an arrangement that the lender cannot.
However, whilst we cannot guarantee a favourable outcome, we shall do our best to negotiate with your creditors so that they can appreciate your difficulties and understand how you are doing your best to resolve them.  Lenders will always reserve the right to continue with or re-instate legal action but in many cases the proposal and payment plan is often more acceptable to lenders and their agents than going to court.
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Who submits my proposal?
The IVA must be in both the debtor’s and the creditors’ interest.  To a large extent this will depend upon the honesty and integrity of the debtor and his/her willingness to want to succeed.  Should the IVA not work through default on the part of the debtor, it is the duty of the Insolvency Practitioner to initiate bankruptcy proceedings against the debtor.
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Free debt advice and low cost debt management options
We charge a fee for this service (see below).  The amount depends on the total amount of debt and on the number of creditors.  We shall tell you the fee before we accept your instruction.   We will also attend one meeting with your creditors, if required, either with you or on your behalf.
This is a highly specialised procedure and we only work with licensed practitioners and turnaround professionals who meet the criteria and are members of R3, the Association of Business Recovery Professionals.
Is an IVA right for you?  Click here to complete our on-line customer questionnaire and find out.
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Are you fed up with the struggle to pay your bank loans and credit cards?
IVA v Bankruptcy: what are the advantages?
To find out how, call us FREE on 0800 652 42 72 for a confidential and informal discussion of your personal circumstances or complete our on-line questionnaire.
Have you already asked for help?
Will a debt consolidation resolve your debt problems?
Most lenders rely on collections call centres to administer arrears, whereas letters and proposals are received in ‘customer service’ centres.  Sometimes information is passed between departments and companies without details of your proposal being sent with it.
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Can you afford your debts?  Click here to complete our on-line customer questionnaire and find out.
We do not charge for our advice.  Your call is free and our advice is free. If you accept our recommendation and would prefer us to deal with your creditors then we charge a fee.  Our fees are very affordable and we deal with debts of any amount.  Click on the following link to view our debt management options and fee scale.
The Next Step . . .           top
Once we have obtained all the relevant information we shall prepare an application to the insolvency practitioner.  Based upon this information the insolvency practitioner will accept your case as suitable for an IVA and will prepare a draft proposal to creditors.  A bit later in the process he will assist you in applying for an Interim Order of the Court.  This order prevents any creditor or their acting agents from taking any further action for a period of up to nine weeks during which time the meeting of creditors should convene.
For those who do not wish to refinance their existing debts, the alternative is to approach the creditors in hope of reducing the monthly payments. This is most effectively achieved through the use of professional debt managers.
Debt Management
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NEW LOWER FEES FOR DEBT MANAGEMENT & HELP WITH SMALLER DEBTS              top
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Ј50,000            FREE                         1st payment (max Ј500)    15%
A Debt Management Programme is a way of paying your debts with a monthly payment that you can afford based upon your individual circumstances.
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Going forward, we will manage your account, liaise with your creditors and to make the monthly payments on your behalf for which we make a monthly service charge of a flat Ј10 plus 10% of the disbursement to cover the cost of administering your plan, which is deducted from the monthly payment.
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We will write all letters and correspond on your behalf in order to negotiate a settlement plan for all your outstanding debts and act as an intermediary between you and your creditors and as administrator of your plan.
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Whilst this is not the answer for many people, it can be a useful tool during a period of low interest rates, or when there is sufficient equity built up in a property so that a second mortgage or remortgage can be arranged.
Download a brochure using Adobe Acrobat
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However, your phone call to us if free and our advice is free.  WE DO NOT CHARGE FOR ADVICE.  We only ask you to pay us if you decide that you want us to act on your behalf and deal with the people you owe money to.
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Who is eligible for an IVA?
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What is an IVA and what are the procedures?
Whilst we do not recommend borrowing more money to get out of debt, there are circumstances when it makes sense to do so, especially if the equity in your home is under threat if lenders are threatening court action.  However, you need to think carefully before securing other debts against your home
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Consolidation Loans
Individual Voluntary Arrangements
In certain cases we may recommend a solution which could involve your creditors writing off some of your debts.  In some cases as much as 75% of your debts could be written off by the lenders.  For debts over Ј20,000 where this is our recommended solution we will retain the first three month’s payments as our fee.
Almost certainly, yes.  Some lenders have a policy of automatically issuing a Default Notice as soon as you miss a payment or they are notified of your difficulties or of the appointment of a third party.  This will affect your chances of obtaining further credit and may incur further costs added to your debts.
The proposals for the detailed terms of the IVA are observed by a District Judge and then sent out to the creditors.  These proposals show the amount the creditors could expect to receive from both an IVA and from bankruptcy.
