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. (If advice is taken from a debt counselling service advise the lender and request any proposed action be put on hold).
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 )
NOTE : Stop House Re-possession Companies : A number of companies offer a service to find a buyer to purchase a house, and possibly rent the house back to the owner who wishes to sell. Before making a commitment to such a company please take advice from a reputable Debt Counselling Service. (see below Sale and Rent Back)
( 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. More of a self-help service. Can also advise on Bankruptcy.
National Debtline have several specimen letters on their site which are very helpful in writing to creditors
Credit Action Group
Linked to Consumer Credit Counselling Service (0800 138 1111). Advice about money management. Credit Action is a national money education charity and this website will tell you everything you are looking for.
( 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 !
HOUSE SALE AND RENT BACK : GREAT CARE NEEDED
Advice should be taken from a free debt counselling organisation before making any commitment. Any offer for a house below current market value should be treated as an undervalue. If you decide to do a sale and rent back you should carefully check the rental conditions as these may be be short term and the new buyer may decide not the renew any lease. see information http://direct.gov.uk/en/Nl1/Newsroom/DG_172337 http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=455448&in_page_id=8 http://www.oft.gov.uk/oft_at_work/markets/infrastructure/sale-rent/ (The OFT site is essential reading)
Repossession-Stoppers
www.repossession-stoppers.com
(Offer repossession help/advice and a service to find a cash buyer. They state no fees are charged for the service and
they also pay your solicitor
fees).
ENDOWMENT POLICY
:
AAP
- Advice on selling endowment policies
www.aap.co.uk Find out how to sell your endowment policy and obtain a free
valuation of your policy. 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 obtain free advice on IVA's and Bankruptcy from the Bankruptcy
Advisory Service (
www.bankruptcyadvisoryservice.co.uk ) and 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. Debt Advice Trust
www.debtadvicetrust.org The Debt Advice Trust ( Tel 0800 9546518) is a UK registered not for
profit organisation created to help people in serious debt to get advice on
various debt solutions ranging from bankruptcy to an IVA, debt management plans etc. Debt Watchdog
www.debtwatchdog.com Provide independent debt advice and information or Debt
Management and IVA. Debt Help UK www.debthelp.uk.net
Debt advice including IVA information and Debt Management Plans. Just Debts
www.just-debts.co.uk/ivas.html IVA advice and information. Also help re debt
consolidation. UK Debt Advisor
www.ukdebtadvisor.co.uk Online debt resource with helpful information and
solutions. The IVA Co - provides IVA help
www.theiva.co.uk Gregory Pennington - Provide debt management advice and also IVA
information
http://www.gregorypennington.com:80/ 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. Bankruptcy
Debt Advice/Voluntary arrangements/ Individual Voluntary Arrangement (IVA)
Business Insolvency (note any links are purely for
information purposes)
Link to Lines_Henry :
www.lineshenry.co.uk/business-insolvency.html Debt Forums Consumer Action Group :
www.consumeractiongroup.co.uk
What Consumer : What consumer
www.whatconsumer.co.uk/forum
Forum for consumer issues
Debt Forum UK :
www.debtforum.org.uk (Debt Forum is a support board allowing people
with debt problems to
Debt Watchdog : forum at
www.debtwatchdog.com Other Debt Help/Advice
Counselling - To search for a registered counsellor to go through debt or
other problems, The Counselling Directory may help.
http://www.counselling-directory.org.uk/debt.html
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)
Debt Assistance - Free Debt Management Guide www.debtassistancesite.com
Debt Consolidation UK - www.debt-consolidation-online.uk.com Individually tailored solutions to financial difficulties (including re-mortgage).
Budget Planning www.youbudget.co.uk - Online help with working out a financial budget and keeping it updated.
Think Money www.thinkmoney.com/expert-views.asp - Help with debt/mortgage and general finance advice.
What Consumer
www.whatconsumer.co.uk has advice
and information concerning consumer issues, including debt management and debt
collectors 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. Money.co.uk
www.money.co.uk Comparison website to help save money and compare costs on
thousands of products Moneyinfomaster www.moneyinfomaster.com
.This website aims to give
people an introduction to the financial products available to people in the
MoneySupermarket.com
http://www.moneysupermarket.com/money/ The price comparison website to
compare financial products and also debt help advice at
http://www.moneysupermarket.com/debt/ .
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
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