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Bankruptcy

 

 

 
Get free bankruptcy advice today and take control of your debt.
 

Bankruptcy is a debt solution that you can use if you have a high level of unsecured creditor debt, that you do not envisage being able to repay. The process consists of all of your highest valued assets, stocks and shares being repossessed and sold-off over a 12 month period, in order to contribute toward the partial or full repayment of your debt. After the one year ‘bankruptcy’ period comes to an end, all of your unsecured debt will be written off, irrespective of whether you cleared the full balance, though you might be required to pay small amounts from your income in the three years that follow if your finances improve. You will have to pay a £750 fee when declaring bankruptcy or being made bankrupt, some of which goes to the court, and the rest as a handling fee to a nominee in order to facilitate your acquisition of a bankruptcy order. Bankruptcy usually benefits those with a high level of debt, who do not own a lot of assets, as people such as these stand to have their debt written off, without having to part with any valuable things they own.

 


 

 


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Debt Management Plan


Debt management plans are tailor made and take into consideration your monthly income and outgoings to lower your loan repayments to one affordable sum. If you are interested in a debt management plan find out more.

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Debt Consolidation


Consolidating your debts may make them more manageable for you as the entirety of your unsecured loan repayments can be amalgamated into a single monthly sum. Discover how we can help you with debt consolidation.

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Bankruptcy


Bankruptcy can be a quick solution to tackle your debt, and whilst it is not suited to everyoneit can nevertheless prevent you from spending years of your life trying to clear your debt.

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Debt Advice Request


 Interest Frozen

Once your bankruptcy period begins, the amount you owe will remain fixed, meaning that your creditors should be unable to raise your debt levels any further through late and interest charges.


 Court Action Prevention

Once your bankruptcy is accepted, you will usually be given protection from any further legal action being taken against you, which can alleviate some of the stress you may have been experiencing from frequent court threats.


 Cost Effective

Bankruptcy usually necessitates an upfront payment of £700 in order to start the process, after which you will sell off your expensive assets for just 12 months and have all your debt written off after. Considering most people are insolvent when considering the procedure, it can be hugely cost effective.


 100% Debt Written Off

After your bankruptcy period comes to an end, all of your unsecured debt included within the arrangement will be written off, so you can pursue your future aims without the cloud of debt hanging over your head.


Customer Service

We have a staunch company policy of providing high quality customer service, and as such will always be just a phone call away throughout the course of your debt solution if you ever require any help or advice.


Finance Specialists

All of our members of staff have worked in the finance industry for a number of years now, and as such will analyse your financial situation closely and produce a number of custom  debt solutions that reflect your circumstances the best.


Devoted Aftercare

If you complete your debt solution successfully, we will retain contact with you in order to make sure that you are carrying on your upward trajectory with your money management.


Harassment Protection

Once you seek our help, we will take over all interaction with your creditor’s and will work hard to ensure that they cannot harass you by letter, email or telephone anymore, so you can concentrate on tackling your debt.

Stop Creditors Chasing You!

    We’ll handle interaction with all of your unsecured creditors on your behalf and negotiate with them in order to try and attain the best possible revised repayment arrangement for your debt. Furthermore, our altruistic financial advisors will serve as the sole point of contact between yourself and your creditors throughout the creation, implementation and course of your chosen debt solution in order to protect you from the harassment often exhibited by aggressive creditors. Contact us today and start the process of tackling your debt problems head on today.


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  • How It Works
  • The Advantages
  • The Disadvantages
  • Is It Right For Me?

Firstly, place all your details into our form, including information about your outstanding debts, assets and finances. We’ll then despatch a few forms to your home that you will be required to fill in, and after you have handed them back to us, we will send them out to your local county court and start the process of lobbying for your bankruptcy. You’ll be required to pay £750 in order to embark on the procedure, and providing you can afford this, your bankruptcy order will be decreed and an Official Receiver will value your home, and sell of your expensive assets over a 12 month period. On completion of the ‘bankruptcy year’, all your unsecured creditor debts included within the arrangement will be written off, though you may be required to make small contributions for the two years after, if your salary picks up.

  • All unsecured debt included within bankruptcy cleared after a maximum of 3 years, irrespective of full repayment, with two years of small contributions and one year of repossession.
  • All living essentials in your home are retained – only your more valuable assets such as your home, stocks, shares or high priced vehicles are sold off.
  • In most cases, creditor’s will stop all court action against you after your bankruptcy order has been declared, and interest charges should stop as well.
  • You can move forward after a year without the cloud of debt hanging over you, rather than dedicating all your time and money toward long-term loan repayment.
  • You lose your home and vehicle, which can unsettle your day-to-day living severely.
  • It costs up to £750 to enter into bankruptcy, and this might rise depending on which solicitor you use and the degree of legal support you use to fight your case.
  • Certain employers do not take lightly to their employees being made bankrupt, so using the measure could potentially comprise your position at work.
  • Your credit rating will adversely affected, which could comprise your ability to acquire new finance to pursue your goals in the future,

Bankruptcy might be suitable for you if you are someone who has a large amount of unsecured debt that you are defaulting on, but do not have a home or any particularly expensive assets under your ownership. If you fall into this category, then you can use bankruptcy to write off your debt within a year, and then move forward in your life without having to be weighed down with the strain of debt repayments constantly on your mind. You also stand to gain protection from further legal action against you, and could have current proceedings being leveled at you by creditors brought to an end, with the amicable resolution of your debt issues through bankruptcy. Moreover, by using our service, we can deal with your creditors on your behalf, so that they stop contacting you via post, email and phone every day asking for repayment.

However, if you have a family, own an expensive home and a number of assets and stocks, then bankruptcy may not be the best suited solution to your problems; even though with certain levels of debt it may be the only viable option. If you fall into this category, then you stand to lose a lot in order to clear your debt, and you will have to ask yourself whether bringing about such instability within a year of your life warrants being able to clear your debt. Moreover, you will be unable to access any meaningful amount of credit for up to 7 years if you undergo bankruptcy, so you will have to keep this in mind if you have genuine business aspirations at present.

Our bankruptcy team have managed a multitude of cases across the UK and fully believe they can assist you with your difficulties at present. For more bankruptcy advice, or answers to any questions you may have, contact us now and we’ll ensure that we process our response as soon as possible, so we can collectively embark on the journey of battling and beating your debt.