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If the proposal is viable a Meeting of Creditors will be called where the creditors have an opportunity to seek clarification and to suggest modifications before putting it to the vote.  In order for the IVA to be accepted and binding, over 75% of the value of creditors will have to agree and vote in favour.  Unless the circumstances warrant it, there is generally no need for the debtor to attend this meeting.
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Fees for Re-mortgages
Full details can be viewed on our mortgage page . Click here to go there. .
Do I need a Free Interview & Assessment
Debt Solutions can help most people in debt irrespective of the amount owed.  Our unique fee structure for debt management is designed to be affordable for anyone who needs our help.  We will produce a statement of financial affairs and budget planner.  We shall liaise with your creditors and put forward a payment proposal on your behalf.  We will then be responsible for making monthly payments to your creditors.  You pay us one monthly payment by standing order and we pay your creditors, usually same day, but guaranteed within 5 days of receiving cleared funds.  We charge a small fee to cover our basic costs which is deducted from your monthly payment.
In order to determine how much this is we need to understand your finances.  By looking at ways of maximising your income or reducing any overspending and by identifying and prioritising your most important debts we can then produce a Financial Statement which reflects your personal circumstances.  We give Free advice and an appraisal of your circumstances together with our recommendation for how to deal with your debts.
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Once we have established your income and assessed how much is left to pay your debts we can prepare your proposal.
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We give Free advice and appraisal of your circumstances. If you choose the IVA as your preferred option and we consider it is viable and in the best interest of both creditors and the debtor we will gather the information, deal with your creditors on your behalf, put together the outline proposal and appoint the Insolvency Practitioner who will act as nominee initially and, later on, supervisor.
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How much can I afford per month?
But there is a way out.
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(a) The loan is spread over a longer period of time than your existing debts
Being in debt is no fun, especially if you are struggling to make ends meet.  Because debt is a complex issue there may be more than one solution.  This is where Debt Solutions* can help.
Not all lenders will agree to your proposal nor to suspend interest and, if this unhelpful attitude prevails, you will find your repayment term extended and the debt increases.  This could also result in charges and additional costs being added to your account.  Estimates of likely repayment terms will be given to you by your consultant.
How does an IVA work?
You will, of course, lose the right to continue using the borrowing facility of the lenders you are dealing with and will be expected to return or destroy the cards in your possession.
Debt Solutions is a privately-owned company and does not receive commissions from lenders (the most common form of funding for many free advice agencies recommended by your lenders) nor do we receive funding from local government via your council tax.  We therefore charge a fee for our professional help.  This is no different to paying for private medical or dental treatment or consulting a solicitor or accountant.
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Debt management information may also affect your credit rating but if you are currently in arrears creditors may have already passed such information to the credit reference agencies in any case.
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Will I still receive calls and letters?
Let us take a fresh view at your budgets - free of charge
Did you know?  Even unsecured debts can affect your equity.  If a lender obtains a judgement against you for an unpaid debt the lender may put a charge on your property.
However, it is not unusual for these different teams to act independently of each other so you may find you continue to receive telephone calls and letters from collections staff or agents who have not been made aware of your proposal.
How much will this cost?
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How do I pay?
Each creditor has a vote in direct proportion to the debt, allocated on a pari passu  (Ј1 = 1vote) basis.  Should the creditor wish to voice an opinion or vote, he/she must return the proposals indicating his/her view - either for or against.  A creditors meeting is then arranged to formally conclude the voting procedure and if more than 75% by value of those who vote are in favour of the proposal, the IVA is formally accepted and binding on all creditors.
What happens if I fail to make payments?
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Threatened with Court Action or Bankruptcy?
Once we have agreed the proposal with you, you simply make one payment per month to Debt Solutions (Standing Orders are preferred) and we will undertake to pay the proposed pro-rata payment to all your creditors within 5 days of receipt of your cleared funds.
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Of course, no debt is too small if you can’t afford it and it is quite common to be told that some lenders actually refuse to offer either help or advice to those who are struggling financially.
Whilst any solution is designed to meet your specific requirements, it will fall into one of four categories:
Practically anyone who is liable for debts in excess of Ј20,000.  Generally an IVA is an arrangement made with an individual.  An IVA is very versatile as it can incorporate partnership debts as well as personal debts and is particularly suitable for a sole trader in business.  Other formal arrangements for partnerships and companies are also available, logically called PVA for Partnership Voluntary Arrangement and CVA for Company Voluntary Arrangement.
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Once the debt management programme is under way you can stop the arrangement any time you wish and there are no penalties if you do.  There is no minimum or maximum time contract.  Simply use our service for as long as you want until you feel confident enough to deal with your creditors again.
