P.O. BOX 5, FRODSHAM CHESHIRE WA6 6FL
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PRACTICAL
HELP TO RESOLVE DEBT COMPLAINTS & DISPUTES WITH UK LENDERS (BANKS,
BUILDING SOCIETIES & FINANCE COMPANIES) INCLUDING LIAISING WITH
OMBUDSMAN/ARBITRATOR & SOLICITORS. ALSO FREE DEBT
CONSOLIDATION, DEBT COUNSELLING, ENDOWMENT MORTGAGE, OLD MORTGAGE DEBT
ADVICE.
The following offer free debt counselling giving guidance to help re-organise household budgets and set up debt repayment programmes. Note that priorities such as Mortgage, Council Tax and household utilities should be paid BEFORE any unsecured debts. Any payments due to the Child Support Agency also take priority. NOTE : IT IS STRONGLY RECOMMENDED THAT ADVICE IS TAKEN FROM AN INDEPENDENT NON CHARGEABLE DEBT COUNSELLING SERVICE BEFORE ANY DEBT CONSOLIDATION LOANS ARE TAKEN OUT.
Personal debts including unsecured loans, catalogues, bank overdrafts are all non priority although setting up low payments can impact on your credit reference record. The benefit is making repayments that can be afforded and often persuading creditors to completely suspend interest charges. (NOTE : For
SCOTLAND, Money Advice Scotland (0141-572-0237)
For NORTHERN IRELAND, Association of Independent advice Centres(028-9064-9519)
www.adviceni.net )
( 0800-138-1111 ) www.cccs.co.uk
Initial telephone advice covering all personal debt problems including actions threatened by debt collectors, bailiffs, catalogue companies ( whose debts are not enforceable without a signed Consumer Credit Act agreement ! ). In certain circumstances a Debt Management Plan can be set up where one payment is made via CCCS to creditors (free service). CCCS can also advise on Individual Voluntary Arrangements (IVA).
Debt Advice Trust
(0800 954 6519) www.debtadvicetrust.info
The Debt Advice Trust is a UK registered not for profit organisation which exists to enable people in serious debt to get advice on various debt solutions ranging from Bankruptcy to an IVA (Individual Voluntary Arrangements), Debt Management Plan and more besides.
( 0808-808-4000) www.nationaldebtline.co.uk
Similar to above although do not have facilities for Debt Management Plan.
National Debtline have several specimen letters on their site which are very helpful in writing to creditors
( National number 0207-833-2181 ) www.citizensadvice.org.uk
As above but can sometimes write letters direct to creditors where only token payments can be afforded i.e. min payment £1 per month. Advice depends on finding a local CAB and the waiting time!
NOTE: Be wary of newspaper adverts for companies offering to reduce debt or charging for a service to make one monthly payment - CCCS can do the latter without charge. ALWAYS check what charges are involved !
It is best to take advice from free debt counselling services first. The Insolvency Service produce a free 'Guide to Bankruptcy'. Contact the Department of Trade and Industry for a copy.
Also see Becoming Bankrupt website www.becomingbankrupt.co.uk/home.htm for helpful advice and points to consider.
For formal personal or business Voluntary Arrangements contact a licensed Insolvency Practitioner. It is recommended that a phone call be made to The UK Insolvency Helpline - Freephone 0800 074 6918 www.insolvencyhelpline.co.uk for advice first. It is important to avoid insolvency practitioners who charge and 'up-front' or 'set-up' fee. If further information is needed send an email to adv@debtwise.co.uk for the 'DEBTWISE IVA Help Sheet'
Check costs as a formal Individual Voluntary Arrangement can cost £1500 to set up and creditors may still reject any proposals! Many of the companies advertising to 'reduce debts' or 'make one monthly payment over 5 years' actually set up an Individual Voluntary Arrangement.
The IVA Co. - provides IVA help www.theiva.co.uk
ClearStart - provides free advice and their website is very helpful http://www.clearstart.org/iva.php .
