Debt Solutions
If you are having problems with any kind of unsecured debt
then simply call us free today on 0800 083 4646
and we will find a solution that’s right for you.
Debt Management Plan (DMP)
A Debt Management Plan (DMP) is an informal agreement between you and the people that you owe money to – you pay a monthly sum to us which we then distribute amongst your creditors. As part of the Plan we will ask your creditors to freeze interest and to stop charging you fees, to deal directly with us and to cease any further collection activity.
A Debt Management Plan with Hamilton Locke could well be the answer that you are looking for and here is the clever bit – over the 10 years that Hamilton Locke has been in business, we have built up an excellent working relationship with many creditors who know and trust us. Whilst we cannot guarantee a reduction in interest and charges, the trust we have built with creditors has resulted in the interest being frozen on accounts in the majority of cases. This is something that we at Hamilton Locke are very proud of. So, if you want a possible answer to your debt problems, call free on 0800 083 4646 or fill in the form on the right.
Read more about Debt Management Plans (DMPs)
Individual Voluntary Arrangement (IVA)
An IVA is a legally-binding agreement under the Insolvency Act made between you and your creditors. If your creditors agree to your IVA proposal, then you pay one monthly payment for a fixed period of time – normally within five years – and as long as you maintain payments towards your IVA agreement you are protected from any further action by your creditors. This means that they cannot take you to court, cannot make you bankrupt and cannot recover any more money than you agree to under the terms of the IVA – providing payments on your IVA are maintained.
As IVAs involve a legally-binding agreement with your creditors, a qualified insolvency practitioner is needed to draft your proposal. He will also provide essential IVA advice and support throughout. This agreement protects you from creditors changing their demands. Once the IVA is agreed, the amount you pay will be based on how much you can realistically afford. You’ll make one payment each month, which is distributed amongst all of the creditors with which you have unsecured debts (personal loans, store cards, credit cards etc) on a pro rata basis – minus nominee and supervisor fees. Providing you keep up with the payments towards your IVA your home is safe, however you will need to maintain payments on secured loans separately – i.e. mortgage, secured loans etc. There may also be a requirement to re-mortgage at some point during the term, to release some of the equity from within your property.
Part of the agreement involves your creditors agreeing to write-off the rest of your unsecured debt, on completion of the IVA. Of course, an IVA is not for everyone and we promise to offer you this option only if it is exactly right for you. To find out more information, call us now on free phone 0800 083 4646 or fill in your details in the form on the right above. We will then call you back at a time convenient to you. If you want to read about how we have helped other people to arrange an IVA then why not read what some of our clients have written about us by following the link to our case study page?
Read more about Individual Voluntary Arrangements (IVAs)
Trust Deeds (Scotland Only)
If you live in Scotland and have problems with debts then you might want to consider entering into a Trust Deed. A Trust Deed is a legally binding agreement between you and your creditors. Normally a trust deed lasts for 3 years and during that period you will make a single payment each month. At the end of 3 years, whatever unsecured debt that is still outstanding will normally be written off. Once a Trust Deed is initiated it becomes ‘Protected’ which means that the people that you owe money to cannot take any further action against you.
To enter into a trust deed you must be assisted by an Insolvency Practitioner and as such you cannot do it yourself. To find out more information call us now on free phone 0800 083 4646 or fill in your details above. We will then call you back at a time that is convenient for you.