An IVA (Individual Voluntary Arrangement) is a formal agreement between a debtor and his creditors, which allows the debtor to pay all or part of his debts over a set period of time and to carry on trading if he/she has a viable business.   An IVA is an effective way of protecting both the creditors and the individual when a situation involving financial insolvency occurs.
In the past 12 years our experienced advisers have advised more than 20,000 families how to regain control of their finances - you could be next!
To set up an IVA, the debtor must submit a proposal to his creditors that list all his assets and their values, all his liabilities and a schedule of payments to each of his creditors and a number of other details which Debt Solutions Limited will help to prepare.
Are your debts affordable?              top
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There’s no discredit - Unlike bankruptcy orders, IVA’s are not advertised in the press.  Also there are few restrictions on the individual.
We recommend that you cancel all direct debits and standing orders to unsecured creditors as and when you can without incurring any fees.  This only applies to unsecured debts and not to priority or secured debts and loans, such as mortgages, utilities, CCJ’s, court fines etc. which you should continue to pay.  If your bank is a creditor you may wish to move your account to another bank.  The reason for this is that if your bank learns of your difficulties it is likely to call in any overdraft immediately and will continue to take money from your account, often creating an unauthorised overdraft or, worse, a ‘bounced’ payment, both of which then attract other charges.
I own a house.  Is it safe?
Why should creditors agree to it?
Because they are likely to receive more money than through a Bankruptcy Order and in the case of a business, continue to trade with the debtor on a pre-payment basis thereby ensuring continuity of business and their own profit.
What makes it work?
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Who tells my creditors?
Homeowner?  Try a re-mortgage             top
Request Free Brochure to be sent by post
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FREE DEBT ADVICE
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Our fee is based on your new monthly ‘affordable’ payment and should be paid to Debt Solutions together with the agreement to instruct us.  Debt Solutions operates a special scheme for ‘smaller’ debts.  See the section and fee scale above.   If by paying our fee you are unable to make your contractual payment to creditors you should be aware that your account will go into arrears or further arrears and creditors may take action as a result.
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Ј5,000              FREE                         Ј100                          Ј20.00 fixed fee
Bankruptcy                  top
You will be given a written estimate based on the information you provide at interview of how much your debt plan will cost you.  You will also be given an estimate of how much your lenders will charge you with interest added.
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To get an IVA in place, 75% of the creditors need to agree to the terms and conditions of the arrangement. Get their agreement and the arrangement is set in stone, an improvement over the informality of a debt management plan. In addition interest charges will be stopped and a proportion of the overall debt may be written off.
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Pay your debts with one affordable monthly payment.
This is the formal alternative to using a debt management company. A financial statement is produced and a surplus which can be paid to your creditors is calculated.
It’s a positive solution - The individual is given a realistic opportunity to put his affairs in order and to protect his livelihood if he/she has a business.
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Please remember that your home may be repossessed if you do not keep up repayments on a mortgage
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Is my credit rating affected?
Did you know?  If your lender requires you to only pay a minimum payment of 2% of the balance on your credit cards, it will take you between 65 and 75 years to clear the debt.
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Debt Solutions can give you a written no-obligation agreement in principle within 24 hours of your enquiry.
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Please refer to our Terms of Business and Code of Conduct which can be viewed by clicking on the link at the top of the page.
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We can help with any amount of debt, small or large.  See our fee scale below.
The most frequently asked questions about debt management plans:
There are alternatives
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How do I keep track?
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Fees for arranging Individual Voluntary Arrangements
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It’s cheaper - The costs associated with an IVA are normally less than those of the bankruptcy process.
Click here to view the options
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But there is a downside. The process of getting an IVA in place can take two to three months and there are large administration fees, which can run to a two or three thousand pounds. Additionally, it is primarily useful for unsecured debt only and given the fees that can be charged, only practical where debts exceed ?15,000 or so.
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If you do not maintain payments at the agreed level and on the agreed dates your creditors are likely to withdraw their support for the plan and may commence legal action.
More and more creditors are aware of the increase in house prices and, if you are a homeowner, even though you may not be able to raise any money against the house to pay off your debts now, you may be asked to pledge a percentage of the future equity to pay into the IVA.  This normally means getting a valuation of your house at the end of the 4th year of the IVA and re-mortgaging in the final year to raise this equity.
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What happens next?
The most frequently asked questions about Individual Voluntary Arrangements (IVA)
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If you are a tenant then this modification does not apply.  Equally, if there is likely to be sufficient equity, the creditors may opt to extend the term of the IVA for an extra year to compensate.
Take the next step in getting your debts under control.
