Can't Make Repayments
Solutions if you are unable to make repayments
If you have got to the point where you haven't got enough income to pay the minimum payment on your credit cards or make payments on your loans and finance commitments, now is the time to act. Thousands of people have found themselves in this situation – simply ignoring the problem means it won't get resolved. James Dee Associates can help you sort things out.
Individual Voluntary Arrangement (IVA)
An IVA is a formal and legally binding arrangement between a Debtor and their Creditors whereby you pay an agreed sum of money each month (normally for between three or five years). The total that you pay is then shared between your creditors, who accept this sum in full and final settlement of what you owe. To put in place an IVA requires the services of a licensed Insolvency Practitioner – we will arrange this on your behalf. Proposals to creditors are usually based on a lump sum offer or regular monthly payments that you can entirely afford. If your creditors agree, then the arrangement is legally binding on all parties concerned. This means that your creditors can no longer pursue you for repayment. Once bound, creditors cannot change their minds and are required to liaise directly with the Insolvency Practitioner. Therefore any "threatening" letters or telephone calls that you may have been receiving should stop. So long as you comply with the terms of your IVA then at the end of the term you will have no further obligations to your creditors.
IVA's are usually suitable for individuals who have unsecured debts in excess of £15,000, three or more separate creditors and net income of at least £800 per month.
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Debt Management Plans
Debt Management is an informal agreement negotiated by James Dee Associates and is suitable for anyone who has unsecured debtsthat they cannot afford to repay. Typically, you will have more than 1 creditor, debts in excess of £5000 and have income of at least £400 net per month (excluding benefits).
The priority of a Debt Management Plan is to help you clear your debts at a reduced level over a fixed period of time. This way, you can make a fresh start with your finances.
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Trust Deeds
Trust Deeds are a tried and tested solution if you live in Scotland and are having difficulty paying unsecured debts. There are other solutions but none which offer you protection from your creditors, puts a stop on further interest payments accruing to the debt whilst also offering further protection – and the avoidance of Sequestration – through an affordable Protected Trust Deed. Sequestration is the Scottish equivalent of bankruptcy.
A Protected Trust Deed is a sensible and practical way forward for Scottish Residents who are having genuine difficulty in servicing their debts but who want to avoid Sequestration.
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Give us a ring on 0800 917 3193 or complete the debt management enquiry form.
Debt problems we can help with