Do you receive commission from lenders or Insolvency Companies?
A: We do not receive commission from your creditors or any Insolvency Companies. We are independent advisers acting on YOUR behalf. We do not give biased debt advice or product sell.
____________________________________________________________________
Can you make my debts go away?
A: No, not in the magical sense. If you have actually incurred the debt you are legally obliged to pay it. There may be situations where the debt can be reduced, a compromise agreed or written off. If there is a dispute or doubt over a debt we would look at the circumstances and negotiate accordingly.
___________________________________________________________________
Q: Do you act on behalf of a bank/building society/lender?
 A:NO. If you have contacted us regarding your situation be assured we act on YOUR behalf. Acting as intermediaries in a dispute, we are impartial and will not take sides. Where we have been asked to contact you by a financial institution such as your bank, we must act within our client’s instructions to us. We will be fair and realistic in our dealings no matter who engages our services.
____________________________________________________________________
Q: Are your services confidential?
A: Completely. We do not record or monitor your calls, use caller ID or track your internet communications. Neither do we discuss our involvement with anyone other than your creditors. If your partner is unaware of your problems we can deal with the situation in complete privacy provided they are not party to any of the debts.
____________________________________________________________________
Q:Is there something I can do to help you resolve the problems I have/we have?
A:YES. Tell us the truth at all times, no matter how bad it may sound. There is nothing to be embarrassed about; we are not here to make judgement or pass comment about your business or personal financial acumen, lifestyle preferences or relationships. The smallest detail could be the most important. If we do not have correct information then we cannot provide the service and advice you require. We will not knowingly supply incorrect or inaccurate information to creditors.
____________________________________________________________________
Q:Can I sign my house over to a partner and go bankrupt or sign a trust deed?
A: NO! This is NOT advisable as you could be committing an offence under the Bankruptcy Laws! This also applies to those going into business. Do not just sign your house over to a third party; there is a specific way of doing this which we will gladly discuss and arrange for you.
Q: What if I need to go to court?
A. For debt cases we can arrange court representation at a rate much lower than that charged by solicitors. If needed, we can arrange a suitable introduction to a solicitor - remember, their costs could be very substantial and must be paid.
____________________________________________________________________
Q: Can my creditors take my house?
A : YES!! There are two main ways this can happen:
1) If you stop paying or fail to keep up regular payments the mortgage or secured loan, the lender can take action to recover your property.
2) Following on from the abolition of poindings and warrant sales, there is new legislation in Scotland that could allow an unsecured creditor to seek the sale of your home to repay THEIR debt - but only after due legal process.
There are ways of preventing this from happening. It is important that you seek our advice immediately if you have been served any form of legal notice, especially an Inhibition on your property, a Statutory Deemand under the Bankruptcy Act or other court papers.
_________________________________________________________________
Q: I have been told by another company that they can write of 90% of my debts, can you do that?
A: Be VERY wary of wild claims in the press and on TV, the savings will be related to your individual circumstances. If you are considering Insolvency proceedings such as a Trust Deed, Bankruptcy / Sequestration in Scotland (IVA typically writes off about 75% of the debt) this could well be the case. Where you are making a lump sum offer to repay the debts in full settlement after capital raising, most creditors will look for around 75% of the debt as a minimum.
____________________________________________________________________
Q: I have been told to stop work and not pay my creditors and let them make me bankcrupt is that wise?
A: No, absolutely not!. Anyone advising this has NO IDEA of what they are talking about! This could be financial suicide, especially if you own your home or have a business. If you are working, it is more likely that your creditors will take you to court, obtain decree and arrest your wages or carry out an attachment and sale of your assets – including your home - before looking to make you bankrupt. If you own your home, you may lose it if you become bankrupt at the hands of a hostile creditor.! We can provide detailed, impartial advice on bankruptcy, its implications and alternatives, together with advice on business and personal asset management.
____________________________________________________________________
Q: What about a consoldiaton loan?
A: Before taking on any more loans, think carefully:
· Can you afford the repayments in the first place, do you have sufficient income?
· Will the new payments plus what’s left be affordable?
· Are you going to cancel all credit cards that you clear?
· How much will you be repaying and what is the APR?
Experience shows that many consolidation loans do not work and result in a worse situation where cleared credit cards are run up again or new loans taken on with the “savings”. If you have previously taken out consolidation loans ask yourself - why am I still in debt! We will gladly provide a financial health check to determine whether further borrowings are the correct solution for you.
__________________________________________________________________
Q: What about Trust Deeds (IVA in England)?
A: If properly planned, a Trust Deed can give you quick relief from debts. By signing a Trust Deed you are placing your finances in the hands of a Trustee who represents your creditors. A Trust Deed generally lasts for THREE years, at the end of which your creditors receive a dividend based on the value of the accumulated fund and the debt outstanding to them. Some companies “sell” Trust Deed arrangements by asking you to sign your debts over to them or claiming to convert your debts into “one easy monthly repayment”. This is an area in which we specialise and can show you how to obtain relief from pressing and hostile creditors and manage your fixed and moveable assets legally.
Note: Trust Deed’s in Scotland cannot be administered by an English insolvency practitioner. IVA’s are only available in England
____________________________________________________________________
Q: A debt collector is on my doorstep and shouts or threatens me with a fine when I don't pay up. All my neighbours can hear and I get scared and sometimes they threaten me on the phone and I am reduced to tears what can I do?
A: These are illegal debt collecting practices and may constitute a criminal act and/or harassment. Your debt is not a criminal matter provided you did not commit fraud to obtain the money or goods in the first place. If you are continually harassed by debt collectors, log the calls (Date / Time/ Company) to make complaining more effective. Do not give or confirm ANY personal details like PIN numbers, full name, address etc over the phone; it could be anyone calling you. You do NOT have to let debt collectors into your home or place of business and in most cases they cannot just walk in and take goods without a court order
____________________________________________________________________
HOW DO I GET YOUR HELP?
DO
1) Get all relevant papers, accounts, statements etc. together.
2) Make a list of all your debts and credit commitments.
3) Make a list of questions you want to ask.
4) Decide the best time and place to discuss the problem.
5)Contact Us to arrange an informal meeting
|