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WARNING  Not all creditors will agree to your proposal, nor to freeze or reduce interest and, if this unhelpful attitude prevails, you will find you are repaying the same debt over a longer period of time which may lead to an increase in the total amount to be paid.  However, Debt Solutions will do its best to negotiate the best deal for your circumstances with all creditors.
Whether you are a home owner or a tenant Debt Solutions can help
If you are self-employed or have income from a number of sources we do not need proof of income for you to qualify for a mortgage.
Voluntary Arrangements are also available for businesses, sole traders and partnerships. Click on our Business Insolvency page for details of our business rescue packages
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Debt Management Plans                 top
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From the factfind we will produce a financial statement which shows you how you can live within a budget and pay your essential household expenditure, such as mortgage or rent, utilities, travel and housekeeping costs.   We can then determine how much you have available to pay your unsecured creditors after allowing for any priority or secured debts.  The chances are it won’t be enough to pay every lender the full monthly payment they expect.  Until now you have probably been juggling your finances, borrowing a bit here and there to pay off the creditors who are harassing you the most.
If you prefer us to deal with your creditors on your behalf and manage your debt repayment programme there is a fee payable.  We shall tell you what this fee is before we accept your instruction.  See the fee scale below.  We will propose an informal arrangement with your creditors to pay your debts.  We always ask creditors to respond sympathetically to your circumstances by freezing or reducing interest in order that your monthly payments will help to reduce the capital balance.  Not all creditors will agree to this and this could lead to you repaying your debts over a longer period and consequently to an increase in the overall debt.
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If you have already approached your bank or finance company you may have met with some resistance or a reluctance to help.
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This sort of loan is used to consolidate your existing debts into one single new loan, with lower monthly payments. The payments being lower for two main reasons:
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Deal with Debt Solutions with confidence.  In December 2001 the Office of Fair Trading published guidelines for the conduct of debt management companies.  Even now, not all debt managers comply.  Debt Solutions, together with other members of Demsa, the Debt Managers Standards Association,  has a policy of compliance and is currently in the process of demonstrating we meet the requirements of the OFT in order to join the Consumer Codes Approval Scheme launched in 2004.
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Once you have agreed the proposal we will send a copy of the Financial Statement to your creditors.  We shall also explain how you got into difficulty, what you have done to resolve it and how you propose to repay your debts from your available surplus income.  We shall advise your creditors of the dates on which payments will be made, which we shall agree with you in line with your pay date.  We shall ask your creditors to freeze or reduce interest charged to the account so that the repayments you make will reduce the capital balance and pay off the debt sooner.
Ј10,000            FREE                         Ј125                          Ј30.00 fixed fee
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Debt Solutions will produce a Financial Statement which will show how much you can afford to pay to your creditors from your disposable income by means of an informal debt management plan and, assuming interest is suspended or frozen, how long it will take you to clear your debts.
Individual Voluntary Arrangement (IVA)            top
Is a debt management plan right for you?  Click here to complete our on-line customer questionnaire and find out.
If this sounds familiar then you could probably do with some professional advice.  This is where Debt Solutions can help.  In order to find the solution we firstly need to understand your financial situation and the level of your indebtedness.
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Debt Solutions will write to your creditors, with a copy of your letter of authority, advising them that we have been retained to carry out a review of your finances and asking for details of your account and what action they are taking, or thinking of taking.  This will alert your lenders to the fact that you are trying to deal responsibly with your debt problem.  However, if your bank is a creditor we will not write to your bank until you have told us that you have opened an account elsewhere.  (See previous paragraph).
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What if I am unable to maintain payments?
For debts        Advice &                  If instructed,              Monthly              up to              Recommendation     our set-up fee            management
A financial statement will be taken to discover what money you can afford to pay your creditors after living costs and overheads are paid for. This surplus is then divided amongst your creditors on a pro-rata basis and offered as part of an informal arrangement.
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The individual must then make the monthly payments to the nominee (who then becomes the Supervisor) who will distribute these monies amongst the creditors on a percentage basis.
Consolidation loans should be avoided by serial consolidators, those who repeatedly consolidate ever larger amounts of debt usually including previous consolidation loans.
As a homeowner, particularly if you have enough equity, it may be better for you to clear your debts by way of a re-mortgage instead of putting your credit rating at risk by struggling to pay high interest credit card debts.
Remember that many of these loans are only available to homeowners so you should think carefully before securing other debts against your home.          Click here to view our loan details and to apply on line
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If you own your own home and you have equity, it could be under threat
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over Ј50,000     FREE                         Ј500                          Ј90 fixed fee
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In order that you can keep track of your account we shall send you a monthly statement showing monies received from you and the disbursement of funds made on your behalf.  As an added safeguard you will also continue to receive statements from your lenders which you should retain for reference.
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