People of all ages and in all sorts of circumstances get into debt for various reasons. Unexpected events such as job losses, illness, business failure and divorce can all result in financial problems. When debts become difficult or impossible to repay it is difficult to know how to cope, how to manage debts and who to turn to for help - Bramley Manor can help.
We will provide you with good financial advice that will help you to clear your debts in an affordable and manageable way – offering you a clear way forwards. Our positive 3 step plan will help you understand your present financial situation; we can then work alongside you to find the best possible debt solution that ensures you a debt free future.
So you’re struggling to deal with your debt and you want to know what your options are. Well firstly there is no one size fits all solution and every individual case is different but generally there are 4 options available?
- Consolidation loan
Loan to pay off all your debts, will probably be secured on your property and only advisable for debts of less than £15,000.
- Debt Management Programme
Informal arrangement with your unsecured creditors to pay back the full amount owed over a period of time. It is not legally binding and will probably mean the total paid back will be greater once interest has been applied.
- IVA
Formal and legally binding arrangement with your creditors to pay back your debts over a period of time. Payments are made by you, to a supervisor usually on a monthly basis and, a dividend is paid out to creditors in full and final settlement of their debts
- Bankruptcy
tell me more about Bankrupty and help me remove the myths and common misunderstandings about this very effective way of removing your debts - and the problems that go with them.
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