What is a debt management plan?
A Debt Management Plan or DMP is a procedure where a third party, usually a specialist debt management company, will seek to broker an agreement between a person owing money(debtor) and his or her creditors, and they will charge a fee for such a service.
Under the agreement, the debtor will be required to make a monthly payment to the debt management company out of any surplus income, after their living expenses. After deducting any fees, the DMP will offer a portion of this monthly payment to each of the creditors.
To speak with a Debt Advisor about Debt Management please complete the Debt Help Enquiry Form Here and an advisor will call when convenient for you.
Bankruptcy
What is Bankruptcy?
Bankruptcy is a formal insolvency procedure used to deal with the affairs of individuals whose liabilities, exceed their assets or they are unable to pay the debts as they fall due. This legal declaration (Bankruptcy order) is made by the courts and can be obtained by any creditor owed and holding an unsatisfied judgement for an amount exceeding £750 or by the individual concerned, applying to court.
If you are made Bankrupt, your affairs will be handled by a trustee in Bankruptcy and, subject to certain exemptions, your assets will be sold to pay your creditors.
To speak with a Debt Advisor about Bankruptcy please complete the Debt Help Enquiry Form Here and an advisor will call when convenient for you.
IVAs
An Individual Voluntary Arrangement (IVA) is a formal arrangement through the county court. To obtain an IVA an Insolvency Practitioner is appointed on your behalf. The Insolvency Practitioner (IP) will act as nominee and your representitive to your creditors until the IVA is formally approved. The IP will supervisor during the remaining term of the IVA.
To speak with a Debt Advisor about IVA's please complete the Debt Help Enquiry Form Here and an advisor will call when convenient for you.
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