If your financial circumstances have changed, or if you feel that you are living from month to month, juggling debt repayments and are worried about how you will ever pay your debt off, then we recommend you look at what options are available to you to get your finances back on track, your options will be :-
We will work out how much you can afford to pay towards your debt each month – this will be made up from the following :-
Our advice is to not rush into anything. Our FCA-regulated advisors are at hand to let you know about all the available options to help you become debt-free – however, only you can make the final decision on what will suit you the best.
If you want to proceed with a debt solution, we will start drafting your case, to make sure your creditors will accept our proposal.
After you sign your paperwork, the next step is to get it approved by your creditors to protect it. To ensure your expectations are managed from the start, your advisor will let you know what the chances are you will get accepted/rejected, based on their previous experience.
For a Trust Deed, Once your paperwork is processed, this will be registered on the AIB (Accountant in Bankruptcy) website, where your creditors can access it. They usually have five weeks to accept or reject it – the decision will be relayed to you by the insolvency practitioner (your ‘trustee’), as creditors can’t directly contact anyone who has entered a Trust Deed.
And for a DAS:-
A proposal is then sent to your creditors for consideration and approval and they are given 21 days to respond. If they do not respond, it is then presumed that they have consented.
Typically you make your first payment once your plan is approved This can be set up between you and your advisor for a time of the month that’s comfortable for you.
For example, if you’re paid a salary at the end of each month, your advisor could arrange your payments to be scheduled for just after then.
After your debt solution term is finished, you will be debt free.