Free IVA Advice - free IVA information and advice www.freeivaadvice.co.uk
Myvesta - www.myvesta.org.uk free advice and can set up and IVA.
Trapped - www.trapped.co.uk free debt management advice. They state 'we could clear 95% debt within 5 years' (this refers to setting up and IVA which is chargeable)
MJGL (0845 8866681) www.mgjl.co.uk offer free advice and can answer IVA questions.
We Stop Debt (0800 0076277) http://www.westopdebt.co.uk:80/ offers free IVA and debt management advice.
For personal debt try CCCS (who can now set up IVA's) or National Debtline (above) first to get free advice. Advice from a free debt counselling service is strongly recommended before 'Debt consolidation loans' are considered.
See your Accountant and if necessary contact a licensed Insolvency Practitioner to take professional advice. Care must be taken in dealing with Banks. Whilst in theory the bank might be supportive to overcome short term difficulties it might be tempting for them to call in the business overdraft !!
DEBTWISE may be able to give PRACTICAL advice with regard to most Banking problems including business/ limited company debts especially where the bank have called in an overdraft. This area can be complex however and it may be necessary to take expert legal advice. If however the Bank are making unjustified demands urgent action could be required. DEBTWISE can also give PRACTICAL advice to those who have given bank guarantees, whether or not backed up by security, and the bank are taking or plan to take action to recover debts.
Link to Lines_Henry :
www.lineshenry.co.uk/business-insolvency.html Debt Forums Consumer Action Group :
www.consumeractiongroup.co.uk
Debt Forum UK :
www.debtforum.org.uk (Debt Forum is a support board allowing people
with debt problems to Other Debt Help/Advice Myvesta www.myvesta.org.uk - The
financial crisis management centre . Provides advice and can help with IVA
questions and set up. Can also consider PPI and bank charge problems. Debtleap www.debtleap.com advice
stating 'Debt Management Companies Hurt Your Credit'. Information, useful tips
and articles on debt management inluding free advice. Clearstart (
0800-138-5445 )
www.clearstart.org/index.php - A national organisation set up to provide people with free debt support to
deal with serious debt problems. Website gives comprehensive information of
support and alternatives available. Trapped
www.trapped.co.uk - Free debt management
advice. Money Saving Expert
www.moneysavingexpert.com . This site gives helps about numerous financial
matters and deal including changing credit cards to gain an intererest
concession. Moneyinfomaster www.moneyinfomaster.com
.This website aims to give
people an introduction to the financial products available to people in the
Money Links www.money-links.net offers the best financial links to money related sites around the world, from credit card providers to insurance companies.
Your Clear www.yourclear.co.uk provides friendly, unbiased and free advice to people struggling with debt in the UK.
Debt Problems UK www.debt-problems.net The UK's most comprehensive directory of debt problem websites, debt information and other links.
National Association of Bank and Insurance Customers (NABIC)
www.LemonAid.net is an independent
'no-profit' group for consumers and commercial users and can look at
unsatisfactory service or high charges. (Note Bank Action Group
www.bankactiongroup.co.uk is a
self help forum to help deal with unjustified bank charges). Guardian Money
Advice Help
http://www.guardian.co.uk/money/page/2007/oct/01/1
The partners and staff
at Lines Henry we have been providing advice on Business Insolvency to company
directors and individuals for over twenty years. In many instances they have been
able to see a business continue and jobs be preserved.
share their experiences with each other. Members help and offer mutual support
and advice to others facing bankruptcy and similar debt
related issues)
Daily Mail Newspaper Help
www.thisismoney.co.uk
Accepted will search over 200 loan plans offered by UK Lenders to
search for good deals www.accepted.co.uk
Abacus offers UK Debt Advice, Consolidation loans &
Management programmes. www.clear-your-debt.co.uk/debt_management
Abacus
help UK residents who have been refused a loan elsewhere.
www.abacus-loans.co.uk