Debt Management Services
Allansons Ltd. can recommend or offer a full range of debt management solutions to suit all circumstances.
Our status as Solicitors gives us a unique understanding of the legal issues surrounding debt management, enabling us to utilise effective strategies that simply aren’t available to traditional companies.
What is debt settlement?
A debt settlement plan is one of the most efficient ways to get your finances in order and tackle unsustainable debts head-on. Our unique debt settlement plan involves challenging your creditors to prove what they say you owe them, in addition to reclaiming money from mis-sold financial products and resolving debts using a full and final settlement plan.
While most plans can leave you with a bad credit history for more than a decade, our methods can potentially get you debt-free within a year and with a clean credit file in as little as 7 years.
We also offer standard debt management plans that enable us to negotiate with your creditors and arrange for you to pay off your debts at an affordable rate.
These allow you to consolidate all your debts into a single monthly payment, meaning you won’t have to worry about dealing with creditors or keeping up with multiple payments at different times each month.
Debt management could be the right option for you if:
- You are struggling to pay off debts on credit cards, loans or any other financial commitments
- You need someone to deal with creditors on your behalf
- You’d prefer to consolidate your debts and pay one affordable sum to your creditors every month
- You have some disposable income available, after you’ve paid your bills and living expenses.
Entering into an Individual Voluntary Arrangement (IVA) is a route for those who’ve fallen into serious debt, but want to avoid formal processes, like bankruptcy or debt relief orders.
An IVA is a legally-binding arrangement, where you enter into a legally-binding contract with your creditors to pay off your debts at an affordable rate.
Interest charges are frozen and you’ll be protected from any further legal action and, when the IVA comes to an end, any outstanding debt will be written off.
However, IVAs can have serious consequences for your finances, so shouldn’t be rushed into. Find out more here:
Bankruptcy is a formal type of insolvency, which is used by those with serious debt problems.
It’s achieved via a court order, which grants the court the legal powers to take charge of your assets and settle with your creditors.
Bankruptcy comes with severe consequences for your finances, personal life and potentially your career and as such, shouldn’t be approached lightly.
If you’re considering filing for bankruptcy or aren’t sure whether it’s the right option for you, find out more here:
Debt Relief Order
A Debt Relief Order provides an alternative to bankruptcy that prevents your creditors from taking further action to reclaim outstanding debt.
Debt Relief Orders are acquired through the Insolvency Service and typically last for 12 months, with all remaining debts written off after this.
However, they do come with serious repercussions and shouldn’t be taken lightly.
If you think a Debt Relief Order might be right for you, or aren’t sure where you stand, you can find out more here: