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Debt Solutions |
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Debt Management |
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Debt Management
is a financial solution that could allow you to reduce your
current monthly payments to your unsecured creditors to a more
affordable amount without having to borrow more money.
In the majority
of cases, the creditors will accept the proposal and agree to
freeze the interest. You make one payment to PTDS who then
distribute the payment to the creditors. You are still responsible
for paying off the amount owing to the creditors but over an
extended period.
You can enter
into a debt management programme immediately.
Creditors are
not obliged to freeze your interest payments and whilst your debts
are repaid via one payment and may be reduced, the amount owing
may be increased due to the ongoing interest and extended term.
This type of arrangement can have a negative effect and impair
your credit history.
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| IVA |
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If you
have 3 or more creditors and owe more than ?5,000 in
unsecured debt, this solution may be the most suitable for
your circumstances. In addition, you must be employed or
self employed (able to prove income) and have surplus income
of ?00 or more per month after taking into account all
expenses. An IVA is a legally binding agreement and normally
runs up to 60 months but can be extended. The IVA is managed
by an Insolvency Practitioner who needs to obtain agreement
from a minimum of 75% by value of the creditors before
proceeding.
The
Insolvency Practitioner will request the creditors to accept
the proposal of a reduced payment
Although
not guaranteed interest payments could be frozen provided
that 75% of creditors by value agree to this arrangement,
Whilst your debts are repaid via one payment and may be
reduced, if not accepted the amount owing may be increased
due to the ongoing interest and extended term. This type of
arrangement can have a negative effect on the your credit
history.
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| Trust
Deed (Scotland |
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If you
live in
Scotland
, have 3 or more credit agreements and owe more than ?0,000
in unsecured debt, this solution could be the most
suitable for your circumstances. In addition, you must
have surplus income of ?50 per month. A trust deed is a
legally binding agreement and normally runs up to 36
months. The Trust Deed is managed by an Insolvency
Practitioner who needs to obtain agreement from a minimum
of 75% by value of the creditors before proceeding.
The
Insolvency Practitioner will request the creditors to
accept the proposal of a reduced payment.
Although
not guaranteed interest payments could be frozen provided
that 75% of creditors by value agree to this arrangement,
Whilst your debts are repaid via one payment and may be
reduced, if not accepted the amount owing may be increased
due to the ongoing interest and extended term. This type
of arrangement can have a negative effect on the your
credit history. |
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| Bankruptcy |
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Bankruptcy
is one way of dealing with debts that cannot be paid and
is a possible alternative to other debt solutions such as
debt management and IVA.
In most
cases, becoming bankrupt is considered as a last resort
solution as there are many implications and disadvantages
any enquiry or proposal for bankruptcy is passed to a
solicitor who will contact the client and discuss the
implications.
To find
out more please contact us on
01732 364772
Personal Touch Kent
introduce clients to The Money Plus Group for
debt management services
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Personal
Touch Kent is a trading name of PTK Ltd which is authorised
and regulated by the Financial Conduct Authority.
FCA
No.754672 |
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You can contact
us on |
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01732 364772 |
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Need to see how much
you can afford or borrow? Use our Mortgage Calculators
to quickly see. |
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The
Financial Conduct Authority do not regulate some buy to let
mortgages, commercial finance or wills. |
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