Insolvency
Insolvency
We can help you with your debt problems
Debt is a problem that affects a large percentage of the British public. Debt can range from a couple hundred pounds to hundreds of thousands of pounds. This can be devastating to the point where we lose sleep and our every day life is completely turned upside down.
Thankfully there are a number of solutions that can enable you to take control of your financial situation. We have access to the complete range of debt solutions, so we can find you a tailored answer to your debt problem. After a quick consultation which, among other things, will review your income, expenditure and level of debt we will be able to give you advice on the next steps based on your own personal and financial situation.
The solutions we offer include general financial advice, Debt Management Plan, Full & Final Settlement, Protected Trust Deed, Individual Voluntary Arrangement and in the most extreme cases, Sequestration or Bankruptcy.
We can help you with your debt problem regardless of the amount of money you owe. The sooner you tell someone about your debt problem then the easier it is to resolve. Call Appleton Massey today on 0845 8121 002 and let us help you.
Debt Management Plan
A Debt Management Plan is an informal arrangement with your creditors whereby you agree to make a set monthly contribution towards your debt. If you enter a Debt Management Plan you will be able to consolidate all of your unsecured debts into one affordable monthly payment.
You may be able to freeze charges or interest to enable you to repay the amount you borrowed more effectively.
Benefits of a Debt Management Plan
- Pressure from creditors is removed
- The repayments are based on what you can reasonable afford
- You will be able to make reduced payments to your creditors and we may even be able to freeze the interest on your outstanding debts
- You will not have to correspond with your creditors in the future
- You will only have to make one monthly payment to one company
After completing your income and expenditure we will be able to tell you whether we think a Debt Management Plan is the correct solution for you.
Full & Final Settlement
A Full and Final Settlement is a solution where your creditors are contacted and asked to accept a lump sum payment as a reduced settlement on an outstanding debt. The level of the reduced settlement is dependant on the creditor, the type of debt and your individual circumstances. By accepting a reduced lump sum payment, the creditor agrees to write off any outstanding debt.
For a Full & Final Settlement to be accepted you must be able to make a lump sum payment of at least 60% of the outstanding debt.
We will be able to recommend this solution to you if it is the most effective way to help you become debt free.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is a legally binding agreement that enables you to make a proposal to your creditors which, if accepted, will allow them to make one monthly affordable payment, usually for five years. The IVA was introduced in 1986 to provide an alternative solution to Bankruptcy for people with serious debt problems.
At the end of the IVA, you will be completely debt free after paying only a percentage of your overall debts.
Benefits of an Individual Voluntary Arrangement
- Usually lasts 5 years
- All pressure from your creditors is removed
- An IVA is a legally binding agreement so once your creditors agree to the proposal then they cannot change their mind
- Any interest or penalty charges will be frozen
- At the end of the IVA you will be completely debt free
An Individual Voluntary Arrangement is only available in England, Wales or Northern Ireland.
Protected Trust Deed
A Protected Trust Deed offers flexibility, affordability and protection from your creditors which many other financial solutions cannot offer, as it is a legally binding agreement. If you enter into a Protected Trust Deed, you make one affordable monthly payment to an Insolvency Practitioner who collects your payments, deals with the sale of any other significant assets you may have and distributes the money collected to your creditors. After three years, you should be debt free, after paying only a percentage of your total debts.
Providing that no more than one third in value or a majority in the number of creditors object to the terms proposed, then the Trust Deed will become 'Protected', binding all creditors to its terms, and allowing you to carry on with your life without the hassle of your debts.
Benefits of a Protected Trust Deed
- The pressure from creditors is removed as they will no longer be legally entitled to chase you for payment
- You will only repay what you can reasonably afford
- Penalty and Interest charges will be frozen
- You will not be required to meet our fees for the protected trust deed directly
- You will no longer have to correspond with your creditors as this is done by the trustee
- You will make one set affordable monthly repayment
- Once completing the Protected Trust Deed, which usually takes a minimum of 3 years, you will have cleared your debts and can look forward to a debt free future.
A Protected Trust Deed is available in Scotland only.