Debt Help and Advice
What if a debt collector is calling at your door, what can you do?
If you answer yes to any of these questions, then you may have debt problems:
- Is an increasing amount of your income being used to pay off debts?
- Are you finding it more difficult to pay the minimum monthly payments on your credit cards?
- Is your bank overdraft near its limit?
- Do you and your partner argue over bills?
- Are you afraid to add up all your debts?
- Do you want a fresh start?
There is no stigma to having debt problems, it happens to people all the time. see debt counselling
- What is an Individual Voluntary Arrangement (IVA)?
- So how much will I be required to pay?
- What sorts of people enter into IVAs?
- Are there any other options?
- Canít I just re-finance my debt?
- What debts will be covered by my IVA?
- Can I protect my house?
- What are the advantages of an IVA?
- What will it cost me?
- Bankruptcy / Liquidation
Q. What type of debt can be handled through a debt agency
A. The program can accommodate almost any kind of unsecured debt. Unsecured debt is debt not collateralized by property. Debt such as car loans, mortgages, etc. is examples of secured debts that cannot be included in the program.
Q. Who qualifies for the program?
A. Our Financial Advisers do a detailed financial analysis to determine if an individual would benefit from the program. Our main focus is to make sure that the program is a realistic solution to the individual's particular situation.
Q. How does it affect credit?
A. While on the program, the client's credit will in all likelihood suffer damage that occurs when accounts are not being paid. Of course, if the client is presently late or delinquent the difference may be minimal. However, once the client is debt free the accounts will indicate a paid or settled status. Within six to twelve months, our average client will be on their way to total recovery.
Q. How long does it take for my situation to improve?
A. Immediately. You will benefit from a realistic budget which will allow your creditors to be paid at a rate which is affordable to you.
Q. Will my credit rating and file be affected?
A. A lot of people who come to us have already been refused credit, which means their credit worthiness is in a poor state. If you want more credit then we are not for you. Only by completely terminating your debt can your credit worthiness improve.
Q. Why not let one of the charitable organisations handle my situation?
A. Quality of service is the key. Beware these so called 'free' organisations; the truth is that many operate on a shoe string so their resources are limited. Usual opening hours tend to be 10.00am-4.00pm on different days of the week and most don't allow you to leave a message even if their phone is busy. Really useful for someone at work! Advisors are all volunteers and some are actually funded and paid by the credit companies. In truth we believe they are merely credit card collection services.
Q. Will I have to attend an interview?
A. No. We treat our clients with trust and respect. You will not have to take time off work to visit us and no one will visit you. We will only contact you when it is necessary.
Q. Will my employer and work colleagues find out?
A. No. We never contact clients at work unless asked to do so.
Q. Can I still use my credit and store cards?
A. Once we enter into negotiations on your behalf all credit and store cards will have to be destroyed and returned to the companies concerned. This shows a further commitment to us that you are serious about terminating your debt and freeing yourself of this ever increasing social burden.