Perfect Solutions

for you

Take your first step and contact us today, to lower your bills into one affordable monthly payment

Get Out Of Debt

PERFECT SOLUTIONS

FOR YOU

Take your first step and contact us today, to lower your bills into one affordable monthly payment

Get Out Of Debt

Individual Voluntary Agreements

  • Write off your unaffordable unsecured debt
  • Stops all interest and charges
  • Stops court action, including bankruptcy
  • You can typically become debt free in 60 months
    (possibly 72 months if you are a homeowner)

Advantages


Creditors are bound

Once the IVA is approved all of your unsecured creditors are bound by it

Unsecured lenders can’t take action

Creditors whose lending is unsecured can’t take any further action

We help prepare your proposal

Your Insolvency Practitioner will help you prepare your proposal

Debt is written off on completion

On completion of the IVA, the balance of what you owe your creditors is written off

Single Payments

You make one regular payment, rather than multiple payments to your creditors

Creditors can’t legally contact you

Your creditors will be legally required to stop contacting you for payment

No Upfront Cost

You will not pay any upfront costs or charges to propose an IVA with Quality Insolvency Services

Disadvantages


Credit file affected for 6 years

Your credit file will be affected for a period of 6 years

Restrictions on Further Credit

You cannot take out finance worth over £500 whilst on the IVA, without the consent of the Insolvency Practitioner

May not be approved

Creditors may not approve the arrangement

Could lead to bankruptcy

If your IVA fails, you may be made bankrupt

Home Equity Is Considered

If there is some equity in your home after taking account of the mortgage(s) on it, you may be requested to attempt to release some of it for the benefit of your creditors by way of a remortgage

Recorded on public register

The IVA is recorded on a public register

Fees & Charges

There are fees and charges payable within an IVA. These are agreed with your creditors who will agree to them as part of the proposal. They are incorporated into your affordable monthly payment

Debt Management Plans

  • Debt Management could help you reduce your monthly outgoings to make repayments more affordable
  • One affordable monthly payment without borrowing any more money
  • A Debt Management Plan is an arrangement between you and your Creditors to make payment at a reduced rate
  • Expert negotiation with the creditors where interest & charges are requested to be frozen
  • On a Debt Management Plan the amount you can afford to pay your creditors each month is split amongst them on a pro-rata basis depending upon how much you owe them

Advantages


Pro rata payments

Pro rata payments shared fairly to your creditors

Only Pay What You Can Afford

Only your disposable income will be used to pay creditors

One Regular Payment

You make one regular payment to the debt management company, which is responsible for administering all payments to your creditors

Creditor contact reduced

Contact from your Creditors will reduce if they are happy with the revised repayment plan

Possibility of no fees

Some debt management companies do not charge you a fee

Disadvantages


You remain liable

You remain liable to pay your debts until they are paid in full

Credit file affected for 6 years

The debt will remain on your credit file for 6 years after it has been settled

Creditors don’t have to agree to terms

Not all creditors have to agree to the terms of a Debt Management Plan.

CCJ is still possible

Even if you are maintaining payments to your plan, your Creditor could still take enforcement action against you such as obtaining a County Court Judgement (CCJ)

May last longer than other solutions

Depending upon the amount of credit that you have, and the amount of disposable income you have available to pay your Creditors; a Debt Management Plan may last longer than other debt solutions

As part of our  service, and under no obligation, we’ll review your financial situation, explain the available options and help establish a debt solution which is suitable for you. If you decide to go ahead with a debt solution provided by us, the full terms including any fees will be provided to you. If we refer you to one of our trusted providers who specialise in the management of a debt solution, we’ll be paid for introducing you and depending on your debt solution fees may be payable if ongoing services are provided.

Debt Relief Order

Debt Relief Orders (DROs) are one way to deal with your debts if you owe no more  than £30,000, don’t have much spare income and don’t own your home.

You get a DRO from the Official Receiver, an officer of the bankruptcy court, but you must apply through an authorised debt adviser. They’ll help you fill in the paperwork.

The Money Advice Service has information about where to get free debt advice.

You’re generally eligible if you meet all of these criteria:

  • You owe no more than £30,000
  • You’ve less than £75 a month spare income
  • You’ve less than £2,000 worth of assets
  • You’ve lived or worked in England and Wales within the last 3 years
  • You haven’t applied for a DRO within the last 6 years

    Advantages

    No Ongoing Payments

    If you make a successful application for a DRO, you are not required to make ongoing payments towards it.

    Debt Write-Off

    After 12 months your unsecured debts will be written off

    Duration

    You could be debt free in 12 months

    Disdvantages

    Costs

    The official receiver’s fee is £90. Your debt adviser can tell you how and when to pay it. In some cases a charity may be able to help you with the cost – ask your debt adviser.

    Restrictions

    You must follow rules called ‘restrictions’ if you get a DRO.

    This means you can’t:

    • Borrow more than £500 without telling the lender about your DRO
    • Act as the director of a company
    • Create, manage or promote a company without the court’s permission
    • Manage a business without telling those you do business with about your DRO

    If you want to open a bank account, you may also have to tell the bank or building society about your DRO.

    Check the individual insolvency register to see when the restrictions end.

    The restrictions usually last 12 months. They can be extended if careless or dishonest behaviour caused your debt problem. For example, you lied to get credit.

    The official receiver will tell you if they should be extended. To extend them, you’ll be asked to agree to a ‘Debt Relief Restrictions Undertaking’. The court can issue a ‘Debt Relief Restrictions Order’ if you don’t agree.

    Public Register

    Your DRO is added to the individual insolvency register – it’s removed 3 months after the DRO ends.

    As part of our service, and under no obligation, we’ll review your financial situation, explain the available options and help establish a debt solution which is suitable for you. If you decide to go ahead with a debt solution provided by us, the full terms including any fees will be provided to you. If we refer you to one of our trusted providers who specialise in the management of a debt solution, we’ll be paid for introducing you and depending on your debt solution fees may be payable if ongoing services are provided.

    Bankruptcy

    • You can apply for bankruptcy if you can’t pay back your debts.
    • A creditor may apply to make you bankrupt if you owe at least £5,000 to them
    • You can apply to make yourself bankrupt by making an online application
    • It costs £680 to make a bankruptcy application

    Advantages


    Deal with your unaffordable unsecured debt

    Apart from a few exceptions (e.g. court fines, child maintenance arrears or debts incurred by fraud), a bankruptcy will deal with all of your unsecured debts.

    No dealing with creditors

    The pressure is taken off you because you don’t have to deal with your creditors

    Discharged After 12 Months

    In most cases you’re automatically discharged from Bankruptcy after 12 months

    Most types of court action stopped

    Creditors have to stop most types of court action to get their money back following a bankruptcy order

    Amount owed can be written off

    The money you owe can usually be written off

    Disadvantages


    Bankruptcy Fee

    To apply to go bankrupt you’ll need to pay a £680 fee

    Debt payments can last 3 years

    If your income is high enough, you’ll be asked to make payments towards your debts for 3 years

    Credit rating affected

    A bankruptcy will show on your credit file for 6 years

    Loss of Assets

    Apart from certain exemptions (for example, items required to meet your reasonable domestic or work needs) any assets of significant worth may need to be sold for the benefit of your creditors, including your home (if you are a homeowner). If you are a business owner, your business assets may also be affected.

    Risk to job

    Some professions don’t let people who have been made bankrupt carry on working

    As part of our service, and under no obligation, we’ll review your financial situation, explain the available options and help establish a debt solution which is suitable for you. If you decide to go ahead with a debt solution provided by us, the full terms including any fees will be provided to you. If we refer you to one of our trusted providers who specialise in the management of a debt solution, we’ll be paid for introducing you and depending on your debt solution fees may be payable if ongoing services are provided.

    Request an assessment

    Adam Boys is authorised in the UK to act as an Insolvency Practitioner by the Insolvency Practitioners Association. We provide insolvency solutions to individuals; specialising in Individual Voluntary Arrangements which comply to the IVA protocol.

    We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans. We do not currently offer advice relating to Scottish Insolvency Solutions such as Protected Trust Deeds, Debt Arrangement Schemes or Sequestration.

    We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency appointment.

    You can also visit the Money Helper to find out more about managing your money and to get free advice. They are an independent service set up to help people manage their money.


    Registered Office: 191-195, Chaddock Lane, Worsley, Manchester, England, M28 1DW

    Company No: 09815663 ICO Registration: ZA154692